Financial Data and Key Metrics Changes - The company's first quarter 2025 revenues were $834 million, an increase of $18 million or 2.2% compared to the same period last year [10] - Net income for the first quarter was $23 million, compared to $19 million for the same period last year, with net income per diluted share increasing by 29% to $1.45 [15] - EBITDA for the first quarter was $50 million, up from $40 million year-over-year [15] - Operating cash flow was $83 million, significantly higher than $8 million for the same period last year [16] - Free cash flow was $70 million, compared to negative free cash flow of $18 million for the same period last year [16] Business Segment Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $462 million, a decrease of 5.8% year-over-year, with transmission revenues at $270 million and distribution revenues at $192 million [10] - Commercial and Industrial (C&I) revenues were $372 million, an increase of 14.4% year-over-year, driven by fixed price contracts and T&E contracts [11] - T&D operating income margin improved to 7.8% from 6.1% year-over-year, while C&I operating income margin increased to 4.7% from 3.5% [12] Market Data and Key Metrics Changes - Total backlog as of March 31, 2025, was $2.64 billion, a 9% increase from the previous year, with T&D segment backlog at $873 million and C&I segment backlog at $1.77 billion [15] - The utility market is seeing significant investments, with new transmission projects approved amounting to $5.9 billion and additional plans of $6.7 billion [18][19] Company Strategy and Development Direction - The company aims to remain a strong partner while executing projects with superior quality, focusing on operational consistency and long-term growth [8][9] - There is a commitment to strategically pursue new opportunities in response to growing electrification demand [8] - The company plans to continue investing in the safety and development of its teams, which are seen as critical to success [26] Management's Comments on Operating Environment and Future Outlook - Management noted that conversations with clients remain active, with no significant pullback observed despite discussions around tariffs and inflation [31] - The company expects to maintain a mid-range margin profile for the year, targeting 7% to 10.5% [43] - Management remains optimistic about growth opportunities in core markets, particularly in data centers and clean energy [23][24] Other Important Information - The company has a strong funded debt to EBITDA leverage ratio of 0.68 times as of March 31, 2025, indicating a solid financial position [17] - The company has exhausted its current share repurchase program, with no new program announced at this time, focusing instead on organic growth and potential acquisitions [32][33] Q&A Session Summary Question: Inquiry about C&I backlog and pipeline of opportunities - Management indicated active conversations with clients and no observed pullback in the market, maintaining a positive outlook [31] Question: Capital allocation priorities and share repurchase plans - The company prioritizes growth and is open to share repurchase if market conditions allow, but no new program is currently in place [32][33] Question: Impact of tariffs on cost profile and margins - Management acknowledged potential impacts from tariffs but emphasized that current contracts have stronger language to mitigate risks [67][68] Question: Future revenue growth expectations - Management expects higher single-digit growth for the core T&D segment, excluding solar, with a focus on maintaining margin profiles [57][58] Question: Details on a sizable transmission project in Virginia - The project is classified as midsized, with revenue expected to be recognized by the end of the year or early next year [66]

