MYR Group Posts $3.82 Q3 EPS as Record Revenue Tops $1.26B
MYRG sits 43% above its 52-week low of $199.305.
Summary
MYR Group reported third-quarter EPS of $3.82, with record revenue of $1.26 billion and net income of $60.0 million, per the 8-K filed minutes before this wire. That extends the momentum from Q2, when revenue rose 20% to $1.08 billion and net income doubled to a record $49.9 million. Net income of $60.0 million is up roughly 20% from Q2's $49.9 million, and the company also authorized a $100 million buyback alongside the results. Backlog stands at $3.68 billion, up from $3.16 billion at the last 10-Q, which supports the forward revenue picture. The stock trades near $285 with a market cap around $4.4 billion, so the beat and buyback are meaningful for a company this size.
At the time of this announcement, MYRG was trading at $284.88 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $199.31 to $503.57. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.