MYR Group Inc. Announces Fourth Quarter and Full Year 2024 Results
MYR Group (NASDAQ: MYRG) reported its Q4 and full-year 2024 financial results, along with a new $75 million share repurchase program. Q4 2024 showed revenues of $829.8M (down 17.4% YoY), net income of $16.0M ($0.99 per diluted share), and EBITDA of $45.5M.
Full-year 2024 results included revenues of $3.36B (down 7.7% YoY), net income of $30.3M ($1.83 per diluted share), and EBITDA of $117.8M. The company maintained a strong backlog of $2.58B, reflecting ongoing infrastructure investment opportunities.
The T&D segment reported quarterly revenues of $450.0M (down 23.9% YoY), while C&I segment revenues were $379.8M (down 8.0% YoY). Gross margin improved to 10.4% in Q4 2024 from 9.7% in Q4 2023, despite challenges with certain clean energy projects.
MYR Group (NASDAQ: MYRG) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, insieme a un nuovo programma di riacquisto di azioni da 75 milioni di dollari. Il Q4 2024 ha mostrato ricavi di 829,8 milioni di dollari (in calo del 17,4% rispetto all'anno precedente), un utile netto di 16,0 milioni di dollari (0,99 dollari per azione diluita) e un EBITDA di 45,5 milioni di dollari.
I risultati dell'anno intero 2024 includevano ricavi di 3,36 miliardi di dollari (in calo del 7,7% rispetto all'anno precedente), un utile netto di 30,3 milioni di dollari (1,83 dollari per azione diluita) e un EBITDA di 117,8 milioni di dollari. L'azienda ha mantenuto un forte portafoglio ordini di 2,58 miliardi di dollari, riflettendo opportunità di investimento in infrastrutture in corso.
Il segmento T&D ha riportato ricavi trimestrali di 450,0 milioni di dollari (in calo del 23,9% rispetto all'anno precedente), mentre i ricavi del segmento C&I sono stati di 379,8 milioni di dollari (in calo dell'8,0% rispetto all'anno precedente). Il margine lordo è migliorato al 10,4% nel Q4 2024 rispetto al 9,7% nel Q4 2023, nonostante le sfide con alcuni progetti di energia pulita.
MYR Group (NASDAQ: MYRG) informó sus resultados financieros del Q4 y del año completo 2024, junto con un nuevo programa de recompra de acciones por 75 millones de dólares. El Q4 2024 mostró ingresos de 829,8 millones de dólares (una disminución del 17,4% interanual), un ingreso neto de 16,0 millones de dólares (0,99 dólares por acción diluida) y un EBITDA de 45,5 millones de dólares.
Los resultados del año completo 2024 incluyeron ingresos de 3,36 mil millones de dólares (una disminución del 7,7% interanual), un ingreso neto de 30,3 millones de dólares (1,83 dólares por acción diluida) y un EBITDA de 117,8 millones de dólares. La empresa mantuvo un fuerte backlog de 2,58 mil millones de dólares, reflejando oportunidades de inversión en infraestructura en curso.
El segmento T&D reportó ingresos trimestrales de 450,0 millones de dólares (una disminución del 23,9% interanual), mientras que los ingresos del segmento C&I fueron de 379,8 millones de dólares (una disminución del 8,0% interanual). El margen bruto mejoró al 10,4% en el Q4 2024 desde el 9,7% en el Q4 2023, a pesar de los desafíos con ciertos proyectos de energía limpia.
MYR Group (NASDAQ: MYRG)는 2024년 4분기 및 전체 연도 재무 결과를 발표했으며, 7,500만 달러 규모의 새로운 자사주 매입 프로그램도 함께 발표했습니다. 2024년 4분기는 8억 2,980만 달러의 매출(전년 대비 17.4% 감소), 1,600만 달러의 순이익(희석 주당 0.99달러) 및 4,550만 달러의 EBITDA를 기록했습니다.
2024년 전체 연도 결과는 33억 6,000만 달러의 매출(전년 대비 7.7% 감소), 3,030만 달러의 순이익(희석 주당 1.83달러) 및 1억 1,780만 달러의 EBITDA를 포함했습니다. 회사는 25억 8,000만 달러의 강력한 수주 잔고를 유지하며, 이는 지속적인 인프라 투자 기회를 반영합니다.
T&D 부문은 분기 매출 4억 5,000만 달러(전년 대비 23.9% 감소)를 보고했으며, C&I 부문의 매출은 3억 7,980만 달러(전년 대비 8.0% 감소)였습니다. 총 마진은 2024년 4분기 10.4%로 증가했으며, 이는 2023년 4분기 9.7%에서 개선된 수치입니다. 이는 일부 청정 에너지 프로젝트의 어려움에도 불구하고 이루어진 결과입니다.
MYR Group (NASDAQ: MYRG) a annoncé ses résultats financiers du 4ème trimestre et de l'année complète 2024, ainsi qu'un nouveau programme de rachat d'actions de 75 millions de dollars. Le 4ème trimestre 2024 a montré des revenus de 829,8 millions de dollars (en baisse de 17,4 % par rapport à l'année précédente), un bénéfice net de 16,0 millions de dollars (0,99 dollar par action diluée) et un EBITDA de 45,5 millions de dollars.
Les résultats de l'année complète 2024 incluaient des revenus de 3,36 milliards de dollars (en baisse de 7,7 % par rapport à l'année précédente), un bénéfice net de 30,3 millions de dollars (1,83 dollar par action diluée) et un EBITDA de 117,8 millions de dollars. L'entreprise a maintenu un solide carnet de commandes de 2,58 milliards de dollars, reflétant les opportunités d'investissement en infrastructure en cours.
Le segment T&D a rapporté des revenus trimestriels de 450,0 millions de dollars (en baisse de 23,9 % par rapport à l'année précédente), tandis que les revenus du segment C&I étaient de 379,8 millions de dollars (en baisse de 8,0 % par rapport à l'année précédente). La marge brute s'est améliorée à 10,4 % au 4ème trimestre 2024, contre 9,7 % au 4ème trimestre 2023, malgré les défis rencontrés avec certains projets d'énergie propre.
MYR Group (NASDAQ: MYRG) hat seine finanziellen Ergebnisse für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht, zusammen mit einem neuen Aktienrückkaufprogramm in Höhe von 75 Millionen US-Dollar. Das 4. Quartal 2024 zeigte Einnahmen von 829,8 Millionen US-Dollar (ein Rückgang von 17,4% im Vergleich zum Vorjahr), einen Nettogewinn von 16,0 Millionen US-Dollar (0,99 US-Dollar pro verwässerter Aktie) und ein EBITDA von 45,5 Millionen US-Dollar.
Die Ergebnisse für das Gesamtjahr 2024 umfassten Einnahmen von 3,36 Milliarden US-Dollar (ein Rückgang von 7,7% im Vergleich zum Vorjahr), einen Nettogewinn von 30,3 Millionen US-Dollar (1,83 US-Dollar pro verwässerter Aktie) und ein EBITDA von 117,8 Millionen US-Dollar. Das Unternehmen hielt einen starken Auftragsbestand von 2,58 Milliarden US-Dollar, was auf laufende Investitionsmöglichkeiten in die Infrastruktur hinweist.
Der T&D-Sektor berichtete im Quartal von Einnahmen in Höhe von 450,0 Millionen US-Dollar (ein Rückgang von 23,9% im Vergleich zum Vorjahr), während die Einnahmen des C&I-Sektors 379,8 Millionen US-Dollar betrugen (ein Rückgang von 8,0% im Vergleich zum Vorjahr). Die Bruttomarge verbesserte sich im 4. Quartal 2024 auf 10,4% gegenüber 9,7% im 4. Quartal 2023, trotz Herausforderungen bei bestimmten Projekten im Bereich erneuerbare Energien.
- Q4 gross margin improved to 10.4% from 9.7% YoY
- Strong backlog of $2.58B indicates healthy bidding environment
- New $75M share repurchase program approved
- $354.8M available under credit facility
- Q4 revenue declined 17.4% YoY to $829.8M
- Full-year revenue decreased 7.7% to $3.36B
- Net income dropped to $30.3M from $91.0M YoY
- T&D segment revenue fell 23.9% in Q4
- Higher effective tax rate of 40.9% in Q4 2024 vs 32.3% in Q4 2023
Insights
MYR Group's Q4 and full-year 2024 results reveal a challenging period marked by significant revenue and profitability contractions. Q4 revenue fell
The primary driver behind these declines appears to be the mechanical completion of several large clean energy projects in the T&D segment, creating a
Despite these headwinds, several indicators suggest this may represent a transitional period rather than structural decline. The company's
The newly authorized
The increased tax burden is creating additional pressure, with the effective tax rate jumping to
Long-term growth drivers remain intact, with grid modernization, system hardening, and decarbonization initiatives creating substantial project opportunities. Investors should monitor upcoming quarters for evidence of revenue stabilization and margin recovery as new projects in the pipeline begin to replace completed clean energy initiatives.
