Myr Group Inc Del Stock Price, News & Analysis

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.

MYR Group Inc. (NASDAQ: MYRG) announced its attendance at the Credit Suisse Global Industrials Investor Conference on November 30, 2022, in Palm Beach, FL. CEO Rick Swartz and COO Tod Cooper will engage with institutional investors during this event, which is exclusive to Credit Suisse clients. MYR Group specializes in electrical infrastructure and construction markets in the U.S. and Canada, offering extensive services in Transmission & Distribution and Commercial & Industrial segments. For more information, visit myrgroup.com.

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.