Group 1 - The specialty contractors are benefiting from favorable policies such as the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA) [1] - The industry is also influenced by secular megatrends including artificial intelligence (AI) [1] - The analyst has transitioned from a focus on technology to covering commodities and energy sectors due to the ongoing energy transition [1]

Core Insights - Specialty contractors are benefiting from favorable policies such as the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA) [1] - The industry is also influenced by secular megatrends, including advancements in AI and the ongoing energy transition [1] Industry Overview - The coverage of specialty contractors began last year, highlighting their positive outlook due to supportive government policies [1] - The industry is positioned to capitalize on long-term trends that are reshaping the market landscape [1]

Group 1 - Eletrobras (EBR) is currently outperforming its peers in the Utilities sector, with a year-to-date return of approximately 67%, compared to the sector average of 12.4% [4] - The Zacks Rank for Eletrobras is 2 (Buy), indicating strong analyst sentiment and a positive earnings outlook, with a 12.5% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Eletrobras belongs to the Utility - Electric Power industry, which has an average gain of 12.1% this year, further highlighting its strong performance relative to its industry peers [5] Group 2 - The Utilities group is ranked 4 within the Zacks Sector Rank, which evaluates 16 different groups based on the average Zacks Rank of individual stocks [2] - Another stock in the Utilities sector, MYR Group (MYRG), has also shown strong performance with a year-to-date return of 20.2% and a Zacks Rank of 2 (Buy) [4][5] - The Electric Construction industry, where MYR Group is categorized, has a year-to-date gain of 20.2%, ranking 5 in the Zacks Industry Rank [6]

Core Viewpoint - MYR Group Inc. has appointed Aurelie Richard to its Board of Directors, effective August 26, 2025, enhancing the board's strategic and financial expertise [1][2]. Group 1: Appointment Details - Aurelie Richard will serve as a director and on the Audit Committee of MYR Group [1]. - Kenneth M. Hartwick, Chair of the Board, expressed confidence in Richard's leadership and her commitment to the company's growth strategy [2]. Group 2: Background of Aurelie Richard - Ms. Richard has over thirty years of experience in finance and management, currently serving as Chief Financial and Strategy Officer for S&C Electric Company [2]. - She has held various executive positions in Finance, Strategy, and Human Resources, with expertise in energy management and electrical distribution systems [2]. - Richard's educational background includes an undergraduate degree in accounting and finance, a CPA certification, and an MBA from EM Lyon Business School [3]. Group 3: Company Overview - MYR Group is a holding company of specialty electrical contractors operating in the U.S. and Canada, with two main business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [4]. - The T&D segment provides services related to electric transmission, distribution networks, and clean energy projects, serving a diverse range of customers including utilities and private developers [4]. - The C&I segment offers services for commercial and industrial wiring, including installations for data centers, hospitals, and electric vehicle charging infrastructure [4].

Core Viewpoint - MYR Group Inc. will participate in the D.A. Davidson 24th Annual Diversified Industrials & Services investor conference, where its CEO and CFO will engage with institutional investors [1] Company Overview - MYR Group Inc. is a holding company specializing in electrical contracting services across the United States and Canada, operating through two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment offers services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, catering to a diverse clientele including utilities and independent power producers [2] - The C&I segment provides a wide range of services such as design, installation, maintenance, and repair of commercial and industrial wiring, serving clients like general contractors and government agencies [2]

Company Overview - MYR Group Inc. is a holding company of leading specialty electrical contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada [1] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [1] Business Segments - The T&D segment provides services on electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure [1] - Comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance, and repair services [1] - C&I segment offers a broad range of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities such as data centers, airports, hospitals, and clean energy projects [1] Recent Events - MYR Group will participate in the KeyBanc Taking Charge: Energy Transition Symposium investor conference on September 18, 2025 [1] - The CEO Rick Swartz and CFO Kelly Huntington will meet with institutional investors during this virtual event [1]

Company Performance - MYR Group (MYRG) has gained approximately 26% year-to-date, outperforming the Utilities sector, which has returned an average of 12.8% [4] - The Zacks Consensus Estimate for MYRG's full-year earnings has increased by 5.8% in the past quarter, indicating improved analyst sentiment and earnings outlook [3] - MYR Group holds a Zacks Rank of 2 (Buy), reflecting its potential to beat the market in the near term [3] Industry Context - MYR Group is part of the Electric Construction industry, which currently ranks 1 in the Zacks Industry Rank, with an average year-to-date gain of 26% [5] - The Utilities sector includes 108 individual stocks and has a Zacks Sector Rank of 3, indicating a relatively strong performance compared to other sectors [2] - Another stock in the Utilities sector, Telenor ASA (TELNY), has shown a year-to-date return of 42.1%, highlighting the competitive landscape within the sector [4][6]

