secwatch.observer — SEC 8-K summary
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Issuer:     MYR GROUP INC. (MYRG)
CIK:        0000700923
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000700923-24-000027
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MYR Group Q1 2024 revenue up 0.5% to $815.6M; EPS falls to $1.12; backlog down 9%
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- Revenue $815.6M (+0.5% YoY); net income $18.9M ($1.12 diluted) vs $23.2M ($1.38) YoY.
- T&D segment revenue $490.4M (+10.1% YoY); C&I segment $325.2M (-11.2% YoY) due to project delays.
- Gross margin improved to 10.6% from 10.4%, but net income fell on higher SG&A and interest expense.
- Backlog $2.43B, down 9.1% from $2.67B a year ago and down from $2.51B at Q4 2023.
- Management cites near-term supply chain/regulatory challenges but healthy bidding activity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000027/0000700923-24-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000027/myrg-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000700923-24-000027

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer