Revenue Performance - Fourth-quarter 2024 revenues were 829.8million,adecreaseof174.4 million, or 17.4% compared to Q4 2023[3] - Full-year 2024 revenues totaled 3.36billion,down281.6 million, or 7.7% from 3.64billionin2023[12]−ContractrevenuesfortheyearendedDecember31,2024,were3,362,290, a decrease of 7.7% compared to 3,643,905in2023[33]−ContractrevenuesforQ42024were829,795, a decrease of 17.3% from 1,004,197inQ42023[39]NetIncomeandEarningsPerShare−Fourth−quarternetincomewas16.0 million, or 0.99perdilutedshare,comparedto24.0 million, or 1.43perdilutedshare,inQ42023[11]−Full−yearnetincomefor2024was30.3 million, or 1.83perdilutedshare,downfrom91.0 million, or 5.40perdilutedshare,in2023[20]−NetincomefortheyearendedDecember31,2024,was30,263, a significant decline of 66.7% compared to 90,990in2023[33]−NetincomeforQ42024was15,952, a decline of 33.6% compared to 24,042inQ42023[39]−Thecompany’sdilutedearningspersharefortheyearendedDecember31,2024,was1.83, down from 5.40in2023,reflectingadeclineof6685.9 million, compared to 97.5millioninQ42023,withagrossmarginincreaseto10.4290,319, down 20.3% from 364,397in2023[33]−GrossprofitforQ42024was85,945, down 11.8% from 97,495inQ42023[39]−EBITDAforQ42024was45,491, a decrease of 13.9% from 52,829inQ42023[41]−FreecashflowforQ42024was8,815, 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 60.0millioninQ42023,mainlyduetoloweremployeeincentivecompensationcosts[7]BalanceSheetandCashFlow−TotalassetsasofDecember31,2024,were1,574,059, a slight decrease from 1,578,746in2023[31]−Totalliabilitiesincreasedto973,699 as of December 31, 2024, compared to 927,544in2023,reflectingariseof53,464 as of December 31, 2024, down from 24,899in2023,representingan8687,115, an increase of 22.7% from 71,016in2023[36]−Thecompanyreportedadecreaseinaccountsreceivable,net,to653,069 as of December 31, 2024, from 521,893in2023,indicatinga25.14,363 as of December 31, 2024, from 7,053in2023,areductionof38.1600,360 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]
MYR(MYRG)2025-02-26 21:03