Business
MYR Group Inc. Announces Second-Quarter and First-Half 2023 Results
THORNTON, Colo., July 26, 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., July 26, 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 second-quarter and first-half 2023 financial results. Highlights for Second Quarter 2023 Record quarterly revenues of $888.6 millionQuarterly net income of $22.3 million, or $1.33 per diluted shareQuarterly EBITDA of $47.1 millionRecord backlog of $2.73 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “Our solid second quarter performance resulted in record high quarterly revenues of $888.6 million and record backlog of $2.73 billion. Second quarter 2023 net income of $22.3 million was a 13.2 percent increase over the second quarter of 2022, with consolidated gross profit and EBITDA all increasing compared to the same period of 2022. We continue to see quality bidding opportunities across the organization and strategically pursue new work while maintaining and expanding relationships with our existing, valued customers.” Mr. Swartz also said, “The continued investment in the overall electrical infrastructure system combined with the expanding demand for clean energy sources, present ongoing opportunities for long term growth.” Second Quarter ResultsMYR reported second-quarter 2023 revenues of $888.6 million, an increase of $180.5 million, or 25.5 percent, compared to the second quarter of 2022. Specifically, our Transmission and Distribution (“T&D”) segment reported revenues of $503.7 million for the second quarter of 2023, an increase of $88.5 million, or 21.3 percent, from the second quarter of 2022, due to an increase in revenue on transmission projects, primarily related to an increase in revenue on clean energy projects, and an increase in revenue on distribution projects. Our Commercial and Industrial (“C&I”) segment reported revenues of $384.9 million for the second quarter of 2023, an increase of $92.0 million, or 31.4 percent, from the second quarter of 2022, primarily due to higher revenue related to clean energy projects in certain geographical areas. Consolidated gross profit in second quarter of 2023 was $90.1 million, an increase of $9.2 million or 11.5 percent, from the second quarter of 2022. The increase in gr...