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Mar 31, 2023
MYR Group Q1 2023 Earnings Report
MYR Group's first quarter results were announced, showing revenue growth and increased net income compared to the same period last year.
Key Takeaways
MYR Group reported a strong first quarter in 2023, with revenues reaching $811.6 million and net income increasing by 12.0% to $23.2 million, or $1.38 per diluted share. The company's backlog reached a record $2.67 billion, positioning it well for future growth, despite a decrease in gross margin due to labor inefficiencies and rising costs.
MYR Group reported first-quarter revenues of $811.6 million, a 27.5% increase compared to Q1 2022.
Net income for the first quarter of 2023 was $23.2 million, or $1.38 per diluted share, a 12.0% increase year-over-year.
The company's backlog reached a record $2.67 billion as of March 31, 2023.
Gross margin decreased to 10.4% in Q1 2023, compared to 12.6% in Q1 2022, due to labor inefficiencies, supply chain disruptions, and rising costs.
Forward Guidance
MYR Group entered 2023 with positive momentum from a strong 2022 performance and record backlog, resulting in solid first quarter results. The company continues to expand customer relationships and strategically capture new work for future growth.
Positive Outlook
- Strong financial performance in 2022.
- Record-setting backlog.
- Net income increased by 12.0 percent compared to the first quarter of 2022.
- Revenues increased compared to the same period of 2022.
- Continued expansion of strong customer relationships.
Challenges Ahead
- Gross margin decreased due to labor inefficiencies.
- Inclement weather impacted labor efficiencies on certain projects.
- Supply chain disruptions experienced on certain projects.
- Increase in cost associated with an adjustment to sales tax accruals for prior periods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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