MYR Group's 2024 results highlight significant operational execution challenges that have materially impacted financial performance across both business segments. The completion of major clean energy projects created a
The company's disclosure of "contractual disputes" on clean energy projects raises red flags about potential ongoing litigation risk. These disputes, combined with reported labor inefficiencies and weather impacts, collectively reduced T&D operating margins by a substantial
The C&I segment presents a more nuanced picture. Despite an
The backlog composition reveals an important strategic shift - C&I work now represents
Labor challenges remain a critical industry-wide constraint. MYR specifically cited "labor and project inefficiencies" multiple times in their results, suggesting continued difficulty in workforce productivity and availability despite the revenue contraction.
The
Board Approves New
THORNTON, Colo., Feb. 26, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR” or the "Company") (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 fourth quarter and full year 2024 financial results, and a new share repurchase program (“Repurchase Program”).
Fourth Quarter 2024 Highlights
- Quarterly revenues of
$829.8 million - Quarterly net income of
$16.0 million , or$0.99 per diluted share - Quarterly EBITDA of
$45.5 million
Full Year 2024 Highlights
- Full-year revenues of
$3.36 billion - Full-year net income of
$30.3 million , or$1.83 per diluted share - Full-year EBITDA of
$117.8 million - Backlog of
$2.58 billion
Management Comments
Rick Swartz, MYR’s President and CEO, said, “We finished 2024 with our fourth quarter performance showing overall improvement compared to the third quarter. A steady backlog of
Fourth Quarter Results
MYR reported fourth-quarter 2024 revenues of
Consolidated gross profit decreased to
T&D operating income margin was 6.7 percent for the fourth quarter of 2024, compared to operating income of 7.2 percent for the fourth quarter of 2023. The decrease was primarily related to losses on certain clean energy projects that have reached mechanical completion, due to higher labor and contract related costs as well as labor and project inefficiencies. Combined, the gross profit changes related to certain clean energy projects negatively impacted operating income as a percentage of revenues by 3.0 percent in the fourth quarter of 2024.
C&I operating income margin was 3.9 percent for the fourth quarter of 2024, compared to 2.1 percent for the fourth quarter of 2023. The increase was primarily due to the continued benefit of higher margins on certain completed projects and certain projects nearing completion. These benefits largely related to better-than-anticipated productivity and previous favorable change orders. Operating income margin was also positively impacted by significant estimated gross profit changes related to better-than-anticipated productivity experienced during the fourth quarter. These increases were partially offset by a single project, which had a negative impact of 2.2 percent on C&I operating income margin during the fourth quarter. This project reached substantial completion during the fourth quarter of 2024. The loss on this project was primarily due to scope additions, increased labor costs related to schedule compression, and lower productivity due to access and workflow issues. Additionally, C&I operating income margin was positively impacted by a decrease in contingent compensation expense related to a prior acquisition.
Selling, general and administrative expenses (“SG&A”) decreased to
Interest expense increased to
Other expense increased to
Income tax expense was
For the fourth quarter of 2024, net income was
Full Year Results
MYR reported revenues of
Consolidated gross profit was
T&D operating income margin was 3.7 percent for the full year of 2024, compared to 7.2 percent for the full year of 2023. The decrease was primarily related to losses on certain clean energy projects that have reached mechanical completion. Losses on these projects were primarily related to contractual disputes, labor and project inefficiencies, higher labor and contract related costs and unfavorable weather conditions. Combined, the gross profit changes related to certain clean energy projects negatively impacted operating income margin by 5.5 percent. Operating income margin was also negatively impacted by an unfavorable job closeout and labor and project inefficiencies. These decreases were partially offset by better-than-anticipated productivity.
