MYR(US:MYRG)2025-10-29 20:07Financial Performance - Contract revenues for Q3 2025 reached $950.4 million, a 7.0% increase from $888.0 million in Q3 2024[13] - Gross profit for Q3 2025 was $111.9 million, up 44.7% from $77.3 million in Q3 2024[13] - Net income for Q3 2025 was $32.1 million, compared to $10.6 million in Q3 2024, representing a 201.5% increase[13] - Basic earnings per share for Q3 2025 were $2.07, significantly higher than $0.65 in Q3 2024[13] - The company reported a comprehensive income of $30.3 million for Q3 2025, compared to $12.0 million in Q3 2024[13] - For the nine months ended September 30, 2025, net income increased significantly to $81.9 million from $14.3 million in the same period of 2024, representing a growth of 472%[22] - Net cash flows provided by operating activities for the nine months ended September 30, 2025, were $211.7 million, compared to $66.0 million for the same period in 2024, indicating a substantial increase of 219%[22] - For the nine months ended September 30, 2025, total revenue was $2.68 billion, up from $2.53 billion in the same period of 2024[63] - Consolidated revenues for the nine months ended September 30, 2025, were $2.68 billion, a 5.9% increase from $2.53 billion in the same period of 2024[107] - Net income for the nine months ended September 30, 2025, was $81.9 million, compared to $14.3 million for the same period in 2024, representing a significant increase of 474%[107] - EBITDA for the nine months ended September 30, 2025, was $168.5 million, up from $72.3 million in 2024, indicating a growth of 133%[107] Assets and Liabilities - Total assets as of September 30, 2025, were $1.645 billion, an increase from $1.574 billion at the end of 2024[11] - Total current assets increased to $1.068 billion as of September 30, 2025, compared to $1.015 billion at the end of 2024[11] - Total liabilities rose to $1.028 billion as of September 30, 2025, up from $973.7 million at the end of 2024[11] - Shareholders' equity increased to $617.6 million as of September 30, 2025, compared to $600.4 million at the end of 2024[11] - Contract assets increased to $353.5 million as of September 30, 2025, up from $301.9 million at the end of 2024, reflecting a growth of 17.1%[39] - Contract liabilities decreased to $302.5 million as of September 30, 2025, down from $322.0 million at the end of 2024, showing a reduction of 6.0%[40] - The allowance for doubtful accounts associated with contract assets was $0.5 million as of September 30, 2025, compared to $0.4 million as of December 31, 2024[38] - Net contract assets improved to $50.9 million as of September 30, 2025, compared to a net liability of $(20.0) million as of December 31, 2024, reflecting a positive change of $70.9 million[41] - Total lease obligations increased to $46.99 million as of September 30, 2025, compared to $45.61 million as of December 31, 2024[44] - Total debt stood at $71.98 million as of September 30, 2025, down from $74.38 million as of December 31, 2024[50] Revenue Segments - The Company reported a fixed-price contract revenue of $541.8 million for the three months ended September 30, 2025, accounting for 57.0% of total revenue[62] - The T&D segment generated contract revenues of $503.4 million for the three months ended September 30, 2025, compared to $481.9 million in the same period of 2024, reflecting an increase of about 4.0%[93] - The C&I segment reported contract revenues of $447.0 million for the three months ended September 30, 2025, up from $406.2 million in the same period of 2024, marking an increase of approximately 10.1%[93] - Transmission & Distribution segment revenues increased by $41.0 million, or 2.9%, to $1.47 billion for the nine months ended September 30, 2025, compared to $1.43 billion in 2024[140] - Commercial & Industrial segment revenues grew by $110.9 million, or 10.1%, to $1.21 billion for the nine months ended September 30, 2025, compared to $1.10 billion in 2024[142] Operating Costs and Expenses - The company incurred operating costs of $2.56 billion for the nine months ended September 30, 2025, compared to $2.51 billion for the same period in 2024, reflecting an increase of approximately 2.0%[94] - Selling, general and administrative expenses (SG&A) for the three months ended September 30, 2025, were $65.9 million, up from $57.5 million in the same period in 2024, primarily due to increased employee compensation costs[122] Shareholder Actions - The company repurchased 639,207 shares of its common stock at a weighted-average price of $117.33 per share during the nine months ended September 30, 2025[101] - The company announced a new $75.0 million share repurchase program, which will expire on February 4, 2026, or when the authorized funds are exhausted[101] - The Company had $75.0 million available for share repurchases under its new program, reflecting a commitment to returning value to shareholders[183] Market and Operational Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[13] - The company continues to see strong activity in electric distribution markets, driven by increased storm activity and the need for system upgrades[108] Risk Factors - The company is exposed to market risks including fluctuations in interest rates, foreign exchange rates, and commodity prices, which could adversely affect its financial condition[174] - The company faces risks associated with climate change, including financial and physical risks from extreme weather events, which could disrupt operations and profitability[181] - The company is subject to potential liabilities related to warranty claims and faulty engineering, which may reduce profitability[181] Compliance and Controls - The company has effective disclosure controls and procedures as of September 30, 2025, ensuring the accuracy of financial reporting[177] - There were no changes in internal control over financial reporting that materially affected the company during the reporting period[178]