Group 1 - MYR Group Inc. will participate in the Sidoti Small-Cap virtual investor conference on March 19, 2025, with CEO Rick Swartz and CFO Kelly Huntington meeting institutional investors [1] - MYR Group operates as a holding company for specialty electrical contractors in the United States and Canada, divided into two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment provides services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, serving a diverse range of customers including utilities and independent power producers [2] - The C&I segment offers a wide array of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities such as airports, hospitals, and manufacturing plants [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 [4] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [4] - MYR Group provides a wide range of services including design, engineering, procurement, construction, maintenance, and repair for various electrical installations [4] Upcoming Financial Results - MYR Group will release its fourth quarter and full year 2024 results on February 26, 2025, after market close [1] - A conference call and simultaneous webcast to discuss the results is scheduled for February 27, 2025, at 8 a.m. Mountain time [1] Participation Details - Participants can join the conference call via telephone by registering in advance [2] - An audio-only webcast of the conference call will be accessible from the Investors page of MYR Group's website, with a replay available for seven days [3]

Core Viewpoint - MYR Group Inc. will participate in the Cantor Global Technology 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 for various facilities including airports, hospitals, and manufacturing plants [2]

Core Viewpoint - MYR Group Inc. will participate in the UBS Global Industrials and Transportation 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 for various facilities including airports, hospitals, and manufacturing plants [2].

Financial Data and Key Metrics Changes - Third quarter 2024 revenues were $888 million, a decrease of $52 million or 5.5% compared to the same period last year [12] - Gross margin was 8.7% for Q3 2024, down from 9.8% in the same period last year [14] - Net income for Q3 2024 was $11 million, compared to $22 million for the same period last year, with net income per diluted share at $0.65 compared to $1.28 [20] - Effective tax rate increased to 42.5% from 30.3% year-over-year [19] - Total backlog as of September 30, 2024, was $2.6 billion, 1% lower than a year ago [20] Business Line Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $482 million, a decrease of 12% year-over-year, with $277 million from Transmission and $205 million from Distribution [12] - Commercial and Industrial (C&I) revenues were $406 million, an increase of 4% compared to the same period last year [13] - T&D operating income margin was 3.6% for Q3 2024, down from 6.6% year-over-year, primarily due to losses on clean energy projects [14][15] - C&I operating income margin improved to 5% from 3.6% year-over-year, driven by higher margins on nearing completion projects [16] Market Data and Key Metrics Changes - U.S. investor-owned utilities are projected to invest between $186 billion and $203 billion in annual capital investments from 2024 to 2026 to meet electrification demand [10] - T&D spending is expected to increase by 30% from 2024 to 2026 compared to 2021 to 2023 [25] - Distribution spending increased by a record 18% in 2023 [25] Company Strategy and Development Direction - The company is focused on strengthening customer relationships and executing projects safely and reliably [11] - There is a commitment to pursuing long-term growth opportunities through strong bidding activity and expanding existing relationships [10] - The company remains selective in taking on solar projects, focusing on favorable terms and conditions [42][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the T&D industry outlook and the potential for future opportunities due to increased electrification and clean energy transition [26][28] - The company anticipates that problematic projects will be resolved by year-end, allowing for improved margins moving forward [39][40] - Management expects to operate within the midpoint of long-term margin ranges in 2025, barring impacts from current problem projects [39][40] Other Important Information - Third quarter 2024 operating cash flow was $36 million, an increase from $13 million year-over-year [21] - Free cash flow was positive $18 million compared to negative $10 million in the same period last year [21] - The company repurchased 526,000 shares at an average price of $111.65 during the quarter, exhausting its current share repurchase program [22] Q&A Session Summary Question: Impact of change orders on margins for clean energy projects - Management indicated ongoing discussions regarding change orders and expects to resolve impacts from problematic projects by year-end [37][38] Question: T&D backlog and solar project terms - Management noted a decline in solar project backlog while core T&D business backlog is growing, emphasizing selectivity in project acceptance [42][43] Question: Margin progression from Q3 to Q4 - Management expects margins to improve as problematic projects reach completion, aiming for mid-range operating margins [45][46] Question: Free cash flow performance - Positive free cash flow was attributed to project timing and modest reversals on retainage balances [46] Question: C&I backlog drivers - Management highlighted a balanced portfolio with various market activities contributing to C&I backlog strength [59] Question: Capital deployment priorities - The company is focused on organic growth and potential tuck-in acquisitions while remaining opportunistic with share repurchases [60] Question: Pursuit of solar work - Management confirmed continued pursuit of solar projects but with a selective approach based on favorable terms [62]

MYR Group (MYRG) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $1.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 160%. A quarter ago, it was expected that this electrical construction services provider would post earnings of $1.07 per share when it actually produced a loss of $0.91, delivering a surprise of -185.05%. Over the last ...

THORNTON, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (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 today its thirdquarter and first nine-months 2024 financial results. Highlights for Third Quarter 2024 Quarterly revenues of $888.0 million Quarterly net income of $10.6 million, or $0.65 per diluted share Quarterly EBITDA of $37.2 mill ...

Exhibit 99.1 MYR Group Inc. Announces Third-Quarter and First Nine-Months 2024 Results Thornton, Colo., October 30, 2024 – MYR Group Inc. ("MYR") (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 today its third-quarter and first nine-months 2024 financial results. Highlights for Third Quarter 2024 • Quarterly revenues of $888.0 million • Quarterly net incom ...

Group 1 - MYR Group Inc. is a holding company specializing in electrical contracting services in the U.S. and Canada, focusing on Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments [2] - The T&D segment provides comprehensive services including design, engineering, procurement, construction, maintenance, and repair for electric transmission, distribution networks, and clean energy projects [2] - The C&I segment offers a wide range of services for commercial and industrial wiring, catering to various facilities such as airports, hospitals, and manufacturing plants [2] Group 2 - MYR Group will participate in the 2024 Stephens Annual Investment Conference, where its CEO and CFO will meet with institutional investors [1] - The conference is scheduled for November 20, 2024, in Nashville, Tennessee, and is exclusive to Stephens clients [1]

THORNTON, Colo., Oct. 16, 2024 (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 third-quarter 2024 results on Wednesday, Oct. 30, 2024, after the market closes. In conjunction with the release, MYR Group has scheduled a conference call and simultaneous webcast to discuss results on Thursda ...