C&I operating income margin was 3.2 percent for the full year of 2024, compared to 3.0 percent for the full year of 2023. The increase was primarily due to better-than-anticipated productivity, favorable change orders, favorable joint venture results and favorable job closeouts. These increases were partially offset by a single project, that has reached substantial completion, which had a negative impact of 2.3 percent on C&I operating income margin during the full year 2024. The loss on this project was primarily due to scope additions, increased labor costs related to schedule compression, and lower productivity due to access and workflow issues. C&I operating income margin was also negatively impacted by an increase in costs associated with labor and project inefficiencies, schedule compression on certain projects and an unfavorable change order.
SG&A increased to
Interest expense increased to
Other expense increased to
Income tax expense was
For the full year of 2024, net income was
Backlog
As of December 31, 2024, MYR's backlog was
Balance Sheet
As of December 31, 2024, MYR had
Share Repurchase Program
In addition, the Company announced today that its Board of Directors approved the Repurchase Program, which authorizes the Company to repurchase, in the aggregate, up to
Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.
Conference Call
MYR will host a conference call to discuss its fourth-quarter and full year 2024 results on Thursday, February 27, 2025 at 8:00 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: https://register.vevent.com/register/BI410efeeca95744ebb2aec20da4fe3d81. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group’s website at myrgroup.com. A replay of the webcast will be available for seven days.
About MYR
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. Their comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.
Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “encouraged,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “project,” “remain confident,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR's Annual Report on Form 10-K, and in any risk factors or cautionary statements contained in MYR's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
MYR Group Inc. Contact:
Kelly M. Huntington, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com
Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204, dgutierrez@dresnerco.com
Financial tables follow…
| MYR GROUP INC. Consolidated Balance Sheets As of December 31, 2024 and 2023 | |||||||
| (in thousands, except share and per share data) | December 31, 2024 | December 31, 2023 | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 3,464 | $ | 24,899 | |||
| Accounts receivable, net of allowances of | 653,069 | 521,893 | |||||
| Contract assets, net of allowances of | 301,942 | 420,616 | |||||
| Current portion of receivable for insurance claims in excess of deductibles | 9,081 | 8,267 | |||||
| Refundable income taxes | 4,638 | 4,034 | |||||
| Prepaid expenses and other current assets | 42,468 | 46,535 | |||||
| Total current assets | 1,014,662 | 1,026,244 | |||||
| Property and equipment, net of accumulated depreciation of | 278,226 | 268,978 | |||||
| Operating lease right-of-use assets | 42,648 | 35,012 | |||||
| Goodwill | 112,983 | 116,953 | |||||
| Intangible assets, net of accumulated amortization of | 75,691 | 83,516 | |||||
| Receivable for insurance claims in excess of deductibles | 34,553 | 33,739 | |||||
| Deferred income taxes | 5,734 | — | |||||
| Investment in joint venture | 3,730 | 8,707 | |||||
| Other assets | 5,832 | 5,597 | |||||
| Total assets | $ | 1,574,059 | $ | 1,578,746 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Current portion of long-term debt | $ | 4,363 | $ | 7,053 | |||
| Current portion of operating lease obligations | 12,141 | 9,237 | |||||
| Current portion of finance lease obligations | 1,046 | 2,039 | |||||
