How are energy investors positioned?
THORNTON, Colo. - MYR Group Inc. (NASDAQ:MYRG) reported fourth-quarter earnings and revenue that fell short of analyst expectations, as the specialty electrical contractor faced headwinds from completed clean energy projects.
The company posted adjusted earnings per share of $0.37, missing the consensus estimate of $0.70 by $0.33. Revenue came in at $829.8 million, below analyst projections of $886.58 million.
Quarterly revenue decreased 17.4% YoY to $829.8 million, primarily due to a $141.5 million decline in the Transmission & Distribution segment as certain clean energy projects reached mechanical completion. The Commercial & Industrial segment saw an 8% revenue drop.
Net income for the quarter was $16.0 million, or $0.99 per diluted share, compared to $24.0 million, or $1.43 per diluted share, in the same period last year.
"We finished 2024 with our fourth quarter performance showing overall improvement compared to the third quarter," said Rick Swartz, MYR’s President and CEO. "A steady backlog of $2.58 billion reflects a healthy bidding environment and the continued investment in infrastructure to meet growing electrification demands across the U.S. and Canada."
For the full year 2024, MYR reported revenue of $3.36 billion, down 7.7% from 2023. Net income was $30.3 million, or $1.83 per diluted share, compared to $91.0 million, or $5.40 per diluted share, in the prior year.
The company’s board approved a new $75 million share repurchase program running through September 5, 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.