MYR Group Q2 revenue hits record $708M, net income $19.7M; margins pressured

MYR GROUP INC.

2022-Q2 EPS reported $2.36 revenue$1,344,738,000

Revenue $708.1M, +9% YoY; net income $19.7M ($1.15 diluted EPS) vs $21.2M ($1.24) a year ago.
T&D segment revenue $415.2M (+27% YoY) on distribution projects and Powerline Plus; C&I revenue $292.9M (-9.3%).
Gross margin 11.4% vs 12.5% a year ago due to supply chain disruptions, inflation, COVID impacts, and a project adjustment.
Record backlog $2.44B, up 56% from $1.57B at June 30, 2021; T&D backlog $1.06B, C&I $1.38B.
EBITDA record $43.9M vs $41.2M in Q2 2021; borrowing availability $310.3M under $375M revolver.

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