MYR Group (MYRG) Tops Q1 EPS by 7c, Revenues Miss

MYR Group (NASDAQ: MYRG) reported Q1 EPS of $0.59, $0.07 better than the analyst estimate of $0.52. Revenue for the quarter came in at $518.5 million versus the consensus estimate of $546.63 million.

Highlights

• First quarter revenues of $518.5 million
• First-quarter net income attributable to MYR of $9.9 million, or $0.59 per diluted share
• First-quarter EBITDA of $27.4 million
• Record backlog of $1.54 billion

Management CommentsRick Swartz, MYR’s President and CEO, said, “Our first-quarter 2020 financial results included $518.5 million of revenues, a 10.8 percent increase over the first quarter of 2019, and increases in gross profit, earnings per share, net income and EBITDA. Backlog in the first quarter was $1.54 billion, a slight increase over our record backlog in fourth quarter of 2019. We had a solid start in 2020 due to our strong market position, large array of project activity and a very active bidding environment. Our first quarter financial results were minimally impacted by the COVID-19 pandemic as most of our operations are considered critical and essential businesses and social distancing orders around the country did not start until the last month of the quarter. We cannot predict the total impact to our future business until the stay-at-home orders are lifted and the economy starts to rebound in the months ahead. We are fortunate to be in an industry that constructs, maintains and supports critical electric infrastructure. As a leader in the electrical construction industry we remain focused, on keeping our people safe, providing superior service to our clients and supporting our communities during this difficult time.”

For earnings history and earnings-related data on MYR Group (MYRG) click here.

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