MYR Group Q2 Earnings Surge: Revenue Beats by 8.5%, Net Income Doubles, Backlog Hits $3.2B

summarizeSummary

MYR Group's Q2 revenue jumped 20% to $1.08B, beating estimates, while net income doubled to a record $49.9M. Backlog reached $3.16B, and the $328M Valley acquisition closed, expanding its western U.S. presence.

check_boxKey Events · Earnings and Guidance · MYRG

• Revenue Beat and Record Profit

  Q2 revenue of $1.08B exceeded consensus by 8.5%, and net income more than doubled to a record $49.9M, or $3.17 per diluted share.

• Margin Expansion

  Gross margin improved to 13.2% from 11.5% a year ago, driven by better project productivity and favorable estimate changes that added $0.38 to EPS.

• Backlog Growth

  Backlog reached $3.16B, up from $2.64B a year ago, with $2.62B expected to be recognized within 12 months, indicating strong near-term revenue visibility.

• Valley Acquisition Closed

  The $328M acquisition of Valley Holdings closed on July 1, funded with $93M cash and $235M in borrowings, expanding MYR's electrical contracting services in the western U.S.

auto_awesomeAnalysis · MYRG · Real Estate & Construction

A standout quarter for MYR Group saw revenue of $1.08 billion beat consensus by 8.5%, while net income more than doubled to a record $49.9 million. Gross margins expanded to 13.2% from 11.5% a year ago, driven by better project execution and favorable estimate changes. The backlog swelled to $3.16 billion, signaling strong demand across both transmission and commercial segments. The quarter also saw the closing of the $328 million Valley acquisition on July 1, funded with cash and debt, which expands the company's electrical contracting footprint in the western U.S. The combination of accelerating organic growth and a transformative acquisition positions MYR Group for continued momentum, though the added leverage from the deal bears watching.