MYR(US:MYRG)2025-07-30 20:27Financial Performance - Contract revenues for Q2 2025 reached $900,325, an increase of 8.6% compared to $828,890 in Q2 2024[13] - Gross profit for Q2 2025 was $103,711, significantly up from $40,843 in Q2 2024, reflecting a gross margin improvement[13] - Net income for Q2 2025 was $26,466, compared to a net loss of $15,277 in Q2 2024, indicating a turnaround in profitability[13] - For the six months ended June 30, 2025, total revenue was $1.73 billion, up from $1.64 billion in the same period of 2024[63] - Net income for the six months ended June 30, 2025, was $49.8 million, compared to $3.7 million for the same period in 2024, representing a significant improvement[106] - EBITDA for the six months ended June 30, 2025, was $105.8 million, compared to $35.1 million for the same period in 2024[106] - The net income for the three months ended June 30, 2025, was $26.5 million, a recovery from a net loss of $15.3 million in the same period of 2024[92] Assets and Liabilities - Total assets as of June 30, 2025, were $1,586,982, a slight increase from $1,574,059 at the end of 2024[11] - Total liabilities increased to $1,003,748 as of June 30, 2025, compared to $973,699 at the end of 2024[11] - The company’s total shareholders' equity decreased to $583,234 as of June 30, 2025, from $600,360 at the end of 2024[11] - Retained earnings decreased to $434,598 as of June 30, 2025, down from $453,717 at the end of 2024[11] - Cash and cash equivalents at the end of the period increased to $22,956,000 from $1,869,000 at the end of June 2024[22] Revenue Segmentation - The T&D segment generated contract revenues of $506.3 million for the three months ended June 30, 2025, compared to $458.2 million in the same period of 2024, reflecting an increase of about 10.5%[92] - The C&I segment reported contract revenues of $394.1 million for the three months ended June 30, 2025, up from $370.7 million in the prior year, marking a growth of approximately 6.3%[92] - The T&D segment accounted for 55.8% of total revenues, while the C&I segment contributed 44.2% for the six months ended June 30, 2025[106] Expenses - Selling, general and administrative expenses for Q2 2025 were $63,313, slightly higher than $61,839 in Q2 2024[13] - SG&A expenses for the six months ended June 30, 2025, were $125.8 million, a slight increase from $124.1 million in the same period of 2024[133] - Interest expense for the three months ended June 30, 2025, was $1.9 million, up from $1.2 million in the same period of 2024[122] Cash Flow and Financing - Net cash flows provided by operating activities increased to $116,147,000 for the six months ended June 30, 2025, compared to $30,371,000 in 2024[22] - The company used net cash of $30.6 million in investing activities, primarily for capital expenditures of $34.3 million[148] - Financing activities resulted in a net cash outflow of $66.5 million, mainly due to $75.0 million in share repurchases[149] - The company has $383.3 million available under its revolving line of credit as of June 30, 2025, providing sufficient liquidity for short-term and long-term needs[150] Shareholder Actions - The company repurchased 639,207 shares at a weighted-average price of $117.33 per share during the six months ended June 30, 2025, exhausting substantially all authorized funds under the Repurchase Program[111] - The company announced a new share repurchase program on July 30, 2025, authorizing up to $75.0 million of outstanding shares, which will expire on February 4, 2026[183] Risks and Compliance - The Company is exposed to market risks including fluctuations in interest rates and foreign exchange rates, with no derivative instruments in use as of June 30, 2025[172][173] - The company faces risks associated with climate change, including financial and physical risks from extreme weather events[175] - The company may incur liabilities related to occupational health and safety matters, which could negatively impact its financial condition[175] - The Company was in compliance with all financial covenants under the Credit Agreement as of June 30, 2025, including a maximum Net Leverage Ratio of 3.0[53]