MYR Group Q2 Earnings Surge: Revenue Beats by 8.5%, Net Income Doubles, Backlog Hits $3.2B
MYRG sits 87% above its 52-week low of $171.51.
Summary
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.
Key Events · Earnings and Guidance · MYRG
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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.
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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.
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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.
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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.
Analysis · 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.
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At the time of this filing, MYRG was trading at $320.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $5B. The 52-week trading range was $171.51 to $503.57. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.