Welcome to our dedicated page for MYR Group news (Ticker: $MYRG), a resource for investors and traders seeking the latest updates and insights on MYR Group stock.
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MYR Group Inc. announced a new $75 million share repurchase program, allowing the company to buy back its outstanding shares of common stock. The program will be in effect until November 8, 2024, or until the funds are exhausted. The company plans to use cash on hand and borrowings under its credit facility to fund the repurchases. MYR Group aims to drive value for its shareholders and invest in growth opportunities through this initiative.
MYR Group Inc. announced its first-quarter 2024 financial results, revealing quarterly revenues of $815.6 million, net income of $18.9 million, and EBITDA of $39.8 million. Despite revenue growth in the Transmission and Distribution segment, lower revenues in the Commercial and Industrial segment impacted overall results. Gross profit increased to $86.2 million, with margin improvements offset by labor inefficiencies and supply chain disruptions. Operating expenses rose, leading to a decrease in net income compared to the same period in 2023. Backlog decreased to $2.43 billion, with T&D backlog at $853.2 million and C&I backlog at $1.57 billion. MYR highlighted ongoing challenges in the supply chain and regulatory environment, while focusing on long-term growth opportunities.
MYR Group Inc. announced its participation in the 2024 Baird Global Consumer, Technology & Services Conference where the CEO and CFO will meet with institutional investors in New York on June 4, 2024.
