Core Viewpoint - MYR Group Inc. reported a decline in both fourth quarter and full year 2024 financial results, alongside a new $75 million share repurchase program aimed at enhancing shareholder value [1][25]. Financial Performance - Fourth quarter 2024 revenues were $829.8 million, down $174.4 million or 17.4% from the same period in 2023 [3][6]. - Full year 2024 revenues totaled $3.36 billion, a decrease of $281.6 million or 7.7% compared to $3.64 billion in 2023 [13][22]. - Fourth quarter net income was $16.0 million, or $0.99 per diluted share, compared to $24.0 million, or $1.43 per diluted share, in the fourth quarter of 2023 [12][22]. - Full year net income for 2024 was $30.3 million, or $1.83 per diluted share, down from $91.0 million, or $5.40 per diluted share, in 2023 [22]. Segment Performance - The Transmission & Distribution (T&D) segment reported fourth quarter revenues of $450.0 million, a decrease of $141.5 million or 23.9% from the fourth quarter of 2023 [3][39]. - The Commercial & Industrial (C&I) segment had quarterly revenues of $379.8 million, down $32.9 million or 8.0% from the same period in 2023 [3][39]. - For the full year, T&D revenues were $1.88 billion, a decrease of $208.7 million or 10.0%, while C&I revenues were $1.48 billion, down $72.9 million or 4.7% [13][22]. Profitability Metrics - Consolidated gross profit for the fourth quarter of 2024 was $85.9 million, down from $97.5 million in the fourth quarter of 2023, with a gross margin increase to 10.4% from 9.7% [4][6]. - Full year gross profit was $290.3 million, compared to $364.4 million in 2023, with gross margin decreasing to 8.6% from 10.0% [14][22]. - T&D operating income margin for the fourth quarter was 6.7%, down from 7.2% in the same quarter of 2023 [5][39]. - C&I operating income margin improved to 3.9% from 2.1% year-over-year [7][39]. Backlog and Market Outlook - As of December 31, 2024, MYR's backlog was $2.58 billion, slightly down from $2.60 billion as of September 30, 2024, but up 2.5% from $2.51 billion a year earlier [23]. - The company noted a steady backlog reflecting a healthy bidding environment and ongoing infrastructure investments to meet electrification demands in the U.S. and Canada [2]. Share Repurchase Program - The Board of Directors approved a new share repurchase program allowing for the repurchase of up to $75 million of common stock, which will expire on September 5, 2025, or when the authorized funds are exhausted [25].

