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 ...

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]

Revenue and Customer Concentration - For the year ended December 31, 2023, the top 10 customers accounted for 37.9% of total revenues, up from 35.4% in 2022 and 34.9% in 2021[27] - Revenues from T&D customers represented 57.3% of total revenues in 2023, while C&I customers accounted for 42.7%[28] - Contract revenues for 2023 reached $3,643,905, an increase of 21.1% from $3,008,542 in 2022[277] - The transmission segment generated $1.38 billion in revenue, representing 37.9% of total revenue for 2023, an increase from 36.0% in 2022[370] Financial Performance - Gross profit for 2023 was $364,397, up from $343,962 in 2022, reflecting a gross margin improvement[277] - Net income attributable to MYR Group Inc. for 2023 was $90,990, representing an increase of 9.7% compared to $83,381 in 2022[277] - Basic earnings per share increased to $5.45 in 2023 from $4.98 in 2022, while diluted earnings per share rose to $5.40 from $4.91[277] - Total revenue for 2023 was $3.64 billion, an increase from $3.01 billion in 2022, representing a growth of 21.1%[370] - Income before income taxes for 2023 was $125.0 million, compared to $114.2 million in 2022, reflecting a year-over-year increase of 9.8%[374] Assets and Liabilities - Total assets as of December 31, 2023, were $1,578,746, a 12.9% increase from $1,398,858 in 2022[274] - Total liabilities increased to $927,544 in 2023, up from $838,658 in 2022, indicating a rise of 10.6%[274] - Shareholders' equity grew to $651,202 in 2023, compared to $560,200 in 2022, marking a 16.3% increase[274] - Accounts receivable increased to $521,893 in 2023, up from $472,543 in 2022, reflecting a growth of 10.5%[274] Backlog and Project Management - As of December 31, 2023, the total backlog is estimated at $2,512,399, with $2,078,260 expected to be recognized within the next 12 months[47] - The company’s backlog includes projects with a written award, letter of intent, or notice to proceed, but may not accurately represent future revenue due to the nature of contract cancellations[46] - The estimated remaining cost to complete bonded projects for both segments was approximately $726.1 million as of December 31, 2023[44] Employee and Labor Relations - The company employs approximately 9,000 individuals, with about 7,300 being craft employees, and 84% of craft employees are union members[58] - Approximately 84% of the Company's craft labor employees were covered by collective bargaining agreements as of December 31, 2023[323] - The Company participates in multiemployer defined benefit pension plans covering union-represented employees from over 300 local unions[404] Compliance and Regulatory Environment - The company is subject to various regulations that may require material investments in compliance processes, training, and technology[51] - The company believes it is in substantial compliance with environmental laws, which should not materially affect its financial condition[53] - The company does not expect continued compliance with regulations to have a material effect on capital expenditures or earnings[51] Debt and Interest Rates - As of December 31, 2023, the company had $13.2 million in borrowings under its Facility, which are subject to variable interest rates[249] - A permanent increase of 1% in market interest rates would decrease future income before provision for income taxes and cash flows by approximately $0.1 million annually[249] - Borrowings under revolving lines of credit increased significantly to $562,901,000 in 2023 from $198,697,000 in 2022[282] Stock and Compensation - The Company recognized stock-based compensation expense of approximately $8.4 million for the year ended December 31, 2023, an increase from $7.9 million in 2022[402] - Time-vested stock awards granted in 2023 had an outstanding unvested balance of 80,738 shares with a weighted average grant date fair value of $105.50[396] - Performance awards granted in 2023 had an outstanding unvested balance of 59,118 shares with a weighted average grant date fair value of $128.29[401] Insurance and Risk Management - The Company's insurance expense, including premiums for various coverages, was $88.3 million for the year ended December 31, 2023, compared to $77.1 million in 2022, reflecting a year-over-year increase of 15.4%[381] - The balance of accrued short- and long-term insurance liabilities at the end of 2023 was $80.065 million, slightly up from $80.039 million at the end of 2022[381] Acquisitions and Goodwill - The acquisition of Powerline Plus Ltd. was completed for a cash consideration of $110.7 million, net of cash acquired[328] - The Company performed a qualitative assessment of goodwill and intangible assets with indefinite lives in 2023 and determined no impairment was necessary[319]

Thornton, Colo., February 28, 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 fourth-quarter and full year 2023 financial results. Fourth Quarter 2023 Highlights Full Year 2023 Highlights Management Comments Exhibit 99.1 MYR Group Inc. Announces Fourth-Quarter and Full Year 2023 Results Rick Swartz, MYR's President a ...

Financial Data and Key Metrics Changes - Third quarter 2023 revenues reached $939 million, a record high, representing an increase of $140 million or 17% compared to the same period last year [19] - Gross margin for Q3 2023 was 9.8%, down from 10.8% in the same period last year, primarily due to labor and project inefficiencies, supply chain disruptions, and rising costs associated with inflation [20] - Net income for Q3 2023 was $22 million, compared to $18 million for the same period last year, with net income per diluted share increasing 17% to $1.28 [34] - Total backlog as of September 30, 2023, was $2.62 billion, a 6% increase year-over-year [34] Business Line Data and Key Metrics Changes - The Commercial & Industrial (C&I) segment reported revenues of $391 million, a record high and a 12% increase compared to the same period last year, driven by clean energy projects [32] - The Transmission & Distribution (T&D) segment achieved revenues of $549 million, a record high, with a 21% increase year-over-year, attributed to higher revenue from transmission projects [56] - C&I operating margin improved to 3.6% from 3.1% year-over-year, while T&D operating margin decreased to 6.6% from 7.6% due to labor inefficiencies and project delays [33][57] Market Data and Key Metrics Changes - The North American electric transmission market is projected to grow from over $43 billion in 2022 to as high as $67 billion by 2027, with significant investments expected in Texas and California [12] - Demand for data center projects is forecasted to grow by 10% year-over-year, reaching 35 gigawatts by 2030, indicating strong market potential for the company [39] Company Strategy and Development Direction - The company is focused on expanding existing relationships with preferred clients and strategically bidding on projects to maintain a steady backlog and potential growth [18] - There is a commitment to adapt to market conditions and invest in team development to maintain industry leadership [42] - The company is selectively pursuing projects in a strong market while being cautious due to supply chain challenges and rising labor costs [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future demand for electrical infrastructure and clean energy initiatives, which are expected to create growth opportunities [30] - The company is monitoring supply chain constraints and working closely with vendors to mitigate challenges [61] - Management acknowledged the impact of rising interest rates on customer payment behaviors, which may affect cash flow [46] Other Important Information - Third quarter 2023 operating cash flow was $13 million, slightly down from $14 million in the same period last year, while free cash flow was negative $10 million compared to negative $4 million last year [22] - The company maintains a strong funded debt to EBITDA leverage ratio of 0.33 times as of September 30, 2023, indicating a solid financial position [59] Q&A Session Summary Question: Impact on gross margin from estimate revisions on fixed price contracts - The impact was primarily in the T&D segment, mainly on solar projects due to weather impacts and rising labor costs [70] Question: Expectations for Q4 margins compared to Q3 - Q3 margins were affected by one-time issues, and Q4 is expected to show improvement, although some clean energy projects may continue to carry lower margins [71] Question: Context on increasing unbilled receivables balance - The increase is related to company growth and project timing, with a 12% rise in contract retainage noted [73] Question: Future work market outlook - The market remains strong, but the company will be selective in project bidding due to supply chain issues and rising costs [78] Question: Free cash flow and capital expenditures - Negative free cash flow is attributed to higher capital expenditures aligned with growth, particularly in the T&D segment [80]