MYR Group Inc. Announces Fourth Quarter and Full Year 2024 Results

Core Viewpoint - MYR Group Inc. reported a decline in both fourth quarter and full year 2024 financial results, alongside a new $75 million share repurchase program aimed at enhancing shareholder value [1][25]. Financial Performance - Fourth quarter 2024 revenues were $829.8 million, down $174.4 million or 17.4% from the same period in 2023 [3][6]. - Full year 2024 revenues totaled $3.36 billion, a decrease of $281.6 million or 7.7% compared to $3.64 billion in 2023 [13][22]. - Fourth quarter net income was $16.0 million, or $0.99 per diluted share, compared to $24.0 million, or $1.43 per diluted share, in the fourth quarter of 2023 [12][22]. - Full year net income for 2024 was $30.3 million, or $1.83 per diluted share, down from $91.0 million, or $5.40 per diluted share, in 2023 [22]. Segment Performance - The Transmission & Distribution (T&D) segment reported fourth quarter revenues of $450.0 million, a decrease of $141.5 million or 23.9% from the fourth quarter of 2023 [3][39]. - The Commercial & Industrial (C&I) segment had quarterly revenues of $379.8 million, down $32.9 million or 8.0% from the same period in 2023 [3][39]. - For the full year, T&D revenues were $1.88 billion, a decrease of $208.7 million or 10.0%, while C&I revenues were $1.48 billion, down $72.9 million or 4.7% [13][22]. Profitability Metrics - Consolidated gross profit for the fourth quarter of 2024 was $85.9 million, down from $97.5 million in the fourth quarter of 2023, with a gross margin increase to 10.4% from 9.7% [4][6]. - Full year gross profit was $290.3 million, compared to $364.4 million in 2023, with gross margin decreasing to 8.6% from 10.0% [14][22]. - T&D operating income margin for the fourth quarter was 6.7%, down from 7.2% in the same quarter of 2023 [5][39]. - C&I operating income margin improved to 3.9% from 2.1% year-over-year [7][39]. Backlog and Market Outlook - As of December 31, 2024, MYR's backlog was $2.58 billion, slightly down from $2.60 billion as of September 30, 2024, but up 2.5% from $2.51 billion a year earlier [23]. - The company noted a steady backlog reflecting a healthy bidding environment and ongoing infrastructure investments to meet electrification demands in the U.S. and Canada [2]. Share Repurchase Program - The Board of Directors approved a new share repurchase program allowing for the repurchase of up to $75 million of common stock, which will expire on September 5, 2025, or when the authorized funds are exhausted [25].