Revenue Performance - Fourth-quarter 2024 revenues were $829.8 million, a decrease of $174.4 million, or 17.4% compared to Q4 2023[3] - Full-year 2024 revenues totaled $3.36 billion, down $281.6 million, or 7.7% from $3.64 billion in 2023[12] - Contract revenues for the year ended December 31, 2024, were $3,362,290, a decrease of 7.7% compared to $3,643,905 in 2023[33] - Contract revenues for Q4 2024 were $829,795, a decrease of 17.3% from $1,004,197 in Q4 2023[39] Net Income and Earnings Per Share - Fourth-quarter net income was $16.0 million, or $0.99 per diluted share, compared to $24.0 million, or $1.43 per diluted share, in Q4 2023[11] - Full-year net income for 2024 was $30.3 million, or $1.83 per diluted share, down from $91.0 million, or $5.40 per diluted share, in 2023[20] - Net income for the year ended December 31, 2024, was $30,263, a significant decline of 66.7% compared to $90,990 in 2023[33] - Net income for Q4 2024 was $15,952, a decline of 33.6% compared to $24,042 in Q4 2023[39] - The company’s diluted earnings per share for the year ended December 31, 2024, was $1.83, down from $5.40 in 2023, reflecting a decline of 66%[33] Profitability Metrics - Consolidated gross profit for Q4 2024 decreased to $85.9 million, compared to $97.5 million in Q4 2023, with a gross margin increase to 10.4% from 9.7%[4] - Gross profit for the year ended December 31, 2024, was $290,319, down 20.3% from $364,397 in 2023[33] - Gross profit for Q4 2024 was $85,945, down 11.8% from $97,495 in Q4 2023[39] - EBITDA for Q4 2024 was $45,491, a decrease of 13.9% from $52,829 in Q4 2023[41] - Free cash flow for Q4 2024 was $8,815, down 59.3% from $21,679 in Q4 2023[41] Operating Performance - T&D operating income margin for Q4 2024 was 6.7%, down from 7.2% in Q4 2023, primarily due to losses on clean energy projects[5] - C&I operating income margin for Q4 2024 improved to 3.9% from 2.1% in Q4 2023, driven by better-than-anticipated productivity[6] - SG&A expenses decreased to $56.7 million in Q4 2024 from $60.0 million in Q4 2023, mainly due to lower employee incentive compensation costs[7] Balance Sheet and Cash Flow - Total assets as of December 31, 2024, were $1,574,059, a slight decrease from $1,578,746 in 2023[31] - Total liabilities increased to $973,699 as of December 31, 2024, compared to $927,544 in 2023, reflecting a rise of 5%[31] - Cash and cash equivalents decreased to $3,464 as of December 31, 2024, down from $24,899 in 2023, representing an 86% decline[31] - Operating cash flows for the year ended December 31, 2024, were $87,115, an increase of 22.7% from $71,016 in 2023[36] - The company reported a decrease in accounts receivable, net, to $653,069 as of December 31, 2024, from $521,893 in 2023, indicating a 25.1% increase[31] - The current portion of long-term debt decreased to $4,363 as of December 31, 2024, from $7,053 in 2023, a reduction of 38.1%[31] Shareholder Equity and Returns - Total shareholders' equity decreased to $600,360 in 2024 from $651,202 in 2023, a decline of 7.8%[39] - The company reported a return on equity of 4.6% for 2024, down from 16.2% in 2023[41] Tax and Debt Ratios - The effective tax rate increased to 40.9% in Q4 2024 from 32.3% in Q4 2023[39] - The funded debt to equity ratio remained stable at 0.1 for both 2024 and 2023[41] - Funded debt includes borrowings under the revolving credit facility and outstanding balances of equipment notes[1] Definitions and Calculations - EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, and is used to evaluate operating performance[3] - Free cash flow is defined as cash flow from operating activities minus cash flow used in purchasing property and equipment, viewed as a measure of operational performance and liquidity[6] - Book value per period end share is calculated by dividing total shareholders' equity at the end of the period by the period end shares outstanding[7] - Tangible book value is calculated by subtracting goodwill and intangible assets from shareholders' equity at the end of the period[8] - The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total shareholders' equity[10] - Asset turnover is calculated by dividing current period revenue by total assets at the beginning of the period[11] - Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period[12] - Return on equity is calculated by dividing net income for the period by total shareholders' equity at the beginning of the period[13] - Average invested capital is calculated by adding net funded debt to total shareholders' equity and averaging the beginning and ending of each period[16]

Group 1 - MYR Group Inc. will participate in the Sidoti Small-Cap virtual investor conference on March 19, 2025, with CEO Rick Swartz and CFO Kelly Huntington meeting institutional investors [1] - MYR Group operates as a holding company for specialty electrical contractors in the United States and Canada, divided into two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment provides services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, serving a diverse range of customers including utilities and independent power producers [2] - The C&I segment offers a wide array of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities such as airports, hospitals, and manufacturing plants [2]

Company Overview - MYR Group Inc. is a holding company of leading specialty electrical contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada [4] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [4] - MYR Group provides a wide range of services including design, engineering, procurement, construction, maintenance, and repair for various electrical installations [4] Upcoming Financial Results - MYR Group will release its fourth quarter and full year 2024 results on February 26, 2025, after market close [1] - A conference call and simultaneous webcast to discuss the results is scheduled for February 27, 2025, at 8 a.m. Mountain time [1] Participation Details - Participants can join the conference call via telephone by registering in advance [2] - An audio-only webcast of the conference call will be accessible from the Investors page of MYR Group's website, with a replay available for seven days [3]

Core Viewpoint - MYR Group Inc. will participate in the Cantor Global Technology Conference, where its CEO and CFO will engage with institutional investors [1] Company Overview - MYR Group Inc. is a holding company specializing in electrical contracting services across the United States and Canada, operating through two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment offers services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, catering to a diverse clientele including utilities and independent power producers [2] - The C&I segment provides a wide range of services such as design, installation, maintenance, and repair of commercial and industrial wiring for various facilities including airports, hospitals, and manufacturing plants [2]

Core Viewpoint - MYR Group Inc. will participate in the UBS Global Industrials and Transportation Conference, where its CEO and CFO will engage with institutional investors [1]. Company Overview - MYR Group Inc. is a holding company specializing in electrical contracting services across the United States and Canada, operating through two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2]. - The T&D segment offers services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, catering to a diverse clientele including utilities and independent power producers [2]. - The C&I segment provides a wide range of services such as design, installation, maintenance, and repair of commercial and industrial wiring for various facilities including airports, hospitals, and manufacturing plants [2].

Financial Data and Key Metrics Changes - Third quarter 2024 revenues were $888 million, a decrease of $52 million or 5.5% compared to the same period last year [12] - Gross margin was 8.7% for Q3 2024, down from 9.8% in the same period last year [14] - Net income for Q3 2024 was $11 million, compared to $22 million for the same period last year, with net income per diluted share at $0.65 compared to $1.28 [20] - Effective tax rate increased to 42.5% from 30.3% year-over-year [19] - Total backlog as of September 30, 2024, was $2.6 billion, 1% lower than a year ago [20] Business Line Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $482 million, a decrease of 12% year-over-year, with $277 million from Transmission and $205 million from Distribution [12] - Commercial and Industrial (C&I) revenues were $406 million, an increase of 4% compared to the same period last year [13] - T&D operating income margin was 3.6% for Q3 2024, down from 6.6% year-over-year, primarily due to losses on clean energy projects [14][15] - C&I operating income margin improved to 5% from 3.6% year-over-year, driven by higher margins on nearing completion projects [16] Market Data and Key Metrics Changes - U.S. investor-owned utilities are projected to invest between $186 billion and $203 billion in annual capital investments from 2024 to 2026 to meet electrification demand [10] - T&D spending is expected to increase by 30% from 2024 to 2026 compared to 2021 to 2023 [25] - Distribution spending increased by a record 18% in 2023 [25] Company Strategy and Development Direction - The company is focused on strengthening customer relationships and executing projects safely and reliably [11] - There is a commitment to pursuing long-term growth opportunities through strong bidding activity and expanding existing relationships [10] - The company remains selective in taking on solar projects, focusing on favorable terms and conditions [42][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the T&D industry outlook and the potential for future opportunities due to increased electrification and clean energy transition [26][28] - The company anticipates that problematic projects will be resolved by year-end, allowing for improved margins moving forward [39][40] - Management expects to operate within the midpoint of long-term margin ranges in 2025, barring impacts from current problem projects [39][40] Other Important Information - Third quarter 2024 operating cash flow was $36 million, an increase from $13 million year-over-year [21] - Free cash flow was positive $18 million compared to negative $10 million in the same period last year [21] - The company repurchased 526,000 shares at an average price of $111.65 during the quarter, exhausting its current share repurchase program [22] Q&A Session Summary Question: Impact of change orders on margins for clean energy projects - Management indicated ongoing discussions regarding change orders and expects to resolve impacts from problematic projects by year-end [37][38] Question: T&D backlog and solar project terms - Management noted a decline in solar project backlog while core T&D business backlog is growing, emphasizing selectivity in project acceptance [42][43] Question: Margin progression from Q3 to Q4 - Management expects margins to improve as problematic projects reach completion, aiming for mid-range operating margins [45][46] Question: Free cash flow performance - Positive free cash flow was attributed to project timing and modest reversals on retainage balances [46] Question: C&I backlog drivers - Management highlighted a balanced portfolio with various market activities contributing to C&I backlog strength [59] Question: Capital deployment priorities - The company is focused on organic growth and potential tuck-in acquisitions while remaining opportunistic with share repurchases [60] Question: Pursuit of solar work - Management confirmed continued pursuit of solar projects but with a selective approach based on favorable terms [62]

MYR Group (MYRG) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $1.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 160%. A quarter ago, it was expected that this electrical construction services provider would post earnings of $1.07 per share when it actually produced a loss of $0.91, delivering a surprise of -185.05%. Over the last ...

Table of Contents _____________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-08325 MYR GROUP INC. (Exact name of registrant as specif ...

THORNTON, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its thirdquarter and first nine-months 2024 financial results. Highlights for Third Quarter 2024 Quarterly revenues of $888.0 million Quarterly net income of $10.6 million, or $0.65 per diluted share Quarterly EBITDA of $37.2 mill ...