NASDAQ
27 days, 22 hours ago 
MYRG
Myr Group INC
8-K: MYR Group Inc. Posts Solid Q1 2025 Results Amidst Growing Electrification Demand
MYR Group Inc. reports increased revenue, net income, and consolidated gross profit in Q1 2025, driven by strong performance in both Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments.
NASDAQ
32 days, 22 hours ago 
MYRG
Myr Group INC
10-Q: MYR Group Inc. Reports Increased Revenue and Net Income for Q1 2025
MYR Group Inc. announces a rise in both revenue and net income for the first quarter of 2025, driven by growth in the Commercial and Industrial segment and improved gross margins.
Better than expected
 
NASDAQ
33 days, 2 hours ago 
MYRG
Myr Group INC
8-K: MYR Group Inc. Announces Solid First-Quarter 2025 Results with Revenue and Net Income Growth
MYR Group Inc. reported a strong first quarter in 2025, driven by increased revenue, net income, and a healthy backlog.
Better than expected
 
NASDAQ
34 days, 2 hours ago 
MYRG
Myr Group INC
8-K: MYR Group Stockholders Elect Directors and Ratify Auditor at 2025 Annual Meeting
MYR Group's annual meeting saw the election of two Class III directors, advisory approval of executive compensation, and ratification of Crowe LLP as the independent auditor.
NASDAQ
34 days, 22 hours ago 
MYRG
Myr Group INC
Form 4: Director Jennifer Lowry Reports Stock Transactions in MYR Group Inc.
Jennifer Lowry, a director of MYR Group Inc., reports the vesting and settlement of restricted stock units, with shares deferred under the company's non-employee director deferral program.
NASDAQ
34 days, 22 hours ago 
MYRG
Myr Group INC
Form 4: MYR Group Director Bradley Thede Favreau Reports Stock Transactions
Director Bradley Thede Favreau reports the vesting and settlement of restricted stock units into MYR Group Inc. common stock, along with the grant of additional restricted stock units.
NASDAQ
34 days, 22 hours ago 
MYRG
Myr Group INC
Form 4: MYR Group Director William Patterson Reports Stock Unit Vesting
Director William Patterson of MYR Group Inc. reports the vesting and settlement of restricted stock units into common stock.
NASDAQ
35 days, 2 hours ago 
MYRG
Myr Group INC
Form 4: MYR Group Director Kenneth Hartwick Reports Stock Transactions
Director Kenneth Hartwick reports stock transactions including vesting of restricted stock units and shares withheld for tax obligations.
NASDAQ
35 days, 2 hours ago 
MYRG
Myr Group INC
Form 4: MYR Group Director Ajoy Hari Karna Reports Stock Transactions
Director Ajoy Hari Karna reports the vesting and settlement of restricted stock units, as well as the acquisition of additional restricted stock units, with deferred payment.
NASDAQ
35 days, 2 hours ago 
MYRG
Myr Group INC
Form 4: MYR Group Director Donald C.I. Lucky Reports Stock Transactions
Director Donald C.I. Lucky reports the vesting and settlement of restricted stock units and the acquisition of additional units in MYR Group Inc.
MYRG 
Myr Group INC 
NASDAQ

8-K: MYR Group Inc. Announces Solid First-Quarter 2025 Results with Revenue and Net Income Growth

Sentiment:
 Earnings Release
 30 April 2025 4:02 PM

MYR Group Inc. reported a strong first quarter in 2025, driven by increased revenue, net income, and a healthy backlog.

Better than expected
  The company's revenue, net income, and EBITDA all increased compared to the same period in the previous year, indicating improved financial performance. 

Summary
  • MYR Group Inc. announced its first-quarter 2025 financial results, showcasing growth in key areas.
  • The company reported revenues of $833.6 million, an increase of $18.0 million compared to the first quarter of 2024.
  • Net income for the quarter was $23.3 million, or $1.45 per diluted share, up from $18.9 million, or $1.12 per diluted share, in the same period last year.
  • EBITDA, a non-GAAP financial measure, reached $50.2 million, compared to $39.8 million in the first quarter of 2024.
  • The company's backlog stood at $2.64 billion as of March 31, 2025, reflecting strong demand in the electrification sector.
  • The Transmission and Distribution (T&D) segment reported revenues of $461.8 million, while the Commercial and Industrial (C&I) segment reported revenues of $371.9 million.
  • Consolidated gross profit increased to $96.9 million, with a gross margin of 11.6 percent.
Sentiment

Score: 8

Explanation: The document presents a positive outlook with strong financial results, increased backlog, and optimistic management commentary. While there are some challenges noted, the overall tone is confident and growth-oriented.

