Welcome to our dedicated page for Myr Group Del news (Ticker: MYRG), a resource for investors and traders seeking the latest updates and insights on Myr Group Del stock.
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.
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MYR Group Inc. (NASDAQ: MYRG) reported its first-quarter 2023 financial results, showing strong growth with revenues of $811.6 million, an increase of 27.5% from Q1 2022. Net income rose to $23.2 million, or $1.38 per diluted share, reflecting a 12% year-over-year increase. EBITDA was $41.3 million, up from $39.6 million in Q1 2022. The company also achieved a record backlog of $2.67 billion, a 10.9% increase from the prior year. The Transmission and Distribution segment generated $445.3 million, while the Commercial and Industrial segment recorded $366.3 million in revenues, driven by clean energy initiatives. Despite rising selling, general, and administrative expenses, MYR continues to expand operations and maintain strong customer relationships.