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Dec 31, 2024
MYR Group Q4 2024 Earnings Report
MYR Group Inc. announced its fourth-quarter and full-year 2024 financial results, including a new $75 million share repurchase program.
Key Takeaways
MYR Group Inc. reported a decrease in fourth-quarter 2024 revenues and net income compared to the previous year, primarily due to lower revenues from certain clean energy projects in the T&D segment. Despite this, the company saw an overall improvement in performance compared to the third quarter and maintained a healthy backlog, reflecting continued investment in infrastructure.
Fourth-quarter 2024 revenues decreased by 17.4% to $829.8 million compared to Q4 2023.
Net income for Q4 2024 was $16.0 million, or $0.99 per diluted share, down from $24.0 million in Q4 2023.
The T&D segment's revenue decreased by 23.9% due to mechanical completion of clean energy projects.
The Board of Directors approved a new $75 million share repurchase program.
Revenue by Segment
Forward Guidance
MYR Group Inc. anticipates robust project opportunities driven by key market trends and aims to continue serving as a resourceful partner for customers, generating positive returns for shareholders in 2025.
Positive Outlook
- Healthy bidding environment and continued investment in infrastructure.
- Growing electrification demands across the U.S. and Canada.
- Robust project opportunities from system hardening and grid modernization.
- Opportunities from technology advancements and transit infrastructure improvements.
- Long-term growth opportunities from decarbonization efforts.
Challenges Ahead
- Losses on certain clean energy projects impacting T&D operating income margin.
- Unfavorable impact of a C&I project reaching substantial completion.
- Labor and project inefficiencies affecting gross profit.
- Increased costs associated with schedule compression on certain projects.
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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