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Mar 31, 2022
MYR Group Q1 2022 Earnings Report
MYR Group's first quarter performance was strong, with record backlog.
Key Takeaways
MYR Group Inc. reported a strong first quarter in 2022, with revenues of $636.6 million and a record backlog of $2.41 billion. Net income was $20.7 million, or $1.21 per diluted share, and EBITDA reached $39.6 million.
Quarterly revenues reached $636.6 million.
Net income for the quarter was $20.7 million, with earnings per diluted share at $1.21.
Quarterly EBITDA amounted to $39.6 million.
The company achieved a record backlog of $2.41 billion.
Forward Guidance
MYR Group anticipates a successful year in 2022, driven by industry investment in both the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) markets.
Positive Outlook
- Strong first quarter performance positions the company well for a successful 2022.
- Record backlog of $2.41 billion reflects solid customer relationships and competitiveness.
- Industry investment continues in both T&D and C&I markets.
- Opportunities exist to expand business with existing customers and gain new customer relationships.
- Skilled team, effective management practices, and sound business strategies will contribute to performance.
Challenges Ahead
- Cost increases mainly associated with supply chain disruptions.
- Impacts from the COVID-19 pandemic caused labor and material inefficiencies on certain projects.
- Inclement weather experienced on certain projects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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