Financial Data and Key Metrics Changes - The company's first quarter 2025 revenues were $834 million, an increase of $18 million or 2.2% compared to the same period last year [8] - First quarter net income was $23 million, compared to $19 million for the same period last year, with net income per diluted share increasing 29% to $1.45 from $1.12 [14] - EBITDA for the first quarter was $50 million, up from $40 million year-over-year [14] - Operating cash flow was $83 million, significantly higher than $8 million for the same period last year [15] - Free cash flow was $70 million, compared to negative free cash flow of $18 million for the same period last year [15] Business Line Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $462 million, a decrease of 5.8% year-over-year, with transmission revenues at $270 million and distribution revenues at $192 million [9] - Commercial and Industrial (C&I) revenues were $372 million, an increase of 14.4% year-over-year, driven by fixed price contracts and T&E contracts [10] - T&D operating income margin improved to 7.8% from 6.1% year-over-year, while C&I operating income margin increased to 4.7% from 3.5% [11][12] Market Data and Key Metrics Changes - Total backlog as of March 31, 2025, was $2.64 billion, a 9% increase from the previous year, with T&D segment backlog at $873 million and C&I segment backlog at $1.77 billion [14] - The utility market is seeing significant opportunities, including $5.9 billion in new transmission projects approved by PJM and $6.7 billion in MISO transmission planning [17][18] Company Strategy and Development Direction - The company remains committed to operational consistency and expanding customer relationships through master service agreements and strategic pursuits [6] - There is a focus on capturing growth opportunities in electrical infrastructure due to increasing demand for electrification [6] - The company plans to continue investing in the development and safety of its teams, which are seen as critical to success [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the active market and ongoing conversations with clients, indicating no current pullback in project commitments [31] - The company is monitoring macroeconomic factors such as tariffs and inflation but has not seen significant impacts on its core business [50] - Future growth is anticipated in core markets, particularly in data centers, healthcare, and clean energy, with positive forecasts for 2025 [22] Other Important Information - The company has maintained a strong funded debt to EBITDA leverage ratio of 0.68 times as of March 31, 2025 [16] - SG&A expenses increased to $62.5 million, primarily due to higher employee-related expenses [12] Q&A Session Summary Question: Inquiry about C&I backlog and pipeline of opportunities - Management noted active conversations with clients and no signs of pullback, indicating a positive outlook for the market [31] Question: Capital allocation priorities and share repurchase plans - The company is prioritizing growth and is not announcing another share repurchase program at this time, but remains flexible to market conditions [32][33] Question: Impact of tariffs on clean energy projects - Management acknowledged potential pauses in some geographic areas but emphasized that the core business remains strong [50] Question: Free cash flow expectations for the rest of the year - Management highlighted a strong financial position but noted variability in free cash flow conversion due to project timing and payment terms [36] Question: CapEx decisions and purchasing strategies - The company indicated that lower CapEx in the first quarter was due to timing and that they continue to use a mix of purchasing and rental strategies for equipment [55] Question: Expectations for T&D revenue growth and solar project impacts - Management confirmed expectations for mid-single-digit growth in the core T&D segment, with solar projects presenting a headwind [58][61]

Core Viewpoint - MYR Group (MYRG) reported quarterly earnings of $1.45 per share, exceeding the Zacks Consensus Estimate of $1.23 per share, and showing an increase from $1.12 per share a year ago, indicating a 17.89% earnings surprise [1][2] Financial Performance - MYR posted revenues of $833.62 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.16%, compared to $815.56 million in the same quarter last year [2] - Over the last four quarters, the company has exceeded consensus EPS estimates three times and topped revenue estimates once [2] Stock Performance - MYR shares have declined approximately 15.6% since the beginning of the year, while the S&P 500 has decreased by 5.5% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.58 on revenues of $826.3 million, and for the current fiscal year, it is $6.22 on revenues of $3.43 billion [7] - The estimate revisions trend for MYR is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Electric Construction industry, to which MYR belongs, is currently ranked in the top 2% of over 250 Zacks industries, suggesting strong performance potential [8]

Core Viewpoint - MYR Group Inc. reported solid financial results for the first quarter of 2025, with increases in revenue, net income, and consolidated gross profit compared to the same period in 2024, reflecting strong demand in the electric utility infrastructure sector [2][3]. Financial Performance - First quarter 2025 revenues reached $833.6 million, an increase of $18.0 million from the first quarter of 2024 [3][9]. - The Transmission and Distribution (T&D) segment generated revenues of $461.8 million, a decrease of $28.6 million from the previous year, primarily due to a $44.1 million drop in transmission project revenues [3]. - The Commercial and Industrial (C&I) segment reported revenues of $371.9 million, an increase of $46.7 million from the first quarter of 2024 [3]. - Consolidated gross profit increased to $96.9 million, up from $86.2 million in the same quarter of 2024, with gross margin rising to 11.6% from 10.6% [4]. - Net income for the first quarter was $23.3 million, or $1.45 per diluted share, compared to $18.9 million, or $1.12 per diluted share, in the prior year [8][9]. Backlog and Market Activity - As of March 31, 2025, MYR Group's backlog was $2.64 billion, an increase of $214.9 million, or 8.9%, from $2.43 billion reported a year earlier [10]. - The T&D backlog stood at $872.5 million, while the C&I backlog was $1.77 billion, indicating strong future project commitments [10]. Cost and Expense Management - Selling, general and administrative expenses rose to $62.5 million, slightly up from $62.2 million in the first quarter of 2024, primarily due to increased employee-related expenses [5]. - Interest expense increased to $1.4 million, attributed to higher average outstanding debt balances, although offset by lower interest rates [6]. Tax and Earnings Metrics - Income tax expense for the first quarter was $9.5 million, with an effective tax rate of 28.9%, compared to $4.2 million and 18.0% in the prior year [7]. - EBITDA for the first quarter was $50.2 million, compared to $39.8 million in the same quarter of 2024, reflecting improved operational performance [8][27].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-08325 _____________________________________________________________ MYR GROUP INC. (Exact name of registrant as specified ...

