Welcome to our dedicated page for MYR Group news (Ticker: MYRG), a resource for investors and traders seeking the latest updates and insights on MYR Group stock.
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 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.
MYR Group Inc. (NASDAQ: MYRG) announced its first-quarter 2023 results will be released on April 26, 2023, after market close. This will be followed by a conference call on April 27, 2023, at 9:00 a.m. Central time to discuss the results.
MYR Group provides electrical contractor services in the United States and Canada through its Transmission & Distribution and Commercial & Industrial segments. They offer a wide range of services including design, engineering, maintenance, and repair for various electrical installations.
Participants can join the call by registering in advance or via the audio-only webcast available on MYR Group’s website.
MYR Group Inc. (NASDAQ: MYRG), a leading specialty contractor in the electric utility sector, has announced its participation in Oppenheimer’s 18th Annual Industrial Growth Conference. Scheduled for May 9, 2023, the event will feature virtual meetings with institutional investors, led by CEO Rick Swartz and CFO Kelly Huntington. MYR Group operates two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I), providing extensive electrical installation services across the U.S. and Canada. T&D services include the design, engineering, and maintenance of electric networks and clean energy projects, catering to various utility and industrial customers. The C&I segment offers installation and repair services for commercial and industrial facilities, emphasizing projects for diverse sectors including healthcare, transportation, and energy. For more details, visit myrgroup.com.
MYR Group Inc. (NASDAQ: MYRG) announces the retirement of Jeffrey J. Waneka as Senior VP and COO of its Commercial and Industrial (C&I) segment, effective May 1, 2023. He will continue in an advisory role to ensure a smooth transition. Don A. Egan will succeed him as COO, bringing 32 years of experience with the company. MYR Group specializes in electrical contracting services across the U.S. and Canada, focusing on Transmission & Distribution and the C&I segment, serving diverse clients. The firm emphasizes its commitment to leadership and operational continuity during this transition.
MYR Group Inc. (NASDAQ: MYRG), a leading holding company of specialty electrical contractors, announced its participation in the UBS 17th Annual Engineering, Infrastructure, and Construction conference on March 23, 2023, in Dallas, TX. The CEO, Rick Swartz, and CFO, Kelly Huntington, will engage with institutional investors at this exclusive event for UBS clients. MYR Group operates through two segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I), offering a wide range of electrical services across the U.S. and Canada, including clean energy projects.
MYR Group Inc. (NASDAQ: MYRG), a prominent holding company for specialty electrical contractors, will participate in the Sidoti & Company investor conference. Scheduled for March 22, 2023, the CEO Rick Swartz and CFO Kelly Huntington will meet virtually with institutional investors. MYR Group operates through two segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). Their T&D services encompass the complete electrical installations for utilities, while C&I focuses on wiring for various commercial and industrial facilities. More details are available on their website.
MYR Group Inc. (NASDAQ: MYRG) announced robust financial results for the fourth quarter and full year of 2022. Key highlights include record quarterly revenues of $864.0 million and net income of $24.6 million, translating to $1.46 per diluted share. Annual revenues hit $3.01 billion, marking an increase of 20.4%. The company’s backlog reached a record $2.50 billion. Despite strong revenue growth, gross margins decreased due to supply chain disruptions and labor inefficiencies. The rise in SG&A expenses and interest costs also contributed to challenges. Management remains optimistic about continued growth in 2023.
MYR Group Inc. (NASDAQ: MYRG) announced plans to release its fourth-quarter and full-year 2022 financial results on February 22, 2023, after market close. A conference call and webcast to discuss these results will be held on February 23, 2023, at 9:00 a.m. Central time. Investors can register for the call and access the live audio webcast on MYR Group's website. The company provides specialized electrical contracting services in the U.S. and Canada through its Transmission & Distribution and Commercial & Industrial segments, catering to a range of clients including utilities and government agencies.
MYR Group Inc. (NASDAQ: MYRG) announced the retirement of Senior VP and CFO Betty R. Johnson, effective February 24, 2023, after over 22 years with the company. Kelly Huntington will succeed her as Senior VP & CFO on the same date, following the release of the company's full-year 2022 earnings. Johnson will assist with the transition until May 31, 2023. Huntington brings 25 years of financial leadership experience, previously serving in significant roles at USIC, OneAmerica, and AES Corporation. MYR Group specializes in electric utility infrastructure and construction services across the U.S. and Canada.
MYR Group Inc. (MYRG) announced a new share repurchase program authorizing the buyback of up to $75 million of its common stock, effective November 8, 2022. This program aims to enhance shareholder value and is funded through cash on hand and borrowings. The previous buyback program, also valued at $75 million, is set to expire on November 7, 2022, having repurchased 398,152 shares for $33.4 million. CEO Rick Swartz stated that this initiative reflects the board's confidence in the company's strategy and potential for growth.
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