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MYR Group Inc. (NASDAQ: MYRG) is a prominent specialty contractor that delivers comprehensive electrical construction services through its subsidiaries. This U.S.-based holding company operates primarily in two segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). The T&D segment focuses on the design, engineering, procurement, construction, upgrade, maintenance, and repair of transmission and distribution networks, including substation facilities. The C&I segment offers services such as commercial and industrial wiring, installation of traffic networks, bridges, and more.
MYR Group boasts a robust portfolio of subsidiaries, including The L.E. Myers Co., Sturgeon Electric Company, Inc., Harlan Electric Company, MYR Transmission Services, Inc., Great Southwestern Construction, Inc., E.S. Boulos Company, and MYR Group Construction Canada, Ltd. Notably, MYR Group Construction Canada, Ltd. incorporates two subsidiaries: Northern Transmission Services, Ltd. and MYR Transmission Services Canada, Ltd.
With a highly skilled workforce and an extensive array of specialized transmission and distribution equipment, MYR Group has been instrumental in building and maintaining electrical infrastructure across North America. They cater to a diverse clientele, including investor-owned utilities, government-funded utilities, private developers, and industrial facility owners.
Recent achievements underscore MYR Group's commitment to growth and excellence. They reported record revenues of $3.64 billion for the full year of 2023, reflecting a 21.1 percent increase compared to the previous year. The company's strategic initiatives, strong balance sheet, and steady backlog of $2.51 billion highlight its readiness for future expansion.
MYR Group's ongoing projects span a broad spectrum, including clean energy initiatives and electric vehicle charging infrastructure. Their dedication to quality, safety, and customer service has cemented their reputation as a leader in the electrical construction industry.
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.
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