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 (MYRG) has secured a contract valued over $250 million with LS Power Grid New York for the Marcy to New Scotland Upgrade Project in New York. The project involves nearly 100 miles of 345-kV transmission construction. MYR Group will provide comprehensive services, including project and construction management, scheduled to start in early 2021 and aiming for a completion date by the end of 2023. The project is expected to enhance power grid reliability and facilitate access to renewable energy.
MYR Group Inc. (MYRG) announced strong second-quarter 2020 results with revenues of $513.1 million, a 14.3% increase from Q2 2019, and net income of $13.4 million, or $0.80 per diluted share. The company reported an EBITDA of $31.5 million and a record backlog of $1.55 billion. The increase in revenues was driven by both Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments. Despite a moderate project slowdown due to COVID-19, MYR remains confident in its future performance, supported by its critical role in electric infrastructure construction.
MYR Group Inc. (NASDAQ: MYRG) will announce its second-quarter and first-half 2020 results on July 29, 2020, after market close. A conference call will follow on July 30, 2020, at 9:00 a.m. Central time to discuss the results. Investors can participate via telephone or through a live webcast on the company’s website. The call will be archived for seven days. MYR Group specializes in electric utility infrastructure and industrial construction services across the U.S. and Canada, offering comprehensive design, engineering, and maintenance solutions.
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