MYR Group Inc ( (MYRG) ) has released its Q4 earnings. Here is a breakdown of the information MYR Group Inc presented to its investors.
MYR Group Inc., a leading specialty contractor in the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada, has released its financial results for the fourth quarter and full year of 2024, along with announcing a new $75 million share repurchase program.
The company reported fourth-quarter revenues of $829.8 million and a net income of $16.0 million, or $0.99 per diluted share. For the full year, MYR Group achieved revenues of $3.36 billion and a net income of $30.3 million, or $1.83 per diluted share. The company also highlighted a backlog of $2.58 billion, indicating a steady demand for its services.
Despite a decrease in revenue compared to the previous year, MYR Group’s gross margin improved to 10.4% in the fourth quarter, up from 9.7% a year earlier. This was attributed to higher margins on certain completed projects and better-than-anticipated productivity. However, the Transmission & Distribution segment saw a decline in revenue due to the completion of clean energy projects, impacting overall financial performance.
The Commercial & Industrial segment showed resilience with an increase in operating income margin to 3.9% in the fourth quarter, driven by favorable change orders and productivity. The company’s strategic focus on infrastructure improvements and decarbonization is expected to provide long-term growth opportunities.
Looking ahead, MYR Group’s management is optimistic about future growth, supported by robust project opportunities and continued investments in infrastructure. The new share repurchase program reflects confidence in the company’s financial health and commitment to delivering value to shareholders.