Business
MYR Group Inc. Announces Third Quarter and First Nine Months 2025 Results
THORNTON, Colo., Oct. 29, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors
About this update from Myr Group, Inc.
[{"type":"text","content":"THORNTON, Colo., Oct. 29, 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 third quarter and first nine months 2025 financial results. Highlights for Third Quarter 2025 Quarterly revenues of $950.4 millionRecord quarterly net income of $32.1 million, or $2.05 per diluted shareRecord quarterly EBITDA of $62.7 millionBacklog of $2.66 billion Management CommentsRick Swartz, MYR’s President and CEO, said, “Our third quarter performance resulted in quarterly revenues of $950 million and year-over-year increases in net income, consolidated gross profit, gross margin, and EBITDA.” Mr. Swartz continued, “By enhancing relationships with our preferred customers and expanding work in our core markets, we continue to capitalize on strong long-term growth opportunities. The accelerating pace of electrification, future project demand, load growth, and the need for resilient infrastructure are driving investment in electrical infrastructure, which positions us well for continued success in the future.\" Third Quarter ResultsMYR reported third quarter 2025 revenues of $950.4 million, an increase of $62.4 million, compared to the third quarter of 2024. Specifically, our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $503.4 million, an increase of $21.5 million, from the third quarter of 2024, due to an increase of $16.3 million in revenue on transmission projects and an increase of $5.2 million in revenue on distribution projects. Our Commercial and Industrial (“C&I”) segment reported quarterly revenues of $447.0 million, an increase of $40.8 million, from the third quarter of 2024. Consolidated gross profit increased to $111.9 million in the third quarter of 2025, compared to $77.3 million for the third quarter of 2024. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 11.8 percent for the third quarter of 2025 from 8.7 percent for the third quarter of 2024. The increase in gross margin was primarily due to the third quarter of 2024 being negatively impacted by certain T&D clean energy projects and a C&I project. In the third quarter of 2025, gross...