MYR Group Inc ( (MYRG) ) has released its Q1 earnings. Here is a breakdown of the information MYR Group Inc presented to its investors.
MYR Group Inc., a prominent holding company of specialty contractors, operates in the electric utility infrastructure, commercial, and industrial construction markets across the United States and Canada. The company specializes in providing comprehensive services through its Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments.
In the first quarter of 2025, MYR Group Inc. reported robust financial results, with significant increases in revenue, net income, and gross profit compared to the same period in 2024. The company achieved quarterly revenues of $833.6 million and a net income of $23.3 million, or $1.45 per diluted share. The backlog at the end of the quarter stood at $2.64 billion, reflecting the company’s strategic investments to meet the rising demand for electrification.
Key financial metrics for the quarter included an EBITDA of $50.2 million and a gross profit increase to $96.9 million, driven by higher margins and revenues. The T&D segment experienced a revenue decrease due to lower transmission project revenues, while the C&I segment saw a significant revenue increase. Despite a slight rise in selling, general, and administrative expenses, the company maintained a strong financial position with a healthy backlog and increased cash flow from operations.
Looking ahead, MYR Group Inc. remains optimistic about its growth prospects, with management highlighting a healthy bidding environment and ongoing efforts to expand customer relationships and explore new opportunities. The company is well-positioned to capitalize on the growing demand for electrification and infrastructure development, aiming for sustained growth in the coming quarters.