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. (MYRG) will announce its fourth-quarter and full-year 2021 financial results on February 23, 2022, after market close. A conference call and webcast to discuss these results is scheduled for February 24, 2022, at 8:00 a.m. Mountain time. Participants can join the call via telephone by dialing (877) 561-2750 for domestic callers or (763) 416-8565 for international calls, using conference ID 8097179. The call will also be available for replay until March 3, 2022.
MYR Group Inc. (NASDAQ: MYRG) announced the acquisition of Powerline Plus Ltd. and its affiliate by its Canadian subsidiary, MYR Group Construction Canada, Ltd. This deal enhances MYR's Transmission & Distribution segment, expanding its service offerings and geographic reach. Powerline Plus, founded in 1990, generated average annual revenues of approximately $80 million over the last two years. The integration aims to leverage Powerline Plus's experienced workforce and diverse project portfolio, strengthening MYR's position in the electrical distribution construction market.
MYR Group (NASDAQ: MYRG) announced its participation in the Credit Suisse 9th Annual Industrials Conference on December 1, 2021. The event will feature CEO Rick Swartz and CFO Betty Johnson meeting virtually with institutional investors. MYR Group specializes in electric utility infrastructure and commercial construction, offering services in electric transmission, distribution networks, and substations throughout the U.S. and western Canada. This meeting is exclusive to Credit Suisse clients.
MYR Group Inc. (NASDAQ: MYRG), a leading specialty contractor for electric utility infrastructure and construction markets, announced its participation in Baird's 2021 Global Industrial Conference. On November 9, 2021, CEO Rick Swartz and CFO Betty Johnson will conduct virtual meetings with institutional investors. The conference is exclusive to Baird's clients. MYR Group offers extensive services in electric transmission, distribution, and substation facilities, catering to various sectors including utilities and industrial facilities.
MYR Group Inc. (MYRG) announced its Q3 and YTD 2021 financial results, reporting record revenues of $610.2 million and net income of $23.2 million, a 34% increase year-over-year. The company's EBITDA reached $42.3 million, reflecting strong operational performance. Despite a slight decrease in revenues for the Commercial and Industrial segment, the overall quarterly performance exceeded expectations. MYR's backlog stands at $1.63 billion as of September 30, 2021, indicating a solid pipeline for future projects.
MYR Group Inc. (MYRG), a leading specialty contractor, will release its Q3 and nine-month 2021 financial results on October 27, 2021, after market close. A conference call to discuss the results is scheduled for October 28, 2021, at 8:00 AM Mountain Time. Interested parties can join via telephone or access a live webcast through MYR's investor relations website. A replay of the call will be available until November 4, 2021. MYR specializes in electric utility infrastructure, serving various sectors including commercial and industrial construction.
MYR Group Inc. (NASDAQ: MYRG) announced a significant contract through its subsidiary, CSI Electrical Contractors, with a renewable energy developer for a solar project in California. Valued at over $100 million, the project includes a 110MWDC solar installation and a 280MWh battery storage system. Engineering, procurement, and construction services will be provided by CSI, with project ground-breaking set for spring 2022 and expected completion in early 2023. This initiative aligns with MYR Group's strategy to enhance its capabilities in the renewable energy sector.
MYR Group Inc. (NASDAQ: MYRG), a leader in electric utility infrastructure and construction services, will attend the D.A. Davidson 20th Annual Diversified Industrials & Services Conference. CEO Rick Swartz and CFO Betty Johnson will meet with institutional investors virtually on September 23, 2021. This event is exclusive to D.A. Davidson clients. MYR Group specializes in electrical installations and services for commercial and industrial markets, serving a wide range of customers including utilities and developers across the U.S. and Canada.
MYR Group (NASDAQ: MYRG) will attend Morgan Stanley’s Virtual 9th Annual Laguna Conference on September 13, 2021. CEO Rick Swartz and CFO Betty Johnson will engage with institutional investors during this exclusive event. MYR Group specializes in electric utility infrastructure and industrial construction across the US and western Canada, providing comprehensive services including design, construction, and maintenance of electrical installations. MYR Group serves a diverse clientele including utilities, developers, and industrial owners. For further details, visit myrgroup.com.
MYR Group Inc. (MYRG) reported record second-quarter 2021 results, achieving revenues of $649.6 million, a 26.6% increase year-over-year. Net income reached $21.2 million or $1.24 per diluted share, marking a 58.5% increase compared to the previous year. EBITDA also increased to $41.2 million. The backlog stood strong at $1.57 billion. Key growth drivers include grid modernization and clean energy initiatives. However, selling, general, and administrative expenses rose to $51.9 million, influenced by higher employee compensation costs.
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