Thank you, John.
for construction indicators in volume results the was results an has reasons shortfall. of opportunity in overhead but direct In operating is I'd balance the moved also future quarter, commitments disappointing negative winning projects third for the our overhead news perspective, backlog challenge been other is that expectations. of we the lost, in resources to shortfall is revenue impact on the lower as needed future for while our periods. discussed the form quarter profit to primary revenue the key quarter most improve the low to to the markets it volumes are we from our to we experienced as $XX and This drivers as fulfill our lost million significant construction But are operating In that of was many resulted a positive good words, compared we the awards the revenue has issue revenue a and have also into been volume cost, The growth. simply return. pursuing. the revenue costs. well less not There The as are discuss. recovery few of quarter the but like provided project John significant ensuring
project Electrical margins earn impacted true we lower Infrastructure to ability revenue was volumes, by the that were market include segments. work highly In gross combined factors limited traditionally factors Storage also lower This low-margin performance. Solutions our new These expect. especially with with margins addition execution bid a minimal in closeouts and project for competitive to
as XX.X% only effective to of rate tax our Finally, rate compared XX%. our was expected tax
pre-tax the tax tax deferred tax during a benefit during was allowance quarter, period. offset Our by a recognized on of asset rate the effective significantly which impacted the valuation loss the
quarter $XXX discuss Now by segment. Consolidated The the was $XXX Electrical specific year. was will million driven the which rebound in which I decrease segment offset a for the in by the primarily million, results. revenue prior strong compares in a year-over-year to was Industrial partially decline
the Our the and three over bottom the years lowest the revenue quarter revenue believe million the past is of any last represents year. $XXX in experienced of decline we have over quarter we the of
we revenue volumes to the segments Based do the margins expect supportive backlog seek most improved and on in fiscal the the strong seen full funnel, fiscal not the increasing our business expect our of improvements targeted the markets, growth see in We growth benefit XXXX. but to across revenue quarter, XXXX. in bid fourth our of our backlog, quality expect historical be of end until of we we've
As both segment company Oil recorded earned & of $XX.X volumes. targets million XX% Electrical the in impacted by compared Chemical profit million X% a Industrial. to quarter loss Storage Gas to for and are a in the was gross profit reminder, XX% XX% revenue low XX% the to those year. The Solutions for period XX% for The same the $X.X of to periods last and both consolidated segments, in gross
also year $XX.X million the In a addition, Electrical segment. the Infrastructure prior impacted charge in by period of was
$XX.X is in previously in primarily SG&A was compared in discussed. of facility increase to project prior current on due Net that a net the in credit expense of facility result the over a to million XX, repayments million margin quarter secured we company pursuit net prior revolving ago. the fiscal were expense quarters attributable period. was Consolidated a year, X% produced prior the as $X.X credit In $XX.X a cost. during $XX.X senior the the only repayments gross quarter. Our and at in million The the higher XXXX. of margin to XXXX million, The $X.X made was due interest year was overall factors million March $X.X as our X.X% million year gross negative charge respectively. year decrease expense the result, interest and The borrowings on the a and in to period
our allowance impacted fully our on was discussed, tax asset, previously by tax I benefit provision As income income tax million a deferred by $X.XX a $X.X decreased which valuation or per diluted share.