Financial Data and Key Metrics Changes - The company's second quarter 2025 revenues were $900 million, an increase of $71 million or 8.6% compared to the same period last year [10] - Net income for the second quarter was $27 million compared to a net loss of $15 million for the same period last year [14] - EBITDA for the second quarter was $56 million compared to negative $5 million for the same period last year [14] - Operating cash flow was $33 million compared to $23 million for the same period last year [15] - Free cash flow was $12 million compared to $3 million for the same period last year [15] - Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago [14] Business Line Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $506 million, an increase of 10% compared to the same period last year, with $305 million from transmission and $201 million from distribution [10] - Commercial and Industrial (C&I) revenues were $394 million, an increase of 6% compared to the same period last year [11] - T&D operating income margin was 8% for 2025 compared to an operating loss margin of 1.8% for the same period last year [12] - C&I operating income margin was 5.6% for 2025 compared to 0.4% for the same period last year [12] Market Data and Key Metrics Changes - The demand for electricity continues to drive healthy bidding activity across both business segments [8] - A Deloitte report forecasts $1.4 trillion of capital investments in the U.S. power sector from 2025 to 2030, with power demand expected to increase by 10% to 17% from 2024 levels [18][19] - Non-residential construction spending in the U.S. increased by 3.9% from February 2024 to February 2025 [22] Company Strategy and Development Direction - The company emphasizes grid modernization and hardening as strong market drivers [9] - The focus remains on collaborating closely with customers and delivering safe, quality, and consistent results [9] - The company is strategically pursuing new opportunities while maintaining strong customer relationships [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of chosen markets due to increased electrification and investments in electrical infrastructure [9] - The company remains proactive and disciplined in adapting to market conditions and responding to industry changes [26] - Management highlighted the importance of investing in teams to drive value for customers and communities [26] Other Important Information - The company authorized a new $75 million share repurchase program, replacing the prior program [16] - The funded debt to EBITDA leverage ratio was 0.46x as of June 30, 2025 [16] Q&A Session Summary Question: Clarification on the new MSA with Xcel Energy - Management confirmed that the MSA is new scope and additional to existing agreements [29][30] Question: Inquiry about C&I backlog and its sequential decline - Management explained that the backlog is typically lumpy and reflects the normal progression of work [31][32] Question: Discussion on business footprint expansion and future MSA announcements - Management indicated that they are always looking for MSA opportunities while also pursuing other project types [36] Question: Update on solar market contributions to revenue - Management noted that solar work has declined to 4% of T&D revenues, with ongoing selective engagement in solar projects [49] Question: Capital allocation outlook regarding M&A versus buybacks - Management stated they are looking for the right acquisition opportunities while also considering stock buybacks [52][53] Question: Inquiry about investment spending in response to demand - Management confirmed they are monitoring capital expenditures but do not anticipate a significant increase [59] Question: Impact of tariffs and supply chain on project timelines - Management reported that while clients are issuing early notices to proceed, they have not seen significant project delays [60] Question: Update on growth expectations for T&D - Management maintained expectations for high single-digit growth in T&D for the year, excluding certain headwinds [66]

Financial Data and Key Metrics Changes - The company's second quarter 2025 revenues were $900 million, an increase of $71 million or 8.6% compared to the same period last year [10] - Net income for the second quarter was $27 million compared to a net loss of $15 million for the same period last year [14] - EBITDA for the second quarter was $56 million compared to negative $5 million for the same period last year [14] - Operating cash flow was $33 million compared to $23 million for the same period last year [15] - Free cash flow was $12 million compared to $3 million for the same period last year [15] Business Segment Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $506 million, an increase of 10% compared to the same period last year, with $305 million from transmission and $201 million from distribution [10] - Commercial and Industrial (C&I) revenues were $394 million, an increase of 6% compared to the same period last year [11] - T&D operating income margin was 8% for 2025 compared to an operating loss margin of 1.8% for the same period last year [12] - C&I operating income margin was 5.6% for 2025 compared to 0.4% for the same period last year [12] Market Data and Key Metrics Changes - Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago, with $927 million for T&D and $1.72 billion for C&I [14] - The U.S. power sector is forecasted to see $1.4 trillion in capital investments from 2025 to 2030, with power demand expected to increase by 10% to 17% from 2024 levels [18][19] Company Strategy and Development Direction - The company emphasizes grid modernization and hardening as strong market drivers, presenting opportunities for consistent success [8] - The focus remains on collaborating closely with customers while delivering safe, quality, and consistent results [8] - The company is committed to maintaining and expanding diverse customer relationships and adapting to market conditions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted a steady performance due to strong customer relationships and operational consistency [7] - The company is optimistic about ongoing success in chosen markets due to increased electrification and investments in electrical infrastructure [8] - Management highlighted the importance of being proactive and disciplined in a dynamic energy landscape [25][26] Other Important Information - The company has a strong funded debt to EBITDA leverage ratio of 0.46x as of June 30, 2025 [16] - A new $75 million share repurchase program was authorized, replacing the prior program [16] Q&A Session Summary Question: Inquiry about the new MSA with Xcel Energy - Management confirmed that the MSA is new scope and additional to existing agreements [29][30] Question: Follow-up on C&I backlog and its sequential decline - Management explained that the backlog is typically lumpy and reflects the normal progression of work [31][32] Question: Discussion on business footprint expansion and future MSA announcements - Management indicated that they are always looking for MSA opportunities but also pursue bidding work [37][38] Question: Update on solar market contributions to revenue - Management stated that solar work has declined to 4% of T&D revenues and remains a selective area [49][50] Question: Capital allocation outlook regarding M&A and buybacks - Management emphasized a disciplined approach to acquisitions while balancing organic growth and stock buybacks [52][53] Question: Operating environment improvements and CapEx spending - Management noted that they are monitoring CapEx needs but do not anticipate significant increases [60] Question: Supply chain issues affecting project timelines - Management reported that while schedules have not extended significantly, clients are engaging earlier to secure long lead equipment [61]

分组1 - MYR Group (MYRG) reported quarterly earnings of $1.7 per share, exceeding the Zacks Consensus Estimate of $1.56 per share, and showing a significant improvement from a loss of $0.91 per share a year ago, resulting in an earnings surprise of +8.97% [1] - The company achieved revenues of $900.33 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.74%, and reflecting a year-over-year increase from $828.89 million [2] - MYR has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 33.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.92 on revenues of $921.83 million, while for the current fiscal year, it is $6.59 on revenues of $3.46 billion [7] - The Electric Construction industry, to which MYR belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]