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Jun 30, 2024
MYR Group Q2 2024 Earnings Report
MYR Group announced second-quarter results with decreased revenues and a net loss, impacted by unfavorable clean energy projects.
Key Takeaways
MYR Group reported a decrease in revenue and a net loss for the second quarter of 2024, primarily due to unfavorable clean energy projects within the T&D segment and one project within the C&I segment. Despite these challenges, the core businesses performed well, and the company remains confident in its ability to generate positive returns.
Quarterly revenues were $828.9 million, a decrease of 6.7% compared to the second quarter of 2023.
Net loss for the quarter was $15.3 million, or ($0.91) per diluted share, compared to net income of $22.3 million, or $1.33 per diluted share, for the same period in 2023.
EBITDA for the second quarter was ($4.7) million, compared to $47.1 million in the second quarter of 2023.
Backlog as of June 30, 2024, was $2.54 billion.
Revenue by Segment
Forward Guidance
MYR Group expects all of the challenged clean energy projects to reach mechanical completion this year.
Positive Outlook
- Steady bidding activity in both segments.
- Increased electrification.
- Growing demand for data centers.
- Continued investments being made in electrical infrastructure.
- Core businesses in transmission, distribution and C&I performed well aside from the challenged projects.
Challenges Ahead
- Unfavorable clean energy projects within T&D segment.
- One project within C&I segment impacted results.
- Decreased revenues compared to the same period of 2023.
- Decreased consolidated gross profit compared to the same period of 2023.
- Lower margin and lower revenues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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