MYR Group Inc ( (MYRG) ) has released its Q3 earnings. Here is a breakdown of the information MYR Group Inc presented to its investors.
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MYR Group Inc. is a holding company composed of specialty electrical contractors providing services across the United States and Canada, divided into two main segments: Transmission & Distribution and Commercial & Industrial.
In the third quarter of 2024, MYR Group Inc. reported financial results that reflect a decrease in both revenue and net income compared to the same period last year. Despite these challenges, the company maintains a strong backlog of projects, indicating potential for future growth.
Key financial metrics for the third quarter show revenues of $888.0 million, marking a 5.5% decline from the previous year. Net income also fell to $10.6 million, or $0.65 per diluted share, from $21.5 million, or $1.28 per diluted share, a year ago. The company’s EBITDA dropped to $37.2 million, and gross profit decreased due to lower margins, particularly within their Transmission & Distribution segment. Additionally, the effective tax rate increased significantly, impacting overall net income.
The company’s backlog as of September 30, 2024, stood at $2.60 billion, slightly down from $2.62 billion a year earlier, with the Transmission & Distribution segment showing a significant decrease in revenues. However, the Commercial & Industrial segment saw a marginal increase in revenue, suggesting a more stable performance in that area.
Looking forward, MYR Group Inc. remains optimistic about long-term growth opportunities, as highlighted by CEO Rick Swartz. The company continues to focus on strengthening customer relationships and improving project execution, which are key components of its strategic growth plan.
