secwatch.observer — SEC 8-K summary
======================================

Issuer:     MYR GROUP INC. (MYRG)
CIK:        0000700923
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0000700923-24-000051
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000051/0000700923-24-000051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/700923/000070092324000051/myrg-20241030.htm
  HTML page:      https://secwatch.observer/filing/0000700923-24-000051

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