MYR Group Q2 net loss $15.3M, revenue down 6.7% YoY to $828.9M

MYR GROUP INC.

2024-Q2 EPS reported $0.22 revenue$1,644,452,000

Net loss of $15.3M ($0.91 diluted loss) vs net income of $22.3M ($1.33) a year ago.
Consolidated revenue $828.9M, down 6.7% YoY; T&D rev $458.2M (-9.0%), C&I rev $370.7M (-3.7%).
Gross margin fell to 4.9% from 10.1%; clean-energy projects and a C&I project drove the decline.
Backlog of $2.54B down 7.0% YoY from $2.73B; sequential increase from $2.43B at Q1 end.
EBITDA of ($4.7M) vs $47.1M in Q2 2023; borrowing availability $426.6M on $490M credit line.

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