MYR GROUP INC. SEC 10-Q Report

MYR GROUP INC., a leading specialty contractor serving the electrical infrastructure market in the United States and Canada, has released its Form 10-Q report for the quarter ended June 30, 2025. The report highlights significant improvements in both financial and operational performance, driven by robust project execution and strategic market positioning.

Financial Highlights

• Contract Revenues: $900.3 million, an increase of 8.6% from the prior year period, driven by higher distribution and Commercial & Industrial (C&I) project revenues.
• Gross Profit: $103.7 million, representing an increase of 153.9% due to improved project margins and higher revenues.
• Income from Operations: $39.8 million, reflecting a significant turnaround from a loss in the prior year period, attributed to better project execution and cost management.
• Net Income: $26.5 million, compared to a net loss of $15.3 million in the prior year period, primarily due to improved gross margins and operational efficiencies.
• Diluted EPS: $1.70, a substantial improvement from a loss per share of $0.91 in the prior year period, reflecting the company's enhanced profitability.

Business Highlights

• Revenue Segments: The Transmission & Distribution (T&D) segment reported revenues of $506.3 million, representing 56.2% of total revenues, while the C&I segment reported $394.1 million, accounting for 43.8% of total revenues for the three months ended June 30, 2025.
• Geographical Performance: The company operates in the United States and Canada, with identifiable assets in Canadian operations amounting to $190.8 million as of June 30, 2025, indicating a focus on North American markets.
• Operational Performance: The T&D segment saw a revenue increase of $48.1 million, or 10.5%, driven by a $25.1 million increase in distribution projects and a $22.9 million increase in transmission projects. The C&I segment experienced a $23.4 million increase in revenue, primarily from fixed-price contracts.
• Future Outlook: The company anticipates continued bidding activity on large transmission projects due to ongoing utility investments in transmission systems for reliability and load growth. The C&I segment is expected to benefit from opportunities in data centers, transportation, healthcare, and clean energy markets.
• Backlog: As of June 30, 2025, the company's backlog was $2.64 billion, with $926.5 million in the T&D segment and $1.72 billion in the C&I segment, indicating a strong pipeline of future work.
• Market Trends: The company expects increased demand for electricity due to new technologies and reshoring of manufacturing, which will require significant investment in both T&D and C&I segments.
• Operational Challenges: The company is managing increasing operating costs, including insurance, equipment, labor, and material costs, while maintaining a strong balance sheet to support growth and share repurchases.

SEC Filing: MYR GROUP INC. [ MYRG ] - 10-Q - Jul. 30, 2025