MYR Group Q3 net income drops to $10.6M, revenue falls 5.5% YoY

MYR GROUP INC.

2024-Q3 EPS reported $0.86 revenue$2,532,495,000

Revenue $888.0M (-5.5% YoY); net income $10.6M ($0.65 diluted EPS) vs $21.5M ($1.28) a year ago.
T&D segment revenue $481.9M (-12.2% YoY) driven by $81M decline in transmission revenue; C&I revenue $406.2M (+3.9%).
Gross margin 8.7% (Q3 2023: 9.8%); project estimate changes reduced margin by 3.9 percentage points.
EBITDA $37.2M (Q3 2023: $47.0M); backlog $2.60B, up from $2.54B at June 30 but down 0.8% YoY.
CEO says core markets active and bidding robust; Q3 showed improvement over Q2 as unfavorable projects near completion.

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