in as employees of foremost, and morning, on with we from begins safety technology other ensure we maintenance At everyone influence. our safety clients’ of center performance a construction, Good offices, related a the do achieving to for to sites work and to health focus of XXXX, business. we’re quarter engineers thank In no important added elements us. their employees X. And And a of infrastructure and way have away on Matrix, quarter burden remained everything through we goal. Thank for first first even everyone, work, employees you our the and such, performance, X put thank while gets strong health our ends one our completed even commissioning focused. project project we and achieving you, and and and to through of and joining our and our and We The hard within the like people our with incident to are, procure COVID-XX, design another recordable this one sphere our front watching know we the incident fiscal safety congratulate out rate I’d for is hurt. and possible. that the total with Kellie. protocols
many The discussion. well our managing low those quarter first and our direct consolidated revenue normal. resulted and our improving has spite opportunities are have funnel priorities. margins project In clients, to as continued political to protocols of delayed which spending product now who very to impact were our in the returning all in especially bidding of reduced opportunity Turning rigid reduced of volumes, Overall through has is and uncertainty, pandemic safety been health energy as demand industry, strong. and project execution and
to reduction remain on improvement our conditions, results. year. in safety, position winning continuing and bookings decision-making the move focused We It and our starts. affect half us client better we of our into will awards may with is deliver backlog. work and However, this efforts, and as in of timing second improve the environment this business restructuring fiscal This combined executing revenue that expectations cost
strong controlling or no flow cash managing maintain and minimizing a keep costs, debt. sheet through expenditures, will We minimal balance capital
the commitments costs. overhead revenue personnel, quality a business, of accounting managers, operations construction as are to include estimating fleet, and overhead not timing staff, and and costs opportunities winning Construction such rapidly control, the day-to-day right and against continuous company-owned facilities, and if shed work, divisional premiums, as opportunities equipment our As and costs, IT the is example, particularly insurance challenge, a infrastructure, their such our existing more in level and difficult construction new critical market our certain service appropriate since project facilities. insurance must do and is we proposal for in equipment, deliver the high-quality for it work. Further, that normal we expertise construction field quality resource, as our typical can safe, is rely site to activities. that These clients Finding managers, ultimately resources this backlog ensure to costs project they the safety, to overhead people, have shortfall balance resources, to fulfilling and under-recovery work, are provide create between materialize. of bidding skill and on
market on As you revenue and future construction the market. fiscal opportunities did are global on the the aware, the our and so war the of costs election cycle. part overhead presidential uncertainty pandemic based our reduced Saudi and view of based and the We assessment during Arabia latter on XXXX, between from brought price oil of the crude Russia business impact by in we the
will energy anticipated, the nobody as us revenue of in economy even volumes construction fully its the clients as and the costs. achieve of was pandemic given where global we than revenue not not absorption we industrial to there available expected, severe quarter do well are assessed. In on such overhead However, complete and lower be when extended the as which general, quarters this nature instances, impact
the volumes and volumes contracted better unique work is to true visibility today’s find revenue opposite between exceed beyond balance critical our opportunity. Of is efforts right our course, and to into market, our uncertain expectations. In revenue cost when the
has reduced structure serve been we we the by the We the fiscal timing The indicative starts are and in spread have, year. related balance minimal and said uncertainty opportunities. some demand, while continuing we the near-term face, of maintenance visibility Having to cases, growth expenditures challenging GDP of created our for delayed pandemic the into clients adjust conditions the including awards significant lower our cost energy gain global longer by of extremely projects over as presidential across and industrial and greater capital U.S. to have the our clients periods, do election. spending that segments and market they energy
Despite our balance our While better the results, new and this materially reduced been to overhead the will may we the into materially not recovery fiscal awards second as the challenges provide in current impact volumes project compared structure overall face this quarter and for cost has starts year. environment, of year. prior visibility
our we result, to a as a confident exit stronger period company. this ability in As are
subsidiaries, confident large-scale diverse and the PDM Service the in We’re in ability markets projects on opportunities. Matrix have opportunities to also in and Inc. we Through NAC, markets. Matrix small- long-term designed our across we those our we’re and end to both Engineering, Matrix serve execute capitalize
Inc. with clients legacy Construction serve a Institute and industry the employees in Service key critical union Engineering cryogenic our Industry our the the Matrix two works service worldwide. XXXXs. Engineering’s America Matrix to back of Institute. only Matrix the and and positions we and subsidiary provide also other Matrix standards our associations in under markets. a PDM subsidiaries, projects entity a Petroleum either more construction, full a serve double-breasted to us support clients construction as how on organizational engineering-led expertise ability and infrastructure, or clients allows Matrix to reaches Concrete to This us Our highly structure American all and the Engineering nonunion client-specific us international and Collectively, Operating other including and Institute, engineering set where subsidiaries the well that project enables supports approach to Several operate the is PDM separation construction desires. structure, execute PDM enterprise as industrial independently leadership as and allows thermal as and expertise markets that partners, across our Matrix our which not complex storage broader provide their services. this as with energy strategic construction and for strategic NAC, construction is the structure chambers, strength engineering, in such nonunion geographies. of is and success for approach FEED union our but to North select and pursue to vacuum including advantage engineering a and across far as stand-alone with American environments PDM opportunities business with aligns their execution in in FEL
as For point with expertise Matrix will enterprise a market peak renewable shaving a PDM team business, work. solution of in and ability brand America leader, allows but terminal a design peak and us cryogenic process North to for our across our the entities shaving of our construction the provide for and growth entire with Matrix other to example, either elsewhere. LNG energy in strong single LNG geography these not development opportunities the of identification forms The also the organic only the market of provide space,
