UPDATE 1-Matrix Service cuts 2010 adj EPS view

Fri Apr 23, 2010 7:47am EDT

* Cuts 2010 adj EPS view to $0.55-$0.65

* Says volume of recurring repair and maintenance work low

April 23 (Reuters) - Industrial construction and repair company Matrix Service Co (MTRX.O) cut its adjusted full-year earnings outlook, citing lower volume of recurring repair and maintenance work as customers continued to defer capital projects.

The company now sees 2010 adjusted earnings of 55 cents to 65 cents a share, down from its prior estimates toward the lower end of the range of 80 cents to $1.10 a share.

Analysts on average were expecting earnings of 81 cents a share, before special items, according to Thomson Reuters I/B/E/S.

During the third quarter, the company executed $6 million of cost reductions that will cut both operating expenses and construction overhead costs beginning in the fourth quarter of 2010.

Shares of the company closed at $11.28 Thursday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Maju Samuel) ((divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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