MYR Group Q2 revenue beats expectations, announces share repurchase program
Overview
MYR Q2 rev of $900.3 mln beats analyst expectations, per LSEG data
Record net income of $26.5 mln for Q2, reflecting strong performance
Co announces new $75 mln share repurchase program, indicating financial confidence
Outlook
Company focuses on leveraging relationships for strategic growth
Result Drivers
T&D REVENUE GROWTH - Increased revenue from distribution and transmission projects boosted T&D segment
C&I REVENUE INCREASE - C&I segment revenue rose due to new projects and agreements
PRODUCTIVITY GAINS - Improved productivity and favorable job closeouts positively impacted gross margin
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $900.30 mln | $836.20 mln (5 Analysts) |
Q2 EPS | $1.7 | ||
Q2 Net Income | $26.50 mln | ||
Q2 Gross Margin | 11.5% | ||
Q2 EBITDA | $55.60 mln | ||
Q2 Gross Profit | $103.70 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy"
Wall Street's median 12-month price target for MYR Group Inc is $200.00, about 0.9% above its July 29 closing price of $198.15
The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 18 three months ago
Press Release:
