MYR Group Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:07 pm EDT
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MYR Group Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 939.48 million compared to USD 799.85 million a year ago. Net income was USD 21.51 million compared to USD 18.44 million a year ago. Basic earnings per share from continuing operations was USD 1.29 compared to USD 1.11 a year ago. Diluted earnings per share from continuing operations was USD 1.28 compared to USD 1.09 a year ago.
For the nine months, sales was USD 2,639.71 million compared to USD 2,144.59 million a year ago. Net income was USD 66.95 million compared to USD 58.81 million a year ago. Basic earnings per share from continuing operations was USD 4.01 compared to USD 3.5 a year ago. Diluted earnings per share from continuing operations was USD 3.98 compared to USD 3.45 a year ago.
MYR Group Inc. is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services, which serve the electric utility infrastructure, commercial and industrial construction markets. It operates through two electrical contracting service segments: Transmission and Distribution (T&D) and Commercial and Industrial (C&I). Its T&D segment provides a range of services on electric transmission and distribution networks, substation facilities, which include design, engineering, procurement, construction, upgrade and maintenance and repair services, with a focus on construction, maintenance and repair. It also provides emergency restoration services in response to, wildfire, ice or other damage. Its C&I segment provides services, such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting and signalization in the United States and western Canada.