Positives
  • Revenue increased by $18.0 million compared to the first quarter of 2024, reaching $833.6 million.
  • Net income rose to $23.3 million, or $1.45 per diluted share, from $18.9 million, or $1.12 per diluted share, year-over-year.
  • Backlog grew to $2.64 billion, indicating strong future demand.
  • Gross profit increased to $96.9 million, with an improved gross margin of 11.6 percent.
  • EBITDA increased to $50.2 million from $39.8 million in the prior year's quarter.
Negatives
  • T&D segment revenues decreased by $28.6 million compared to the first quarter of 2024, primarily due to a decrease in revenue on transmission projects.
  • Selling, general, and administrative expenses increased to $62.5 million, primarily due to employee-related expenses.
  • Interest expense increased to $1.4 million due to higher average outstanding debt balances.
  • The effective tax rate increased to 28.9 percent due to no stock compensation excess tax benefits.
Risks
  • The company faces risks related to project inefficiencies and unfavorable change orders, which can negatively impact gross margins.
  • Fluctuations in revenue within the T&D segment, particularly related to clean energy projects, could affect overall performance.
  • Increased employee-related expenses and incentive compensation costs may continue to impact profitability.
  • Changes in estimates of gross profit on certain projects resulted in gross margin decreases of 1.1 percent for the first quarter of 2025.
Future Outlook

Bidding activity remains healthy across both business segments, and the company continues expanding strong customer relationships through master service agreements and strategically exploring new opportunities to drive sustained growth.

Management Comments
  • Rick Swartz, MYR's President and CEO, stated, 'We achieved solid financial results in the first quarter of 2025, with increases in revenue, net income, and consolidated gross profit compared to the same period of 2024.'
  • Mr. Swartz also noted, 'Our backlog at the end of the first quarter was $2.64 billion, which is reflective of the investments being made to meet the growing electrification demand.'
Industry Context

MYR Group's performance reflects the ongoing investments in electric utility infrastructure and the increasing demand for electrification in the United States and Canada. The company's focus on both transmission and distribution, as well as commercial and industrial projects, positions it well to capitalize on these trends.

Comparison to Industry Standards
  • Comparing MYR Group to competitors like Quanta Services (PWR) and MasTec (MTZ), MYR's revenue growth of approximately 2.2% year-over-year is within a reasonable range for the industry.
  • MYR's backlog of $2.64 billion indicates a healthy pipeline of future projects, similar to the trends seen in other infrastructure-focused companies.
  • The EBITDA margin of approximately 6% aligns with industry averages for specialty contractors in the electrical construction sector.
  • MYR's focus on clean energy projects mirrors the broader industry shift towards renewable energy infrastructure, as seen with companies like NextEra Energy (NEE) and Iberdrola (IBDRY).
Stakeholder Impact
  • Shareholders will likely view the positive financial results and increased backlog favorably.
  • Employees may benefit from increased job security and potential for future growth.
  • Customers can expect continued service and project execution based on the company's strong backlog.
  • Suppliers may see increased demand for materials and services due to the company's growth.
Next Steps
  • MYR Group will host a conference call on May 1, 2025, to discuss the first-quarter 2025 results.
Key Dates
  • April 30, 2025: Date of report and press release announcing first-quarter 2025 financial results.
  • May 1, 2025: Conference call to discuss first-quarter 2025 results at 8:00 a.m. Mountain time.
Keywords
MYR Group, financial results, first quarter 2025, revenue, net income, EBITDA, backlog, transmission and distribution, commercial and industrial, electrical contractors
MYRG 
Myr Group INC 
NASDAQ
Sector: Industrials
 