| Accounts payable | 295,476 | 359,363 | |||||
| Contract liabilities | 321,958 | 240,411 | |||||
| Current portion of accrued self-insurance | 25,883 | 28,269 | |||||
| Accrued income taxes | 196 | 237 | |||||
| Other current liabilities | 87,837 | 100,593 | |||||
| Total current liabilities | 748,900 | 747,202 | |||||
| Deferred income tax liabilities | 52,498 | 48,230 | |||||
| Long-term debt | 70,018 | 29,188 | |||||
| Accrued self-insurance | 53,600 | 51,796 | |||||
| Operating lease obligations, net of current maturities | 30,496 | 25,775 | |||||
| Finance lease obligations, net of current maturities | 1,930 | 314 | |||||
| Other liabilities | 16,257 | 25,039 | |||||
| Total liabilities | 973,699 | 927,544 | |||||
| Commitments and contingencies | |||||||
| Shareholders’ equity | |||||||
| Preferred stock – | — | — | |||||
| Common stock – | 161 | 167 | |||||
| Additional paid-in capital | 159,133 | 162,386 | |||||
| Accumulated other comprehensive loss | (12,651 | ) | (3,880 | ) | |||
| Retained earnings | 453,717 | 492,529 | |||||
| Total shareholders’ equity | 600,360 | 651,202 | |||||
| Total liabilities and shareholders’ equity | $ | 1,574,059 | $ | 1,578,746 | |||
| MYR GROUP INC. Consolidated Statements of Operations Three Months and Twelve Months Ended December 31, 2024 and 2023 | |||||||||||||||
| Three months ended December 31, | For the year ended December 31, | ||||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Contract revenues | $ | 829,795 | $ | 1,004,197 | $ | 3,362,290 | $ | 3,643,905 | |||||||
| Contract costs | 743,850 | 906,702 | 3,071,971 | 3,279,508 | |||||||||||
| Gross profit | 85,945 | 97,495 | 290,319 | 364,397 | |||||||||||
| Selling, general and administrative expenses | 56,694 | 59,993 | 238,222 | 234,611 | |||||||||||
| Amortization of intangible assets | 1,203 | 1,221 | 4,869 | 4,907 | |||||||||||
| Gain on sale of property and equipment | (2,109 | ) | (921 | ) | (6,854 | ) | (4,214 | ) | |||||||
| Income from operations | 30,157 | 37,202 | 54,082 | 129,093 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 119 | 148 | 415 | 888 | |||||||||||
| Interest expense | (2,214 | ) | (1,880 | ) | (6,525 | ) | (4,939 | ) | |||||||
| Other income (expense), net | (1,058 | ) | 23 | (1,479 | ) | (38 | ) | ||||||||
| Income before provision for income taxes | 27,004 | 35,493 | 46,493 | 125,004 | |||||||||||
| Income tax expense | 11,052 | 11,451 | 16,230 | 34,014 | |||||||||||
| Net income | $ | 15,952 | $ | 24,042 | $ | 30,263 | $ | 90,990 | |||||||
| Income per common share: | |||||||||||||||
| – Basic | $ | 0.99 | $ | 1.44 | $ | 1.84 | $ | 5.45 | |||||||
| – Diluted | $ | 0.99 | $ | 1.43 | $ | 1.83 | $ | 5.40 | |||||||
| Weighted average number of common shares and potential common shares outstanding: | |||||||||||||||
| – Basic | 16,125 | 16,695 | 16,467 | 16,682 | |||||||||||
| – Diluted | 16,185 | 16,838 | 16,526 | 16,837 | |||||||||||
| MYR GROUP INC. Consolidated Statements of Cash Flows Twelve Months Ended December 31, 2024 and 2023 | |||||||
| For the year ended December 31, | |||||||
| (in thousands) | 2024 | 2023 | |||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 30,263 | $ | 90,990 | |||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
| Depreciation and amortization of property and equipment | 60,320 | 54,231 | |||||
| Amortization of intangible assets | 4,869 | 4,907 | |||||
| Stock-based compensation expense | 8,532 | 8,376 | |||||
| Deferred income taxes | (400 | ) | 2,056 | ||||
| Gain on sale of property and equipment | (6,854 | ) | (4,214 | ) | |||
| Other non-cash items | 1,459 | 96 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | (134,476 | ) | (48,527 | ) | |||
| Contract assets, net | 114,776 | (119,246 | ) | ||||
| Receivable for insurance claims in excess of deductibles | (1,628 | ) | 1,529 | ||||
| Prepaid expenses and other assets | 10,270 | 560 | |||||
