MYR Group (MYRG) Tops Q2 EPS by 35c

MYR Group (NASDAQ: MYRG) reported Q2 EPS of $0.80, $0.35 better than the analyst estimate of $0.45. Revenue for the quarter came in at $513.1 million versus the consensus estimate of $497.68 million.

Rick Swartz, MYR’s President and CEO, said, “We are pleased with our strong financial performance in the second quarter of 2020, highlighted by revenues of $513.1 million, a 14.3 percent increase over the second quarter of 2019, along with increases in gross profit, earnings per share, net income, EBITDA and free cash flow. Backlog in the second quarter was $1.55 billion, a slight increase over the first quarter of 2020 and another record high for MYR Group. We experienced a moderate slowdown on projects, primarily in our C&I segment, due to the COVID-19 pandemic, yet the project pipeline remains active in both our T&D and C&I segments. Although the situation surrounding COVID-19 remains fluid, the outlook is solid for the majority of the markets we serve and we are fortunate to be part of an industry that constructs, maintains and supports our nation’s critical electric infrastructure. As a leader in this industry, we are well positioned going forward and are confident in our ability to adapt, grow and deliver shareholder value while remaining focused on the safety and well-being of our employees, clients and communities.”

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

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