Business
MYR Group Inc. Announces Fourth Quarter and Full Year 2024 Results
Board Approves New $75 Million Share Repurchase Program THORNTON, Colo., Feb. 26, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR” or the "Company") (NASDAQ:
About this update from Myr Group, Inc.
[{"type":"text","content":"Board Approves New $75 Million Share Repurchase Program\nTHORNTON, Colo., Feb. 26, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR” or the \"Company\") (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 2024 financial results, and a new share repurchase program (“Repurchase Program”). Fourth Quarter 2024 Highlights Quarterly revenues of $829.8 millionQuarterly net income of $16.0 million, or $0.99 per diluted shareQuarterly EBITDA of $45.5 million Full Year 2024 Highlights Full-year revenues of $3.36 billionFull-year net income of $30.3 million, or $1.83 per diluted shareFull-year EBITDA of $117.8 millionBacklog of $2.58 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “We finished 2024 with our fourth quarter performance showing overall improvement compared to the third quarter. A steady backlog of $2.58 billion reflects a healthy bidding environment and the continued investment in infrastructure to meet growing electrification demands across the U.S. and Canada.” Mr. Swartz continued, “Overall, we see robust project opportunities with key market drivers such as system hardening, grid modernization, technology advancements, transit infrastructure improvements, and decarbonization providing long-term growth opportunities across our business. We are eager to continue to serve as a resourceful and committed partner for our customers, demonstrating strong project execution, and generating positive returns for our shareholders in 2025.” Fourth Quarter ResultsMYR reported fourth-quarter 2024 revenues of $829.8 million, a decrease of $174.4 million, or 17.4 percent, compared to the fourth quarter of 2023. Specifically, our T&D segment reported quarterly revenues of $450.0 million, a decrease of $141.5 million, or 23.9 percent, from the fourth quarter of 2023, due to a decrease of $136.1 million in revenue on transmission projects, primarily related to certain clean energy projects that have reached mechanical completion, as well as a decrease of $5.4 million in revenue on distribution projects. Our C&I segment reported quarterly revenues of $379.8 million, a decrease of $32.9 million, or 8.0 percent, from the fourth quarter of 2...