MYR Group, Inc. - MYRG STOCK NEWS

MYR Group Inc. (NASDAQ: MYRG) announced a new share repurchase program authorizing the purchase of up to $75 million of its outstanding shares. The program, effective from May 5, 2022, will expire on November 7, 2022, or when funds are exhausted. The initiative aims to enhance shareholder value and reflects the Board’s confidence in the company's long-term strategy. The repurchase will be funded through cash reserves and borrowings, demonstrating MYR Group's strong financial position and commitment to capital allocation.

MYR Group, a leader in specialty contracting for electric utility infrastructure, will attend the KeyBanc Capital Markets Industrials & Basic Materials investor conference in Boston on June 2, 2022. CEO Rick Swartz and CFO Betty Johnson will meet with institutional investors at this exclusive client event. MYR Group operates through two segments: Transmission & Distribution, and Commercial & Industrial, providing a wide range of electrical services across the U.S. and Canada. Their expertise spans electric installations, clean energy projects, and more.

MYR Group Inc. (NASDAQ: MYRG) announced the appointment of Ajoy H. Karna to its Board of Directors effective May 2, 2022. Karna, with over 33 years of experience in finance and management, currently serves as Senior Vice President, Strategy and CFO - International for Sysco Corporation. His role on the Board’s Audit Committee is expected to enhance the company’s strategic direction. MYR Group specializes in electrical contracting services across the U.S. and Canada, aiming to leverage Karna’s global expertise for growth and improved governance.

MYR Group reported a strong financial performance for Q1 2022, with revenues of $636.6 million, up 7.4% from the previous year. Net income increased to $20.7 million, translating to earnings of $1.21 per diluted share. EBITDA stood at $39.6 million. The company achieved a record backlog of $2.41 billion, underscoring growth potential. However, gross margin slightly declined to 12.6% due to increased costs and inefficiencies. Selling, general, and administrative expenses rose due to the acquisition of Powerline Plus Companies.

MYR Group (NASDAQ: MYRG) will release its Q1 2022 financial results on April 27, 2022, after market close. The company will host a conference call on April 28, 2022, at 9:00 a.m. Central time to discuss these results. To participate, dial (877) 561-2750 domestically or (763) 416-8565 internationally, using conference ID 9940838. A replay will be available until May 5, 2022. MYR Group specializes in electric utility infrastructure and construction across North America, operating through two segments: Transmission & Distribution and Commercial & Industrial.

MYR Group Inc. (NASDAQ: MYRG) announced attendance at Oppenheimer's 17th Annual Industrial Growth Conference, set for May 4, 2022. CEO Rick Swartz and CFO Betty Johnson will engage with institutional investors during this virtual event, exclusive to Oppenheimer clients. MYR Group is a prominent holding company for specialty electrical contractors in the U.S. and Canada, operating through Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments, providing extensive electrical services across various sectors including utilities and clean energy.

MYR Group Inc. (NASDAQ: MYRG) announced a contract through its subsidiary, MYR Energy Services, Inc. (MYRE), for the Timberland Solar Project in Georgia, valued over $100 million. This project includes the installation of over 380,000 solar modules on a 1,300-acre site and the construction of a new 345kV substation. Groundbreaking is set for spring 2022, with completion expected in late 2023. The CEO highlighted the significance of this contract in enhancing their role in the clean energy sector and strengthening their relationship with Con Edison Clean Energy Businesses.

MYR Group (NASDAQ: MYRG), a premier specialty contractor firm in the electric utility, commercial, and industrial construction sectors, announced its participation in upcoming virtual investor conferences. The Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Betty Johnson, will engage with institutional investors during the UBS 16th Annual Engineering, Infrastructure, and Construction conference on March 22, 2022, and the Sidoti & Company Virtual Small Cap conference on March 23-24, 2022. Both events are exclusive to their respective clients.

MYR Group Inc. (MYRG) reported strong fourth-quarter and full-year 2021 results, achieving record revenues of $2.50 billion for the year, marking an 11.2% increase over 2020. The fourth quarter saw revenues of $646.0 million and net income of $20.7 million, a 14.0% increase year-over-year. EBITDA for the fourth quarter was $41.4 million, while full-year EBITDA reached $164.2 million. The company maintained a strong backlog of $1.79 billion, emphasizing its robust market position and growth prospects.