| Accounts payable | (60,962 | ) | 37,250 | ||||
| Contract liabilities | 82,557 | 13,151 | |||||
| Accrued self-insurance | (548 | ) | 17 | ||||
| Other liabilities | (21,063 | ) | 29,840 | ||||
| Net cash flows provided by operating activities | 87,115 | 71,016 | |||||
| Cash flows from investing activities: | |||||||
| Proceeds from sale of property and equipment | 8,726 | 5,608 | |||||
| Purchases of property and equipment | (75,938 | ) | (84,736 | ) | |||
| Net cash flows used in investing activities | (67,212 | ) | (79,128 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings under revolving lines of credit | 822,491 | 562,901 | |||||
| Repayments under revolving lines of credit | (777,297 | ) | (562,615 | ) | |||
| Payment of principal obligations under equipment notes | (7,054 | ) | (4,598 | ) | |||
| Payment of principal obligations under finance leases | (1,196 | ) | (1,143 | ) | |||
| Proceeds from exercise of stock options | — | 20 | |||||
| Debt refinancing costs | (33 | ) | (2,129 | ) | |||
| Repurchase of common stock | (75,000 | ) | (2,868 | ) | |||
| Payments related to tax withholding for stock-based compensation | (5,866 | ) | (7,936 | ) | |||
| Other financing activities | 3,998 | — | |||||
| Net cash flows used in financing activities | (39,957 | ) | (18,368 | ) | |||
| Effect of exchange rate changes on cash | (1,381 | ) | 339 | ||||
| Net decrease in cash and cash equivalents | (21,435 | ) | (26,141 | ) | |||
| Cash and cash equivalents: | |||||||
| Beginning of period | 24,899 | 51,040 | |||||
| End of period | $ | 3,464 | $ | 24,899 | |||
| MYR GROUP INC. Unaudited Consolidated Selected Data, Unaudited Performance Measure and Reconciliation of Non-GAAP Measure For the Three and Twelve Months Ended December 31, 2024 and 2023 and As of December 31, 2024, 2023, 2022 and 2021 | |||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| (dollars in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Summary Statement of Operations Data: | |||||||||||||||
| Contract revenues | $ | 829,795 | $ | 1,004,197 | $ | 3,362,290 | $ | 3,643,905 | |||||||
| Gross profit | $ | 85,945 | $ | 97,495 | $ | 290,319 | $ | 364,397 | |||||||
| Income from operations | $ | 30,157 | $ | 37,202 | $ | 54,082 | $ | 129,093 | |||||||
| Income before provision for income taxes | $ | 27,004 | $ | 35,493 | $ | 46,493 | $ | 125,004 | |||||||
| Income tax expense | $ | 11,052 | $ | 11,451 | $ | 16,230 | $ | 34,014 | |||||||
| Net income | $ | 15,952 | $ | 24,042 | $ | 30,263 | $ | 90,990 | |||||||
| Effective tax rate | 40.9 | % | 32.3 | % | 34.9 | % | 27.2 | % | |||||||
| Per Share Data: | |||||||||||||||
| Income per common share: | |||||||||||||||
| - Basic | $ | 0.99 | $ | 1.44 | $ | 1.84 | $ | 5.45 | |||||||
| - Diluted | $ | 0.99 | $ | 1.43 | $ | 1.83 | $ | 5.40 | |||||||
| Weighted average number of common shares and potential common shares outstanding: | |||||||||||||||
| - Basic | 16,125 | 16,695 | 16,467 | 16,682 | |||||||||||
| - Diluted | 16,185 | 16,838 | 16,526 | 16,837 | |||||||||||
| (in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||
| Summary Balance Sheet Data: | |||||||||||
| Total assets | $ | 1,574,059 | $ | 1,578,746 | $ | 1,398,858 | $ | 1,121,092 | |||
| Total shareholders’ equity | $ | 600,360 | $ | 651,202 | $ | 560,200 | $ | 519,102 | |||
| Goodwill and intangible assets | $ | 188,674 | $ | 200,469 | $ | 203,404 | $ | 115,119 | |||
| Total funded debt (1) | $ | 74,381 | $ | 36,241 | $ | 40,553 | $ | 4,503 | |||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Segment Results: | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
| Contract revenues: | |||||||||||||||||||||||||||
| Transmission & Distribution | $ | 450,021 | 54.2 | % | $ | 591,541 | 58.9 | % | $ | 1,880,501 | 55.9 | % | $ | 2,089,196 | 57.3 | % | |||||||||||
| Commercial & Industrial | 379,774 | 45.8 | 412,656 | 41.1 | 1,481,789 | 44.1 | 1,554,709 | 42.7 | |||||||||||||||||||