Filings with Classifications
Better than expected
30 April 2025 8:05 PM
Quarterly Report
  • The company's net income increased from $18.9 million to $23.3 million year over year.
  • The company's gross margin increased from 10.6% to 11.6% year over year.
  • The company's EBITDA increased from $39.8 million to $50.2 million year over year.
Better than expected
30 April 2025 4:02 PM
Earnings Release
  • The company's revenue, net income, and EBITDA all increased compared to the same period in the previous year, indicating improved financial performance.
Worse than expected
10 March 2025 4:04 PM
Investor Presentation
  • Net income, EBITDA, earnings per share, and free cash flow decreased in 2024 compared to 2023.
Worse than expected
5 March 2025 4:29 PM
Proxy Statement
  • The company's revenues decreased by 7.7% in 2024 compared to 2023.
  • The company's net income decreased significantly in 2024, dropping from $91.0 million in 2023 to $30.3 million.
Delay expected
26 February 2025 4:08 PM
Annual Results
  • The decrease in C&I revenue was primarily due to the delayed start of certain projects in 2024.
Worse than expected
26 February 2025 4:08 PM
Annual Results
  • The company's revenue decreased by 7.7% to $3.36 billion in 2024 from $3.64 billion in 2023.
  • The company's net income decreased significantly to $30.3 million in 2024 from $91.0 million in 2023.
  • The company's gross margin decreased to 8.6% in 2024 compared to 10.0% for the year ended December 31, 2023.
Delay expected
26 February 2025 4:03 PM
Earnings Release
  • The C&I segment experienced a decrease in revenue due to the delayed start of certain projects in 2024.
Worse than expected
26 February 2025 4:03 PM
Earnings Release
  • The company's revenue and net income decreased for both the fourth quarter and the full year compared to the previous year.
Better than expected
6 November 2024 4:04 PM
Investor Presentation
  • The company's third quarter performance showed improvement over the second quarter, demonstrating strong project execution in core areas of the business.
Worse than expected
30 October 2024 4:06 PM
Quarterly Report
  • The company's gross margin and net income were significantly lower than the same period last year due to unfavorable project estimate adjustments.
  • The Transmission and Distribution segment experienced a significant decrease in operating income.
  • The company's effective tax rate increased due to higher permanent difference items.
Delay expected
30 October 2024 4:06 PM
Quarterly Report
  • The company's financial results are being affected by delays due to supply chain disruptions and regulatory slowdowns.
  • Schedule extensions caused by owner-furnished panel delays led to increased costs on two clean energy projects.
Worse than expected
30 October 2024 4:03 PM
Quarterly Report
  • The company's third-quarter revenue and net income were lower than the same period last year.
  • The company's gross margin decreased compared to the same period last year.
  • The company's earnings per share were lower than the same period last year.
Worse than expected
21 August 2024 4:29 PM
Investor Presentation
  • The company reported a net loss of $15.3 million in Q2 2024, which is worse than expected due to project timing issues.
Delay expected
31 July 2024 4:26 PM
Quarterly Report
  • The company's financial results are expected to continue to be affected by delays and cost volatility through 2024 due to supply chain disruptions, inflationary pressures, tariffs and regulatory slowdowns.
  • The company experienced a decrease in C&I revenue due to the delayed start of certain projects.
Worse than expected
31 July 2024 4:26 PM
Quarterly Report
  • The company's net income was significantly lower than expected due to significant changes in project cost estimates.
  • The company's gross margin was significantly lower than expected due to significant changes in project cost estimates.
  • The company's revenue was lower than expected due to a decrease in revenue on transmission projects, a decrease in C&I revenue, and a decrease in revenue on distribution projects.
Worse than expected
31 July 2024 4:16 PM
Quarterly Report
  • The company reported a net loss of $15.3 million for the second quarter, a significant downturn compared to the net income of $22.3 million in the same period last year.
  • EBITDA for the second quarter was ($4.7) million, a substantial decrease from $47.1 million in the second quarter of 2023.
  • Gross margin decreased to 4.9% in the second quarter of 2024, down from 10.1% in the second quarter of 2023.
Delay expected
31 July 2024 4:16 PM
Quarterly Report
  • The Commercial and Industrial (C&I) segment reported a decrease in quarterly revenues primarily due to the delayed start of certain projects.
Better than expected
8 May 2024 4:02 PM
Investor Presentation
  • The company achieved record revenue and EPS in 2023, exceeding previous results.
  • The company's LTM revenue as of March 31, 2024, reached a record high of $3.65 billion.
  • The company has a strong backlog of $2.43 billion, indicating future growth potential.
Delay expected
1 May 2024 4:25 PM
Quarterly Report
  • The company expects financial results to be affected by delays due to supply chain disruptions and regulatory slowdowns.
  • The C&I segment experienced a revenue decrease due to the delayed start of certain projects.
Worse than expected
1 May 2024 4:25 PM
Quarterly Report
  • Net income decreased compared to the same quarter last year.
  • Project estimate changes negatively impacted gross margin and operating income.
  • Backlog decreased from the previous quarter.
Worse than expected
1 May 2024 4:08 PM
Quarterly Report
  • Net income decreased from $23.2 million to $18.9 million year-over-year.
  • EBITDA decreased from $41.3 million to $39.8 million year-over-year.
  • Backlog decreased from $2.67 billion to $2.43 billion year-over-year.
Delay expected
1 May 2024 4:08 PM
Quarterly Report
  • The Commercial and Industrial segment experienced a revenue decrease due to the delayed start of certain projects.
Better than expected
5 March 2024 4:06 PM
Investor Presentation
  • The company achieved record revenue, net income, earnings per share, and EBITDA for the full year 2023, indicating better than expected results.
  • The company's backlog of $2.51 billion demonstrates strong future demand, exceeding expectations.
Worse than expected
28 February 2024 4:16 PM
Annual Results
  • The company's gross margin decreased to 10.0% in 2023 from 11.4% in 2022, primarily due to significant changes in estimated gross profit on certain projects.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.