MYR Group Inc. reports developments for a specialty electrical construction holding company serving electric utility infrastructure, commercial construction, and industrial construction markets in the United States and Canada. Its operating updates center on Transmission and Distribution work for electric networks and substations, along with Commercial and Industrial projects.
Recurring news themes for MYRG include quarterly and full-year financial results, segment revenue trends, backlog, project demand, earnings call schedules, and investor conference participation. Company updates also discuss services such as design, engineering, procurement, construction, upgrades, maintenance, and repair across its utility and construction end markets.
MYR Group Inc. (MYRG) announced a new share repurchase program authorizing the buyback of up to $75 million of its common stock, effective November 8, 2022. This program aims to enhance shareholder value and is funded through cash on hand and borrowings. The previous buyback program, also valued at $75 million, is set to expire on November 7, 2022, having repurchased 398,152 shares for $33.4 million. CEO Rick Swartz stated that this initiative reflects the board's confidence in the company's strategy and potential for growth.
MYR Group Inc. (NASDAQ: MYRG) announced its attendance at the Credit Suisse Global Industrials Investor Conference on November 30, 2022, in Palm Beach, FL. CEO Rick Swartz and COO Tod Cooper will engage with institutional investors during this event, which is exclusive to Credit Suisse clients. MYR Group specializes in electrical infrastructure and construction markets in the U.S. and Canada, offering extensive services in Transmission & Distribution and Commercial & Industrial segments. For more information, visit myrgroup.com.
MYR Group Inc. (NASDAQ: MYRG) reported record high revenues of $799.8 million for Q3 2022, a 31.1% increase from Q3 2021. Net income was $18.4 million, translating to $1.09 per diluted share. EBITDA stood at $40.3 million. The company’s backlog also reached a record $2.48 billion, up 51.6% year-over-year. Despite these achievements, gross margin declined to 10.8% from 13.8% due to supply chain issues and inflation. SG&A increased to $58.9 million, impacted by growth-related costs.
MYR Group Inc. (NASDAQ: MYRG) announced plans to release its third-quarter 2022 results on October 26, 2022, after market close. A conference call and simultaneous webcast to discuss these results will be held on October 27, 2022, at 9:00 a.m. CT. Attendees can register for the call in advance to ask questions. The company, a leader in specialty electrical contracting, operates in Transmission & Distribution and Commercial & Industrial segments across the U.S. and Canada.
MYR Group (NASDAQ: MYRG) announced its participation in Baird's 2022 Global Industrial Conference. The event, set for November 8, 2022, in Chicago, will see CFO Betty Johnson and CEO Rick Swartz engage with institutional investors. MYR Group operates as a holding company for specialty electrical contractors across the U.S. and Canada, focusing on Transmission & Distribution and Commercial & Industrial markets. The company provides comprehensive electrical services, including design, installation, and maintenance.
MYR Group Inc. (NASDAQ: MYRG), a leader in electric utility infrastructure and construction, will attend the D.A. Davidson Equity Capital Markets Group investor conference on September 22, 2022. CEO Rick Swartz and CFO Betty Johnson will engage with institutional investors in Nashville, TN. MYR Group operates two segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I), offering extensive electrical services across North America. Their T&D services include maintenance and upgrade of electric networks, while C&I covers a variety of commercial and industrial projects.
MYR Group (NASDAQ: MYRG) will attend the Sidoti & Company virtual investor conference on September 21, 2022. CEO Rick Swartz and CFO Betty Johnson will meet with institutional investors during this event, which is exclusive to Sidoti clients. MYR Group is a holding company for specialty electrical contractors operating in the U.S. and Canada. The company’s services span the Transmission & Distribution and Commercial & Industrial sectors, focusing on electrical installations, maintenance, and clean energy projects.
MYR Group Inc. (NASDAQ: MYRG) announced a proposal to declassify its Board of Directors, transitioning to annual elections. This initiative aims to enhance Board diversity and governance, alongside a new policy implementing a fifteen-year term limit for directors. The Board plans to present this proposal for a vote at the 2023 Annual Meeting of Stockholders, with details forthcoming in the proxy statement. MYR Group serves electric utility infrastructure and commercial construction markets in the U.S. and Canada, with services covering a wide range of projects including transmission, distribution, and clean energy.
MYR Group Inc. (MYRG) reported record revenues of $708.1 million for Q2 2022, up 9.0% year-over-year, with a net income of $19.7 million or $1.15 per diluted share. The company's EBITDA reached a record high of $43.9 million. Despite the revenue growth, gross profit slightly declined to $80.9 million, resulting in a gross margin of 11.4%, down from 12.5% in Q2 2021 due to increased costs from supply chain issues and inflation. The backlog increased to $2.44 billion as of June 30, 2022, reflecting strong demand.
MYR Group Inc. (NASDAQ: MYRG) announced it will release its second-quarter 2022 results on July 27, 2022, after market closure. A conference call is scheduled for July 28, 2022, at 9:00 a.m. Central time to discuss these results. Participants can register in advance for telephone access and receive a confirmation email for joining the call. An audio-only webcast will also be available on MYR Group's Investors page, with a replay for seven days. MYR Group, a holding company for specialty electrical contractors, operates in the U.S. and Canada across Transmission & Distribution and Commercial & Industrial segments.