| Total | $ | 829,795 | 100.0 | % | $ | 1,004,197 | 100.0 | % | $ | 3,362,290 | 100.0 | % | $ | 3,643,905 | 100.0 | % | |||||||||||
| Operating income (loss): | |||||||||||||||||||||||||||
| Transmission & Distribution | $ | 30,270 | 6.7 | % | $ | 42,886 | 7.2 | % | $ | 69,374 | 3.7 | % | $ | 149,703 | 7.2 | % | |||||||||||
| Commercial & Industrial | 14,701 | 3.9 | 8,707 | 2.1 | 48,041 | 3.2 | 45,889 | 3.0 | |||||||||||||||||||
| Total | 44,971 | 5.4 | 51,593 | 5.1 | 117,415 | 3.5 | 195,592 | 5.3 | |||||||||||||||||||
| Corporate | (14,814 | ) | (1.8 | ) | (14,391 | ) | (1.4 | ) | (63,333 | ) | (1.9 | ) | (66,499 | ) | (1.8 | ) | |||||||||||
| Consolidated | $ | 30,157 | 3.6 | % | $ | 37,202 | 3.7 | % | $ | 54,082 | 1.6 | % | $ | 129,093 | 3.5 | % | |||||||||||
See notes at the end of this earnings release
| MYR GROUP INC. Unaudited Performance Measures and Reconciliation of Non-GAAP Measures Three and Twelve Months Ended December 31, 2024 and 2023 | |||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| (in thousands, except share, per share data, ratios and percentages) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Financial Performance Measures (2): | |||||||||||||||
| EBITDA (3) | $ | 45,491 | $ | 52,829 | $ | 117,792 | $ | 188,193 | |||||||
| EBITDA per Diluted Share (4) | $ | 2.81 | $ | 3.14 | $ | 7.12 | $ | 11.17 | |||||||
| EBIA, net of taxes (5) | $ | 17,901 | $ | 26,041 | $ | 37,410 | $ | 97,511 | |||||||
| Free Cash Flow (6) | $ | 8,815 | $ | 21,679 | $ | 11,177 | $ | (13,720 | ) | ||||||
| Book Value per Period End Share (7) | $ | 37.10 | $ | 38.67 | |||||||||||
| Tangible Book Value (8) | $ | 411,686 | $ | 450,733 | |||||||||||
| Tangible Book Value per Period End Share (9) | $ | 25.44 | $ | 26.77 | |||||||||||
| Funded Debt to Equity Ratio (10) | 0.1 | 0.1 | |||||||||||||
| Asset Turnover (11) | 2.13 | 2.60 | |||||||||||||
| Return on Assets (12) | 1.9 | % | 6.5 | % | |||||||||||
| Return on Equity (13) | 4.6 | % | 16.2 | % | |||||||||||
| Return on Invested Capital (14) | 5.6 | % | 16.1 | % | |||||||||||
| Reconciliation of Non-GAAP Measures: | |||||||||||||||
| Reconciliation of Net Income to EBITDA: | |||||||||||||||
| Net income | $ | 15,952 | $ | 24,042 | $ | 30,263 | $ | 90,990 | |||||||
| Interest expense, net | 2,095 | 1,732 | 6,110 | 4,051 | |||||||||||
| Income tax expense | 11,052 | 11,451 | 16,230 | 34,014 | |||||||||||
| Depreciation and amortization | 16,392 | 15,604 | 65,189 | 59,138 | |||||||||||
| EBITDA (3) | $ | 45,491 | $ | 52,829 | $ | 117,792 | $ | 188,193 | |||||||
| Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share: | |||||||||||||||
| Net income per share | $ | 0.99 | $ | 1.43 | $ | 1.83 | $ | 5.40 | |||||||
| Interest expense, net, per share | 0.13 | 0.10 | 0.37 | 0.24 | |||||||||||
| Income tax expense per share | 0.68 | 0.68 | 0.98 | 2.02 | |||||||||||
| Depreciation and amortization per share | 1.01 | 0.93 | 3.94 | 3.51 | |||||||||||
| EBITDA per Diluted Share (4) | $ | 2.81 | $ | 3.14 | $ | 7.12 | $ | 11.17 | |||||||
| Reconciliation of Non-GAAP measure: | |||||||||||||||
| Net income | $ | 15,952 | $ | 24,042 | $ | 30,263 | $ | 90,990 | |||||||
| Interest expense, net | 2,095 | 1,732 | 6,110 | 4,051 | |||||||||||
| Amortization of intangible assets | 1,203 | 1,221 | 4,869 | 4,907 | |||||||||||
| Tax impact of interest and amortization of intangible assets | (1,349 | ) | (954 | ) | (3,832 | ) | (2,437 | ) | |||||||
| EBIA, net of taxes (5) | $ | 17,901 | $ | 26,041 | $ | 37,410 | $ | 97,511 | |||||||
| Calculation of Free Cash Flow: | |||||||||||||||
| Net cash flow from operating activities | $ | 21,119 | $ | 42,624 | $ | 87,115 | $ | 71,016 | |||||||
| Less: cash used in purchasing property and equipment | (12,304 | ) | (20,945 | ) | (75,938 | ) | (84,736 | ) | |||||||
| Free Cash Flow (6) | $ | 8,815 | $ | 21,679 | $ | 11,177 | $ | (13,720 | ) | ||||||
See notes at the end of this earnings release.