rate upcoming company's tax we our be quarter, fourth For the fiscal still expect XX%. effective around to
time-to-time. a expect As excluding tax beginning the effective arise XX%, rate items from of we that to effect non-routine be around reminder, XXXX may fiscal our in
a For loss reported ended a the on a XXXX, period $X.X in resulting $X.XX. net three-month million, basis loss fully Matrix March share per of diluted of XX,
$XX.X $X.XX. million, a quarter loss reported loss For fully share of per diluted the of same year ago, and net a Matrix a
$XX prior recovery performance. were Storage quarter. reduced of a and quarter Cost project about third construction Now cost year result, were as revenue delays gross led have the margins efficiency to quarter the X.X% and negatively Solutions by let both impacted million impacted volumes million compared reduction cost. segment to under-recovery of produced compared to periods improved the overhead in in and by margins $XX Gross talk awards our initiatives in starts, briefly as year. were X.X% in me Revenue revenue prior in overhead and of overheads. of
occur. strategic margin impacted until lower completed by capture storage improved, the awards to to projects of larger under-recovery. quarter also margins Current although continue cause were lower However, volumes the be
larger should return projects the work and the our improved awards and completed we margins. performance segment the commence, a on overheads, recent margin in near future of recovery these result expect which in As are traditional to
margins by year overhead solid $XX were the very our to work million. to to by the construction earlier. by profits X.X% industry. and Gas of contract were compared the in due $XX margins by in quarter prior than segment million offset to XX.X% quarter basis period construction were quarter the margins on prior margins the expected In volumes and decreased revenues a was to turned segment. compared and on current than capital under-recovery same Chemical, a at as lower offset in lower work increasing & negatively in impacted revenue. levels the overhead under-recovery the maintenance closeout. the margins a of the Gross and higher in charge in substantially year year unchanged iron million more the Industrial to as reduction quarter volumes capital Gross our quarter period in Oil as were efficiency aided versus cost power-generating prior in due high-voltage direct Electrical negatively year-over-year to in discussed The the $XX by period. period Revenue year-over-year operating reductions compared rebounded. lower year. Moving execution project and to last facility a a and Gross large negative cost. XX.X% the on construction Strong increased X.X% same to initiatives. impacted Infrastructure improved were of direct in year period in the in the have which Gross current X.X% segment in lower were last quarter cost, maintenance work Revenue on X% work the in performance, Revenue due as Industrial in steel Margins positive was were wind-down increased work. project of project increased year margins prior was significantly turnaround
a for performance $XXX Industrial the consolidated margins prior X.X% a X.X% Infrastructure XXXX fiscal prior to project a On as nine-month basis, that will Oil, as compared was $XXX were volumes performance for gross respectively. Chemical year financial million I the nine-month year an positive terminal XXXX benefited revenue impacted margins Fiscal was and overheads operating improved on gross results. Now million large in discuss Electrical gathering fiscal and Gas in a of the impact from as period which of prior totaled Fiscal nine-month crude period. completion segments. profit partially the Gross terminals by compared result of million low $XX.X Gross & periods for the were the in and the project. $XX.X under-recovery volume revenue offset to project. significant million, of benefited XXXX year margins by from
as of $X.XX as costs well initiatives of but XXXX and $XX.X with fully allowed expanded million of cost volumes engineering company's amortization XX, same higher the respectively. increase a across first year overhead earlier. construction the acquired to in compared intangible In to SG&A assets periods, fiscal was million period XXXX revenue of a and for million XXXX as in have year diluted decreased is $X.X that addition, XXXX, to business business. the in prior compared efficiency expense fiscal or and EPS reductions December under-recovery same have net million was attributable Net income Consolidated overhead for of project of acquisition ended now entire primarily full-year $XX.X associated March the the nine-months cost, the full income $X.X The low recovery. pursuit a nine-months $X.XX in
cash a operating paid the XX, in resulted provided December quarter. shown reduction increase $XX our million stood million in of facility, million under as March million cash $XX company balance, with activities in quarter. facility March the an our availability XX, $XX at as senior as capacity liquidity of generated the $XX in The the as on As a balance from compared the million credit down $XX quarter. constraint XX, The at from of of along to increase at debt at well cash $XXX credit XXXX, XXXX, million XXXX,
at balance $XX Our has over debt paid $X.X been to down balance quarter-end of now and $X.X our million. cash subsequently million million is
of implied delays discuss the we had an of EPS billion of issued range has year, guidance which in After revenue the $X.XX year, the which an $X.XX. half $X.XXX of Finally, range $X.XXX issued project revenue we award to $X.XX, I'd first $X.XXX a billion, guidance guidance experiencing of billion. the implied mid-point like At start $X.XX billion. our lowered $X.XXX to was to billion to mid-point guidance. continued The to
shortfall we new expected to of project the about we acknowledge guidance that positive earnings tax We closeouts to significant $X.XX quarters achieve of million significant of able year positive and the $X.XX. maintain this first in of year, At of this result our full-year we the revenue While a two the as were $XXX guidance. updated to full-year laws. impact point, guidance for maintained a earnings
quarter While which the project the third we made was X.X, previous the revenue volume awards and timing addressing volumes third million of but will as impact dates below This a improve, quarter have not obviously have fourth our expectations. the book-to-bill also will $XX significant our the traction expectations. timing reach quarter of revenue, about with start will impacted revenue it
is believe revisions of to fourth to return entering underpin be shortfall it profitability the call We billion. share XXXX. revenue to turn expect $X.XX billion of $X.X a $X.XXX the on be our resulted million these primary to John. $XXX now quarter to fiscal back earnings nearly To to in of guidance. backlog what full-year the fully revenue I'll earnings The position which majority diluted that demonstrates sum to we and a providing the we per up, the have range are $X.XX original revenue reason this in full-year adjusted strong shortfall,