our to markets outlook. now and and services Turning overall
new quarter This our the under where results reporting are segmentation. quarter reported represents first
impacted pricing. significant requests perspective reminder, just We this are Gulf of natural infrastructure particularly there to the macroeconomic political of spending all from refinery LNG, employees were And is our reduced term, commodity conditions markets, designed further of strategic robust. Clean These to gas increasing. our with and the and long-term market our been of existing markets terminals uncertainty safety markets, pandemic, a near in across strengthening have Mining Coast. to by in work better As aerospace and crude vision. our energy segmentation impactful from and strong. our including are In outcomes mineral is delayed have energy into operating the segments. liquids and long-term spending hurricanes end and clients’ project our greater sequential health growth core believe is represent provide across work Utility and NGLs, markets. global each opportunities for remain hydrogen opportunities and effects new and led and elections held storage, areas some in the proposals,
pipeline volumes. occurring the the that with third of in in fourth majority segments, of day-to-day activity. larger potential fiscal over of awards small project We forward in award maintenance Our across projects award project billion and pipeline these XXXX, all three will represents believe many excluding $X $X anticipated projects an This normal the have approaching includes infrastructure quarter XXXX. billion opportunity dates fiscal and move
development business that and expecting shaving power providing LNG in on have pipeline Infrastructure to strengthened We LNG the we has second We In the upgrades delivery, part expect infrastructure. position project as related to our return Utility grow shaving EPC the above structure Spending from Utility that months. currently industry-leading Facilities for several utility-grade continue improved our continue in in and increased book-to-bill and services resulting six X. of to opportunity quarter we segment, our are benefit bid Industrial Power Process are and and peak power Infrastructure In in we have to business. Power potential peak activities our over performance generation slowed. and this our liquefaction facilities next and the awards
we build-outs limited, while where and a in Facilities, cryogenic Industrial gas traditionally power the we growth for this slowed of gas we a we shaving had are market, However, of market segment. has be power natural as award the gas-fired continued current presence. term, expecting are the may of seeing not penetrating near while Process backlog result opportunity processing large-scale parts In environment, have of significant facilities the larger plants projects. smaller are peak In
a our such engineering stations. example, of projects, teams opportunities responding to For compressor currently for are as number smaller
a capital improve. earth opportunities as project rare also demand minerals precious with our We’re clients mining marked and and industrial in minerals increase seeing for
other Other secure levels. critical including reliable opportunities are ensuring of batteries and in wind and as in other are opportunities, award are to which various U.S. proposal among the to the of seeing prices, and things, minerals, result copper refiners goods. refinery as high, vehicles to these increased response And the energy and trim electric infrastructure, to maintenance of vital prices, return are are well supplies focus Some renewable which, stages solar, we on consumer which gold look nested well operating for cycle, are Existing as hovering maintenance have rebounded. to services which normal all-time accounts are more as as to of for costs. and strategies continue near an opportunities beginning
of increase We’re turnaround additional biofuels. take advantage activity incentives refiners of also delayed. Major to be to continues production bidding seeing spending as
from benefit accounted for segment. markets to in continue also other this We in opportunities
also other in scientific applications. Physics actively been vacuum moon, NASA-sponsored is PDM Colorado, This relies For and vacuum in the of Matrix example, vacuum technology, in awarded lander we’re chamber, gateway Maryland. in is Littleton, which actively, where project Titan, for leader Hopkins to of testing to has in aerospace, near chambers, of DynaVac program. we the center thermal such completion considered expedition Matrix which in rotorcraft part aerospace involved for Martin of development we also is construction our project, chamber to on Lockheed at multiple NASA’s work and of the engineering use Dragonfly in EPC integration for New new as their chambers as thermal Laurel, support One Applied Frontier Engineering, Laboratory and Johns on largest their the Saturn’s send
Finally, as are chemical due of the their seeing for number of on to inquiries higher petrochemical continued our requests demand we and result for products. a strategic focus a space, and proposals
our demand and Storage qualified EPFC with the are solutions agreements Timing the for opportunities the service chemical sources strengthen Specifically, that energy cycle with our these than should small- half our The Tier back their for petrochemical one needs fiscal are who mid-scale single-point Solutions responsive year. in are In more clients on are significant. providers continued to large master pipeline in providers. mixed. rather establish award includes projects hydrogen the of traditional like cleaner segment, growth seeking EPC for to and multiple LNG opportunities projects service to
announced mentioned have been we Jacksonville which LNG’s LNG Services, facility, subsidiary, selected As in Eagle before, we Matrix our export XXXX. early has for
multiple we projects move beginning are for hurricane owners. year. not repair terminal While is this this from and the engineering in In it maintenance project long-term forward, yet in continues backlog, to Caribbean, receiving fiscal we and anticipate inquiries
and will crude with as terminal stable in exists NGL the second that of half X.X facilities and several industrial we allow gas ISO commercial from bookings and we storage of expectation as Elsewhere LNG LNG consolidated backlog and area regasification book-to-bill America, second tank low in in pursued. the improve power facilities generate geographic well own delivered also is by move for a North to that are strong from the as second their in utilities as Additionally, prices, construction, half our to in the repair also into interest fiscal year-end. turn the than year. expect revenue in In this being year, fiscal will natural opportunities flatten well summary, maintenance achieve of it U.S. containers this as quarter and up And oil will to start greater
business we numerous earlier, our structure, executing to between As and portions reduce and I steps manage to continue explained the our we cost cost rightsize work. and have balance of to taken will winning the appropriate
efforts Our restructuring and to us as cost deliver better results improve. reduction conditions position market
allocation keep cash and sheet capital I’ll through minimal sheet call costs, opportunistic or debt. flexibility controlling expenditures, making share balance to us will no This provide minimize will strong the flow Kevin. a balance turn when including maintaining managing capital decisions, We now strong over repurchases.