| MYR GROUP INC. Unaudited Performance Measures and Reconciliation of Non-GAAP Measures As of December 31, 2024, 2023 and 2022 | |||||||
| (in thousands) | December 31, 2024 | December 31, 2023 | |||||
| Reconciliation of Book Value to Tangible Book Value: | |||||||
| Book value (total shareholders' equity) | $ | 600,360 | $ | 651,202 | |||
| Goodwill and intangible assets | (188,674 | ) | (200,469 | ) | |||
| Tangible Book Value (8) | $ | 411,686 | $ | 450,733 | |||
| Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share: | |||||||
| Book value per period end share | $ | 37.10 | $ | 38.67 | |||
| Goodwill and intangible assets per period end share | (11.66 | ) | (11.90 | ) | |||
| Tangible Book Value per Period End Share (9) | $ | 25.44 | $ | 26.77 | |||
| Calculation of Period End Shares: | |||||||
| Shares outstanding | 16,122 | 16,684 | |||||
| Plus: common equivalents | 59 | 155 | |||||
| Period End Shares (15) | 16,181 | 16,839 | |||||
(in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||
| Reconciliation of Invested Capital to Shareholders Equity: | ||||||||||||
| Book value (total shareholders' equity) | $ | 600,360 | $ | 651,202 | $ | 560,200 | ||||||
| Plus: total funded debt | 74,381 | 36,241 | 40,553 | |||||||||
| Less: cash and cash equivalents | (3,464 | ) | (24,899 | ) | (51,040 | ) | ||||||
| Invested Capital | $ | 671,277 | $ | 662,544 | $ | 549,713 | ||||||
| Average Invested Capital (16) | 666,911 | 606,129 | ||||||||||
See notes at the end of this earnings release.
| (1) | Funded debt includes borrowings under our revolving credit facility and the outstanding balances of our outstanding equipment notes. |
| (2) | These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies. |
| (3) | EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare MYR Group Inc. operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the Company’s core operations. Management further believes that EBITDA is useful to investors and other external users of MYR Group Inc. financial statements in evaluating the Company’s operating performance and cash flow because EBITDA is widely used by investors to measure a Company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired. |
| (4) | EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share. |
| (5) | EBIA, net of taxes is defined as net income plus net interest plus amortization of intangible assets, less the tax impact of net interest and amortization of intangible assets. The tax impact of net interest and amortization of intangible assets is computed by multiplying net interest and amortization of intangible assets by the effective tax rate. Management uses EBIA, net of taxes, to measure our results exclusive of the impact of financing and amortization of intangible assets costs. |
| (6) | Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income , cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health. |
| (7) | 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. |
| (8) | Tangible book value is calculated by subtracting goodwill and intangible assets at the end of the period from shareholders’ equity at the end of the period. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or shareholders’ equity. |
| (9) | Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share. |
| (10) | The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total shareholders’ equity at the end of the period. |
| (11) | Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period. |
| (12) | Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period. |
| (13) | Return on equity is calculated by dividing net income for the period by total shareholders’ equity at the beginning of the period. |
| (14) | Return on invested capital is calculated by dividing EBIA, net of taxes, less any dividends, by average invested capital. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation. |
| (15) | Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common shares outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period. |
| (16) | Average invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total shareholders’ equity and calculating the average of the beginning and ending of each period. |
FAQ
What is the size and duration of MYR Group's new share repurchase program announced in 2024?
How did MYR Group's Q4 2024 revenue compare to the previous year?
What was MYRG's backlog value as of December 31, 2024?
How much did MYR Group's full-year 2024 earnings per share decline compared to 2023?
