The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how construction and maintenance services stocks fared in Q3, starting with Matrix Service (NASDAQ: MTRX).

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 12 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 2.7% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 7.4% on average since the latest earnings results.

Matrix Service (NASDAQ: MTRX)

Founded in Oklahoma, Matrix Service (NASDAQ: MTRX) provides engineering, fabrication, construction, and maintenance services primarily to the energy and industrial markets.

Matrix Service reported revenues of $211.9 million, up 28% year on year. This print exceeded analysts’ expectations by 2.5%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EBITDA estimates and EPS in line with analysts’ estimates.

“We delivered improved first quarter results, reflecting disciplined execution across an expanding base of projects in our Storage & Terminal Solutions and Utility & Power Infrastructure segments,” said John Hewitt, President and Chief Executive Officer.

Matrix Service delivered the weakest full-year guidance update of the whole group. Unsurprisingly, the stock is down 20% since reporting and currently trades at $12.48.

Read our full report on Matrix Service here, it’s free for active Edge members.

Best Q3: Comfort Systems (NYSE: FIX)

Formed through the merger of 12 companies, Comfort Systems (NYSE: FIX) provides mechanical and electrical contracting services.

Comfort Systems reported revenues of $2.45 billion, up 35.2% year on year, outperforming analysts’ expectations by 13.2%. The business had an incredible quarter with a solid beat of analysts’ backlog estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 23.9% since reporting. It currently trades at $1,023.

Is now the time to buy Comfort Systems? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: WillScot Mobile Mini (NASDAQ: WSC)

Originally focusing on mobile offices for construction sites, WillScot (NASDAQ: WSC) provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 9.4% since the results and currently trades at $21.38.

Read our full analysis of WillScot Mobile Mini’s results here.

Orion (NYSE: ORN)

Established in 1994, Orion (NYSE: ORN) provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This number met analysts’ expectations. It was a strong quarter as it also recorded a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

The stock is up 34.9% since reporting and currently trades at $11.70.

Read our full, actionable report on Orion here, it’s free for active Edge members.

Tutor Perini (NYSE: TPC)

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini (NYSE: TPC) is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.42 billion, up 30.7% year on year. This print topped analysts’ expectations by 2.3%. Overall, it was a stunning quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 3.1% since reporting and currently trades at $70.06.

Read our full, actionable report on Tutor Perini here, it’s free for active Edge members.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

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