MYR(US:MYRG)2025-10-29 20:04Financial Performance - Third-quarter 2025 revenues reached $950.4 million, an increase of $62.4 million year-over-year[3] - Net income for the third quarter of 2025 was $32.1 million, or $2.05 per diluted share, compared to $10.6 million, or $0.65 per diluted share, in the same period of 2024[8] - Consolidated gross profit increased to $111.9 million in the third quarter of 2025, up from $77.3 million in the third quarter of 2024, with gross margin rising to 11.8% from 8.7%[4] - For the first nine months of 2025, revenues totaled $2.68 billion, an increase of $151.8 million compared to the same period in 2024[10] - 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[29] - The company reported a basic income per share of $2.07 for Q3 2025, compared to $0.65 for Q3 2024[27] - Net income for Q3 2025 increased to $32.1 million, compared to $10.6 million in Q3 2024, representing a 201.5% growth[31] Profitability Metrics - EBITDA for the third quarter of 2025 was $62.7 million, compared to $37.2 million in the third quarter of 2024[8] - Gross profit for Q3 2025 was $111.9 million, up 44.7% from $77.3 million in Q3 2024[27] - EBITDA for Q3 2025 was $62.7 million, a significant increase of 68.8% from $37.2 million in Q3 2024[35] - Free cash flow for Q3 2025 was $65.4 million, compared to $18.0 million in Q3 2024, marking a 264.5% increase[35] Expenses and Liabilities - Selling, general and administrative expenses (SG&A) rose to $65.9 million in the third quarter of 2025, up from $57.5 million in the same quarter of 2024[5] - Interest expense decreased to $1.4 million in the third quarter of 2025, down from $2.0 million in the third quarter of 2024[6] - Income tax expense for the third quarter of 2025 was $12.6 million, with an effective tax rate of 28.3%, compared to an income tax benefit of $7.9 million in the same quarter of 2024[7] - Total liabilities increased to $1.028 billion as of September 30, 2025, from $973.7 million at the end of 2024[25] Assets and Equity - Cash and cash equivalents increased to $76.2 million as of September 30, 2025, from $3.5 million at the end of 2024[29] - Total assets grew to $1.645 billion as of September 30, 2025, compared to $1.574 billion at the end of 2024[25] - The tangible book value per share increased to $27.51 as of September 30, 2025, from $24.34 in 2024[37] Backlog and Contract Revenues - The backlog as of September 30, 2025, was $2.66 billion, reflecting a 2.5% increase from $2.60 billion reported a year earlier[16] - Contract revenues for Q3 2025 reached $950.4 million, a 7.0% increase from $888.0 million in Q3 2024[27] - Contract revenues for Q3 2025 reached $950.4 million, a 7.0% increase from $888.0 million in Q3 2024[31] Capital Expenditures and Stock Repurchase - The company incurred $64.5 million in capital expenditures during the nine months ended September 30, 2025[29] - The company repurchased $75.0 million of common stock during the nine months ended September 30, 2025[29] Financial Ratios and Definitions - The funded debt to equity ratio improved to 0.12 in Q3 2025 from 0.16 in Q3 2024[35] - The company reported a tax rate of 28.3% for Q3 2025, compared to 42.5% for the last twelve months[31] - EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, and is used to evaluate operating performance[5] - Free cash flow is defined as cash flow from operating activities minus cash flow used in purchasing property and equipment[8] - Tangible book value is calculated by subtracting goodwill and intangible assets from shareholders' equity[10] - The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total shareholders' equity[12] - Asset turnover is calculated by dividing current period revenue by total assets at the beginning of the period[13] - Return on equity is calculated by dividing net income for the period by total shareholders' equity at the beginning of the period[15] - Average invested capital is calculated by adding net funded debt to total shareholders' equity and averaging the beginning and ending of each period[18]