MYR Group (MYRG) Tops Q3 EPS by 27c, Revenues Beat

MYR Group (NASDAQ: MYRG) reported Q3 EPS of $1.02, $0.27 better than the analyst estimate of $0.75. Revenue for the quarter came in at $607.9 million versus the consensus estimate of $569.63 million.

Highlights

• Record high quarterly revenues of $607.9 million for the third quarter of 2020
• Record high quarterly net income attributable to MYR Group Inc. of $17.3 million, or $1.02 per diluted share, for the third quarter of 2020
• Record high quarterly EBITDA of $36.2 million for the third quarter of 2020
• Record high backlog of $1.72 billion

Management CommentsRick Swartz, MYR’s President and CEO, said, “Our strong third-quarter 2020 financial results, included a net income attributable to MYR Group Inc. of $17.3 million, a 67.0 percent increase over the third quarter of 2019, along with increases in revenues, gross profit, EBITDA and free cash flow as compared to the same period of 2019. Our backlog at the end third quarter was $1.72 billion, reflecting the current stability in the markets we serve, as well as our competitive strength.” Mr. Swartz continued, “We are pleased that the plans we enacted during the ongoing COVID-19 pandemic have allowed us to continue to meet the needs of our clients, remain profitable, grow our business and keep our people working as safely and productively as possible. We believe our operational excellence, strong market position and the current bidding climates in both our T&D and C&I segments will support further efficiencies in our operations, and the execution of our long-term strategic growth plan.”

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

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