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 record high revenues of $799.8 million for Q3 2022, a 31.1% increase from Q3 2021. Net income was $18.4 million, translating to $1.09 per diluted share. EBITDA stood at $40.3 million. The company’s backlog also reached a record $2.48 billion, up 51.6% year-over-year. Despite these achievements, gross margin declined to 10.8% from 13.8% due to supply chain issues and inflation. SG&A increased to $58.9 million, impacted by growth-related costs.
MYR Group Inc. (NASDAQ: MYRG) announced plans to release its third-quarter 2022 results on October 26, 2022, after market close. A conference call and simultaneous webcast to discuss these results will be held on October 27, 2022, at 9:00 a.m. CT. Attendees can register for the call in advance to ask questions. The company, a leader in specialty electrical contracting, operates in Transmission & Distribution and Commercial & Industrial segments across the U.S. and Canada.
MYR Group (NASDAQ: MYRG) announced its participation in Baird's 2022 Global Industrial Conference. The event, set for November 8, 2022, in Chicago, will see CFO Betty Johnson and CEO Rick Swartz engage with institutional investors. MYR Group operates as a holding company for specialty electrical contractors across the U.S. and Canada, focusing on Transmission & Distribution and Commercial & Industrial markets. The company provides comprehensive electrical services, including design, installation, and maintenance.
MYR Group Inc. (NASDAQ: MYRG), a leader in electric utility infrastructure and construction, will attend the D.A. Davidson Equity Capital Markets Group investor conference on September 22, 2022. CEO Rick Swartz and CFO Betty Johnson will engage with institutional investors in Nashville, TN. MYR Group operates two segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I), offering extensive electrical services across North America. Their T&D services include maintenance and upgrade of electric networks, while C&I covers a variety of commercial and industrial projects.
MYR Group (NASDAQ: MYRG) will attend the Sidoti & Company virtual investor conference on September 21, 2022. CEO Rick Swartz and CFO Betty Johnson will meet with institutional investors during this event, which is exclusive to Sidoti clients. MYR Group is a holding company for specialty electrical contractors operating in the U.S. and Canada. The company’s services span the Transmission & Distribution and Commercial & Industrial sectors, focusing on electrical installations, maintenance, and clean energy projects.
MYR Group Inc. (NASDAQ: MYRG) announced a proposal to declassify its Board of Directors, transitioning to annual elections. This initiative aims to enhance Board diversity and governance, alongside a new policy implementing a fifteen-year term limit for directors. The Board plans to present this proposal for a vote at the 2023 Annual Meeting of Stockholders, with details forthcoming in the proxy statement. MYR Group serves electric utility infrastructure and commercial construction markets in the U.S. and Canada, with services covering a wide range of projects including transmission, distribution, and clean energy.
MYR Group Inc. (MYRG) reported record revenues of $708.1 million for Q2 2022, up 9.0% year-over-year, with a net income of $19.7 million or $1.15 per diluted share. The company's EBITDA reached a record high of $43.9 million. Despite the revenue growth, gross profit slightly declined to $80.9 million, resulting in a gross margin of 11.4%, down from 12.5% in Q2 2021 due to increased costs from supply chain issues and inflation. The backlog increased to $2.44 billion as of June 30, 2022, reflecting strong demand.
MYR Group Inc. (NASDAQ: MYRG) announced it will release its second-quarter 2022 results on July 27, 2022, after market closure. A conference call is scheduled for July 28, 2022, at 9:00 a.m. Central time to discuss these results. Participants can register in advance for telephone access and receive a confirmation email for joining the call. An audio-only webcast will also be available on MYR Group's Investors page, with a replay for seven days. MYR Group, a holding company for specialty electrical contractors, operates in the U.S. and Canada across Transmission & Distribution and Commercial & Industrial segments.
MYR Group (NASDAQ: MYRG), a leader in electric utility infrastructure, will participate in the Sidoti Summer Small Cap investor conference on June 15-16, 2022. CEO Rick Swartz and CFO Betty Johnson will engage with institutional investors during this virtual event, exclusively for Sidoti clients.
MYR Group specializes in electric contracting services across the United States and Canada, operating in two segments: Transmission & Distribution and Commercial & Industrial. Their projects range from clean energy to industrial facilities, emphasizing their capability in diverse electrical installations.
MYR Group Inc. (NASDAQ: MYRG), a holding company specializing in electrical contracting, will participate in the Stifel 2022 Cross Sector Insight investor conference in Boston on June 8, 2022. CEO Rick Swartz and CFO Betty Johnson will meet with institutional investors during this event exclusive to Stifel clients. MYR Group provides comprehensive services in electric utility infrastructure and construction markets across the U.S. and Canada, focusing on Transmission & Distribution and Commercial & Industrial sectors.
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