Myr Group Inc Del Stock Price, News & Analysis

MYR Group Inc. (NASDAQ: MYRG) reported its second-quarter and first-half 2024 financial results, showing a decline in performance. Key highlights include:

- Q2 revenues of $828.9 million, down 6.7% year-over-year
- Q2 net loss of $15.3 million, or ($0.91) per diluted share
- Q2 EBITDA of ($4.7) million
- Backlog of $2.54 billion

The decrease in revenues and profitability was primarily due to unfavorable clean energy projects in the T&D segment and one project in the C&I segment. Despite these challenges, management remains confident in future growth opportunities driven by increased electrification, growing demand for data centers, and continued investments in electrical infrastructure.

MYR Group Inc. (NASDAQ: MYRG), a holding company of specialty contractors in the electric utility infrastructure and construction markets, has announced its second-quarter 2024 earnings release schedule. The company will release its results on Wednesday, July 31, 2024, after market close. A conference call and webcast to discuss the results is scheduled for Thursday, Aug. 1, 2024, at 8:00 a.m. Mountain time.

Interested parties can register for the telephone conference via a provided link. An audio-only webcast will be available on the company's website, with a replay accessible for seven days following the call.

MYR Group (NASDAQ: MYRG), a leading specialty contractor in the electric utility infrastructure, commercial, and industrial construction markets across the US and Canada, has announced its participation in the 2024 Sidoti Small Cap Conference.

Scheduled for June 12, 2024, MYR Group's CEO, Rick Swartz, and CFO, Kelly Huntington, will meet virtually with institutional investors. The event is exclusive to Sidoti clients.

MYR Group, a prominent holding company specializing in electric utility infrastructure and construction markets in the US and Canada, announced its participation in the 2024 Wells Fargo Industrials Conference. This event is set to take place on June 11, 2024, in Chicago. MYR Group's CEO, Rick Swartz, and CFO, Kelly Huntington, will engage with institutional investors during the conference. Access is exclusive to Wells Fargo clients, providing a platform for MYR Group to discuss its business performance and future outlook.

MYR Group Inc. announced its participation in the Stifel 2024 Cross Sector Insight Conference, where the CEO and CFO will meet with investors in Boston on June 5, 2024. The company is a leading specialty contractor in the electric utility infrastructure, commercial, and industrial construction sectors in the US and Canada.

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.