MYR(US:MYRG)2025-04-30 20:02Financial 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].