Business
MYR Group Inc. Announces Fourth-Quarter and Full Year 2022 Results
THORNTON, Colo., Feb. 22, 2023 (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":"THORNTON, Colo., Feb. 22, 2023 (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 2022 financial results. Fourth Quarter 2022 Highlights Record high quarterly revenues of $864.0 millionRecord high quarterly net income of $24.6 million, or $1.46 per diluted shareRecord high quarterly EBITDA of $52.0 million Full Year 2022 Highlights Record high full-year revenues of $3.01 billionStrong full-year net income of $83.4 million, or $4.91 per diluted shareRecord high full-year EBITDA of $175.8 millionRecord high backlog of $2.50 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “We finished 2022 with strong financial results in the fourth quarter, and annual revenues were $3.01 billion, setting a record high for the eighth consecutive year. Fourth quarter 2022 net income was $24.6 million, a 18.8 percent increase over the fourth quarter of 2021, with revenues, consolidated gross profit and EBITDA increasing compared to the same period of 2021. Our backlog at the end of the fourth quarter was $2.50 billion, reflecting our ability to foster strong client relationships and compete effectively in the market.” Mr. Swartz continued, “The dedication and talent of our team members contributed to our growing success in 2022. Market indicators remain positive, and we look forward to positioning the company for increased success in 2023. Our corporate values coupled with a commitment to our clients’ success will be the foundation upon which we will continue to grow.” Fourth Quarter ResultsMYR reported fourth-quarter 2022 revenues of $864.0 million, an increase of $218.0 million, or 33.7 percent, compared to the fourth quarter of 2021. Specifically, our T&D segment reported record quarterly revenues of $513.7 million, an increase of $160.4 million, or 45.4 percent, from the fourth quarter of 2021, primarily due to an increase in revenue on transmission projects, an increase in revenues on distribution projects, including incremental distribution revenues from the acquired Powerline Plus Companies. Our C&I segment also reported record quarterly revenues of $350.3 million, an increase of $57.6 millio...