secwatch.observer — SEC 8-K summary
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Issuer:     MYR GROUP INC. (MYRG)
CIK:        0000700923
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0000700923-24-000007
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MYR Group reports Q4 2023 record revenue $1.00B, FY 2023 net income $91.0M, EPS $5.40
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- Q4 revenues $1.00B, +16.2% YoY; Q4 net income $24.0M ($1.43 diluted EPS), down 2.2% from $24.6M in Q4 2022.
- Full-year revenues $3.64B, +21.1% YoY; net income $91.0M ($5.40 diluted EPS) vs $83.4M ($4.91) in 2022.
- T&D segment Q4 revenues $591.5M (+15.2% YoY), C&I segment Q4 revenues $412.7M (+17.8% YoY); both segment records.
- Gross margin declined to 9.7% in Q4 (from 11.1%) and 10.0% for full year (from 11.4%) due to project inefficiencies and supply chain disruptions.
- Backlog $2.51B as of Dec 31, 2023, up $10.6M from $2.50B a year ago; T&D $959.6M, C&I $1.55B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000007/0000700923-24-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000007/myrg-20240228.htm
  HTML page:      https://secwatch.observer/filing/0000700923-24-000007

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