Business
MYR Group Inc. Announces Second-Quarter and First-Half 2022 Results
HENDERSON, Colo., July 27, 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., July 27, 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 second-quarter and first-half 2022 financial results. Highlights for Second Quarter 2022 Record high quarterly revenues of $708.1 millionQuarterly net income of $19.7 million and earnings per diluted share of $1.15Record high quarterly EBITDA of $43.9 millionRecord backlog of $2.44 billion Management CommentsRick Swartz, MYR’s President and CEO, said, \"Our solid performance this quarter continues to demonstrate the overall strength in the markets we serve and our ability to capitalize on new opportunities that deepen and expand our market presence. We continue to invest in our team, apply proven management practices and foster customer relationships that strengthen our performance. The Transmission and Distribution (“T&D”) and Commercial and Industrial (“C&I”) markets are seeing long-term sustained investment, presenting exciting opportunities for future growth.\" Second Quarter ResultsMYR reported second-quarter 2022 revenues of $708.1 million, an increase of $58.5 million, or 9.0 percent, compared to the second quarter of 2021. Specifically, our T&D segment reported revenues of $415.2 million for the second quarter of 2022, an increase of $88.4 million, or 27.0 percent, from the second quarter of 2021, primarily due to an increase in revenue on distribution projects, including incremental distribution revenues from the acquired Powerline Plus Companies and an increase in revenue from transmission projects. Our C&I segment reported revenues of $292.9 million for the second quarter of 2022, a decrease of $29.8 million, or 9.3 percent, from the second quarter of 2021, primarily due to a decrease in revenue in certain geographical areas. Consolidated gross profit in second quarter of 2022 was $80.9 million, a decrease of $0.1 million or 0.2 percent, from the second quarter of 2021. The decrease in gross profit was due to lower margins, partially offset by higher revenues. Gross margin was 11.4 percent for the second quarter of 2022 compared to 12.5 percent for the second quarter of 2021. The decrease in gross margin was primarily due to overall cos...