Financial Performance - MYR Group reported first-quarter 2025 revenues of $833.6 million, an increase of $18.0 million compared to the first quarter of 2024[4]. - Net income for the first quarter of 2025 was $23.3 million, or $1.45 per diluted share, compared to $18.9 million, or $1.12 per diluted share, for the same period of 2024[9]. - Consolidated gross profit increased to $96.9 million for the first quarter of 2025, up from $86.2 million for the first quarter of 2024, with gross margin rising to 11.6% from 10.6%[5]. - First-quarter 2025 EBITDA was $50.2 million, compared to $39.8 million in the first quarter of 2024[9]. - Contract revenues for Q1 2025 were $833,620,000, an increase of 2.6% from $815,562,000 in Q1 2024[22]. - Gross profit for Q1 2025 was $96,901,000, up 12.3% from $86,243,000 in Q1 2024[22]. - Net income for Q1 2025 increased to $23,308,000, representing a 23.5% rise compared to $18,939,000 in Q1 2024[22]. - Basic income per share rose to $1.46 in Q1 2025, compared to $1.13 in Q1 2024, reflecting a 29.2% increase[27]. - Operating income for Q1 2025 was $34,290,000, a 41.3% increase from $24,271,000 in Q1 2024[27]. - Cash flows provided by operating activities significantly improved to $83,286,000 in Q1 2025, compared to $7,690,000 in Q1 2024[24]. - EBITDA for the three months ended March 31, 2025, was $50,183,000, an increase from $39,838,000 in the same period of 2024, representing a growth of 25.8%[29]. - Free Cash Flow for the three months ended March 31, 2025, was $70,220,000, compared to a negative cash flow of $(18,093,000) in the same period of 2024[29]. Segment Performance - The Transmission and Distribution (T&D) segment reported quarterly revenues of $461.8 million, a decrease of $28.6 million from the first quarter of 2024, while the Commercial and Industrial (C&I) segment reported revenues of $371.9 million, an increase of $46.7 million[4]. - The Transmission & Distribution segment generated $461,769,000 in revenues, accounting for 55.4% of total contract revenues in Q1 2025[27]. Expenses and Taxation - Selling, general and administrative expenses increased to $62.5 million for the first quarter of 2025, compared to $62.2 million for the first quarter of 2024[6]. - Interest expense rose to $1.4 million in the first quarter of 2025, compared to $1.1 million for the first quarter of 2024[7]. - Income tax expense was $9.5 million for the first quarter of 2025, with an effective tax rate of 28.9%, compared to $4.2 million and an effective tax rate of 18.0% for the first quarter of 2024[8]. - The company reported a tax rate of 28.9% for Q1 2025, compared to 18.0% in Q1 2024[27]. Balance Sheet and Cash Flow - The backlog at the end of the first quarter was $2.64 billion, reflecting an increase of $214.9 million, or 8.9%, from $2.43 billion reported at March 31, 2024[10]. - Total assets as of March 31, 2025, were $1,522,061,000, down from $1,574,059,000 as of March 31, 2024[27]. - MYR Group had $379.4 million of borrowing availability under its $490 million revolving credit facility as of March 31, 2025[12]. - Net Cash Flow from Operating Activities for the three months ended March 31, 2025, was $83,286,000, significantly up from $7,690,000 in the same period of 2024[29]. Shareholder Metrics - The company repurchased $75,000,000 of common stock during Q1 2025[24]. - Net income for the last twelve months ended March 31, 2025, was $34,632,000, down from $86,766,000 in the previous year, reflecting a decrease of 60%[29]. - Book Value per Period End Share decreased to $35.21 as of March 31, 2025, from $39.30 as of March 31, 2024, a decline of 7.4%[31]. - Tangible Book Value as of March 31, 2025, was $361,083,000, down from $466,406,000 in 2024, indicating a decrease of 22.5%[31]. - The Funded Debt to Equity Ratio increased to 0.16 as of March 31, 2025, compared to 0.06 in the previous year, indicating higher leverage[29]. - Return on Assets for the last twelve months was 2.2%, down from 6.4% in the previous year, showing a decline in asset efficiency[29]. - Return on Equity decreased to 5.2% for the last twelve months, compared to 15.0% in the previous year, indicating reduced profitability for shareholders[29]. - Average Invested Capital for the last twelve months was $661,338,000, compared to $626,963,000 in the previous year, reflecting an increase of 5.5%[31].

