MYR Group reports record Q3 revenue $939.5M, diluted EPS $1.28 up 17.4% YoY

MYR GROUP INC.

2023-Q3 EPS reported $3.98 revenue$2,639,708,000

Revenue $939.5M (+17.5% YoY); net income $21.5M ($1.28 diluted EPS) vs $18.4M ($1.09) in Q3 2022.
T&D segment revenue $548.6M (+21.4% YoY) and C&I segment $390.9M (+12.4% YoY).
Consolidated gross margin 9.8% vs 10.8% due to labor inefficiencies, supply chain, weather.
Backlog $2.62B at Sep 30, 2023, up 5.7% from $2.48B a year ago; T&D backlog $1.14B, C&I $1.48B.
EBITDA $47.0M vs $40.3M; interest expense up due to higher rates; effective tax rate 30.3%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.99

MYR GROUP INC. reported third quarter 2023 results: net income net income was $21.5 million, EPS $1.28 per diluted share.

Period: third quarter 2023
Net income: net income was $21.5 million
EPS: $1.28 per diluted share
Result: reported results

Exact text from the filing

MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its third-quarter and first nine-months 2023 financial results. Highlights for Third Quarter 2023 • Record quarterly revenues of $939.5 million • Quarterly net income of $21.5 million, or $1.28 per diluted share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

MYR GROUP INC. reported third quarter 2023 results: net income net income was $21.5 million, EPS $1.28 per diluted share.

Period: third quarter 2023
Net income: net income was $21.5 million
EPS: $1.28 per diluted share
Result: reported results

Exact text from the filing

For the third quarter of 2023, net income was $21.5 million, or $1.28 per diluted share, compared to $18.4 million, or $1.09 per diluted share, for the same period of 2022.

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Source: SEC EDGAR

accession 0000700923-23-000063

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