Business
MYR Group Inc. Announces Fourth-Quarter and Full Year 2021 Results
HENDERSON, Colo., Feb. 23, 2022 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the
About this update from Myr Group, Inc.
[{"type":"text","content":"HENDERSON, Colo., Feb. 23, 2022 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its fourth-quarter and full year 2021 financial results. Highlights for 2021 Fourth quarter revenues of $646.0 millionFourth quarter net income of $20.7 million, or $1.20 per diluted shareFourth quarter EBITDA of $41.4 millionRecord high full-year revenues of $2.50 billionRecord high full-year net income of $85.0 million, or $4.95 per shareRecord high full-year EBITDA of $164.2 millionRecord high backlog of $1.79 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “We finished 2021 with strong financial results in the fourth quarter, and full year revenues were $2.50 billion, setting a record high for the seventh consecutive year. Fourth quarter 2021 net income of $20.7 million, a 14.0 percent increase over the fourth quarter of 2020, and revenues, consolidated gross profit and EBITDA increased compared to the same period of 2020. Our backlog at the end of the fourth quarter was $1.79 billion, reflecting the strength of our position in the market as a leading partner in the industry.” Mr. Swartz continued, “We are proud of our performance this past year and are excited to build upon our success in 2022. Industry outlooks indicate positive trends in Transmission and Distribution (“T&D”) spending, resiliency in our primary Commercial and Industrial (“C&I”) markets and growing opportunities in renewable energy. Our team is focused on delivering operational excellence, deepening customer relationships, and investing in our people and communities to elevate our performance in the coming year.” Fourth Quarter ResultsMYR reported fourth-quarter 2021 revenues of $646.0 million, an increase of $38.0 million, or 6.3 percent, compared to the fourth quarter of 2020. Specifically, our T&D segment reported record quarterly revenues of $353.3 million, an increase of $34.7 million, or 10.9 percent, from the fourth quarter of 2020, primarily due to an increase in revenue on distribution projects and large-sized projects. Our C&I segment reported fourth-quarter 2021 revenues of $292.7 million, an increase of $3.3 million, or 1.2 percent, from the fou...