Arctic-Images Synopsis MYR Group (NASDAQ:MYRG) is a leading specialty contractor in the US and Canada that operates in the commercial, industrial, and electric utility infrastructure sectors. Over the last three years, MYRG's contract revenue has shown consistent growth. However, its margins over the same period have been contracting, but I do note that they were modest. Currently, there is a shift in the energy generation mix in the US and Canada, and this shift is anticipated to bolster MYRG's outlook. Ad ...

Kelly M. Huntington, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com THORNTON, Colo., May 15, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR Group") David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com (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 participate in the 2024 Sidoti Sma ...

THORNTON, Colo., May 13, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR Group") MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribu ...

THORNTON, Colo., May 06, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR Group" or the "Company") (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 a new share repurchase program ("Repurchase Program"). The Repurchase Program authorizes the Company to repurchase, in the aggregate, up to $75.0 million of its outstanding shares of common stock from time to ...

MYR Group Inc. (NASDAQ:MYRG) Q1 2024 Results Conference Call May 2, 2024 10:00 AM ET Company Participants David Gutierrez - Investor Relations, Dresner Corporate Services Rick Swartz - President and Chief Executive Officer Kelly Huntington - Chief Financial Officer Brian Stern - SVP and COO of MYR Group's Transmission & Distribution Segment Don Egan - SVP and COO, Commercial & Industrial Segment Conference Call Participants Ati Modak - Goldman Sachs Brian Brophy - Stifel Sangita Jain - KeyBanc Capital Marke ...

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, 2024 OR Commission file number: 1-08325 _____________________________________________________________ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to MYR GROUP INC. (Exact name of registrant as specified ...

Exhibit 99.1 MYR Group Inc. Announces First-Quarter 2024 Results Thornton, Colo., May 1, 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 first-quarter 2024 financial results. Highlights for First Quarter 2024 Management Comments Rick Swartz, MYR's President and CEO, said, "Our first quarter 2024 financials resulted i ...

THORNTON, Colo., April 29, 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 attend the 2024 Baird Global Consumer, Technology & Services Conference. MYR Group's Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Kelly Huntington, will meet with institutional investors during the Ba ...

THORNTON, Colo., April 23, 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 attend the KeyBanc Capital Markets 2024 Industrials & Basic Materials Conference. MYR Group's Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Kelly Huntington, will meet with institutional investors in B ...

Financial Data and Key Metrics Changes - The company reported record annual revenues of $3.6 billion for 2023, marking the ninth consecutive year of revenue growth [10] - Full year net income was $91 million, with EBITDA of $188 million [14] - Fourth quarter revenues reached $1 billion, an increase of 16% compared to the same period last year [14] - Gross margin for the fourth quarter was 9.7%, down from 11.1% year-over-year, primarily due to labor and project inefficiencies [17] - Operating cash flow for the fourth quarter was $43 million, a decrease from $94 million in the same period last year [23] Business Line Data and Key Metrics Changes - Transmission & Distribution (T&D) revenues were $592 million for the fourth quarter, a record high and an increase of 15% year-over-year [15] - C&I revenues reached $413 million for the fourth quarter, also a record high, reflecting an 18% increase compared to the same period last year [16] - T&D operating income margin was 7.2% for the fourth quarter, down from 8% year-over-year [18] - C&I operating income margin was 2.1% for the fourth quarter, down from 3.6% year-over-year [19] Market Data and Key Metrics Changes - The Clean Grid Initiative report forecasts electricity demand in the US to increase by 2.6% to 4.7% over the next five years, requiring $630 billion in near-term investment [11] - Data center growth is expected to exceed $150 billion through 2028, driven by increased use of artificial intelligence [12] - The solar market is projected to grow at an average of 14% annually over the next five years, despite facing headwinds in 2023 [29] Company Strategy and Development Direction - The company aims to leverage deep client relationships and pursue new opportunities in core markets such as data centers, transportation, and healthcare [10][12] - Focus on grid modernization, reliability improvement, and decarbonization as key market drivers for future growth [13] - The company plans to be selective in clean energy projects to ensure profitability while pursuing growth [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for electrification and the company's ability to capture growth opportunities [38] - The company anticipates high single-digit growth for 2024, with a focus on maintaining margins and operational efficiency [53] - Management acknowledged challenges from supply chain disruptions but noted improvements in material availability [58] Other Important Information - The company maintained a strong funded debt-to-EBITDA leverage ratio of 0.19 times as of December 31, 2023, indicating a solid balance sheet [102] - SG&A expenses for the fourth quarter were $60 million, reflecting an increase due to higher employee-related expenses [20] Q&A Session Summary Question: Concerns about ongoing project margin pressures - Management indicated that most issues were related to a few solar projects, which are expected to conclude by mid-2024, potentially alleviating margin pressures [49][50] Question: Growth expectations for 2024 - Management projected high single-digit growth for 2024, with a more significant contribution expected in the second half of the year [53] Question: Supply chain pinch points - Management noted improvements in supply chain conditions, particularly regarding transformers and panels, which had previously caused delays [58] Question: MSA agreements and utility trends - Management reported positive trends in MSA agreements, with utilities increasingly looking to lock in resources for ongoing projects [62] Question: Capital allocation towards M&A - Management expressed a balanced approach to acquisitions, being open to both transformative and tuck-in opportunities [66] Question: Top markets driving growth - Management highlighted data centers, healthcare, and transportation as key growth markets, with ongoing monitoring of electric vehicle infrastructure opportunities [86]