Business
MYR Group Inc. Announces Third-Quarter and First Nine-Months 2021 Results
HENDERSON, Colo., Oct. 27, 2021 (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., Oct. 27, 2021 (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 western Canada, today announced its third-quarter and first nine-months 2021 financial results. Highlights for Third Quarter 2021 Quarterly revenues of $610.2 millionRecord high quarterly net income of $23.2 million and record high earnings per diluted share of $1.35Record high quarterly EBITDA of $42.3 millionStrong backlog of $1.63 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “Our strong third-quarter 2021 financial results included record high quarterly net income, EBITDA and EPS. We finished the third quarter with net income of $23.2 million, a 34.0 percent increase over our third quarter 2020 net income, along with increases in revenues, gross profit and EBITDA as compared to the same period of 2020.” Mr. Swartz continued, “We remain committed to executing our core business strategies while adapting and innovating to changing market conditions. We appreciate our deep customer relationships and continually leverage the full capabilities of MYR Group companies to enhance the value we are delivering and create opportunities for future growth.” Third Quarter ResultsMYR reported third-quarter 2021 revenues of $610.2 million, an increase of $2.3 million, or 0.4 percent, compared to the third quarter of 2020. Specifically, our Transmission and Distribution (“T&D”) segment reported revenues of $306.5 million for the third quarter of 2021, an increase of $6.8 million, or 2.3 percent, from the third quarter of 2020, primarily due to an increase in revenue on distribution projects partially offset by a decrease in revenue on transmission projects. Our Commercial and Industrial (“C&I”) segment reported revenues of $303.6 million for the third quarter of 2021, a decrease of $4.6 million, or 1.5 percent, from the third quarter of 2020, primarily due to a decrease in volume on various-sized projects in certain geographic areas. Consolidated gross profit increased to $83.9 million in the third quarter of 2021, an increase of $7.4 million or 9.7 percent, from the third quarter of 2020. The increase in gross profit was due to higher margins and revenues. Gross m...