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Sep 30, 2024
MYR Group Q3 2024 Earnings Report
MYR Group reported a decrease in revenue and net income for the third quarter of 2024, with revenues of $888.0 million and net income of $10.6 million.
Key Takeaways
MYR Group's third-quarter 2024 results showed a decrease in revenue compared to the third quarter of 2023, driven by a decline in the Transmission and Distribution segment. Net income also decreased due to lower gross profit and margin. However, the company's core markets remain active, and bidding activity is robust.
Third-quarter revenue was $888.0 million, a 5.5% decrease compared to the same period in 2023.
Net income for the quarter was $10.6 million, or $0.65 per diluted share, down from $21.5 million, or $1.28 per diluted share, in the third quarter of 2023.
The Transmission and Distribution segment reported a revenue decrease of 12.2%, while the Commercial and Industrial segment increased by 3.9%.
Backlog as of September 30, 2024, was $2.60 billion.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the earnings report.
Revenue & Expenses
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Avg. Return Before/After Earnings
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