Business
MYR Group Inc. Announces Second-Quarter and First-Half 2024 Results
THORNTON, Colo., July 31, 2024 (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 31, 2024 (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 2024 financial results. Highlights for Second Quarter 2024 Quarterly revenues of $828.9 millionQuarterly net loss of $15.3 million, or ($0.91) per diluted shareQuarterly EBITDA of ($4.7) millionBacklog of $2.54 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “Our second quarter 2024 financials reflected decreased revenues and consolidated gross profit, compared to the same period of 2023, which were primarily related to unfavorable clean energy projects within our T&D segment and one project within our C&I segment. We expect all of these projects will reach mechanical completion this year.” Mr. Swartz also said, “Aside from these challenged projects, our core businesses in transmission, distribution and C&I performed well, and we see steady bidding activity in both of our segments. Our team continues to execute well and with increased electrification, growing demand for data centers, and continued investments being made in electrical infrastructure, we are confident in our ability to generate positive returns for our shareholders going forward.” Second Quarter ResultsMYR reported second-quarter 2024 revenues of $828.9 million, a decrease of $59.7 million, or 6.7 percent, compared to the second quarter of 2023. Specifically, our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $458.2 million, a decrease of $45.5 million, or 9.0 percent, from the second quarter of 2023, due to a decrease of $39.8 million in revenue on transmission projects and a decrease of $5.8 million in revenue on distribution projects. Our Commercial and Industrial (“C&I”) segment reported quarterly revenues of $370.7 million, a decrease of $14.2 million, or 3.7 percent, from the second quarter of 2023, which was primarily due to the delayed start of certain projects. Consolidated gross profit decreased to $40.8 million for the second quarter of 2024, compared to $90.1 million for the second quarter of 2023. The decrease in gross profit was due to lower margin and lower revenues. Gross margin decreas...