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 [2] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - MYR Group subsidiaries have the expertise to complete electrical installations of any type and size [2] Transmission & Distribution (T&D) Segment - The T&D segment provides services on electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure [2] - Comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance, and repair services [2] - T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners, and other contractors [2] Commercial & Industrial (C&I) Segment - The C&I segment offers a broad range of services including design, installation, maintenance, and repair of commercial and industrial wiring [2] - C&I services are generally provided for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization, and electric vehicle charging infrastructure [2] - C&I customers include general contractors, commercial and industrial facility owners, government agencies, and developers [2] Upcoming Investor Conference - MYR Group will attend the Bank of America Power, Utilities & Alternative Energy investor conference on May 29, 2025, in New York City [1] - The company's CEO, Rick Swartz, and CFO, Kelly Huntington, will meet with institutional investors during the conference [1] - This event is exclusively available to Bank of America clients [1]

Group 1 - MYR Group Inc. is a holding company specializing in electrical contracting services in the United States and Canada, focusing on Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments [2] - The company will participate in the KeyBanc Industrials & Basic Materials investor conference on May 28, 2025, where its CEO and CFO will meet with institutional investors [1] - MYR Group's T&D segment offers comprehensive services including design, engineering, procurement, construction, upgrade, maintenance, and repair for electric transmission and distribution networks, as well as clean energy projects [2] Group 2 - The C&I segment of MYR Group provides a wide range of services for commercial and industrial wiring, including installations for airports, hospitals, data centers, and clean energy projects [2] - MYR Group's customer base includes investor-owned utilities, cooperatives, private developers, government-funded utilities, and general contractors [2] - The company emphasizes its expertise in completing electrical installations of various types and sizes, catering to diverse sectors [2]

Core Viewpoint - MYR Group (MYRG) is positioned to continue its earnings-beat streak, having shown significant surprises in recent earnings reports, particularly in the electric construction industry [1]. Earnings Performance - In the most recent quarter, MYR reported earnings of $0.99 per share, exceeding the expected $0.30 per share, resulting in a surprise of 230% [2]. - For the previous quarter, MYR's earnings were $0.65 per share against an expectation of $0.25 per share, leading to a surprise of 160% [2]. Earnings Estimates and Predictions - Recent estimates for MYR have been increasing, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of another earnings beat [5]. - The current Earnings ESP for MYR is +8.13%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [8]. Zacks Rank and Success Rate - MYR holds a Zacks Rank of 2 (Buy), which, when combined with a positive Earnings ESP, indicates a high probability of beating earnings estimates [8]. - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% success rate in producing positive surprises [6]. Upcoming Earnings Report - The next earnings report for MYR is expected to be released on April 30, 2025 [8].

THORNTON, Colo., April 16, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR Group") (NASDAQ:MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will release its first quarter 2025 results on Wednesday, April 30, 2025, after the market closes. In conjunction with the release, MYR Group has scheduled a conference call and simultaneous webcast to discuss results on Thursd ...