MYR Group Q2 Revenue Beats by 8.5%, Backlog Hits Record $3.16B
MYRG sits 87% above its 52-week low of $171.51.
Summary
MYR Group delivered a strong Q2, with revenue of $1.08B beating consensus by 8.5% and net income hitting a record $49.9M. The C&I segment drove the beat on higher fixed-price contract revenue, while gross margin expanded to 13.2% on better productivity and favorable job closeouts. Backlog surged to a record $3.16B, signaling sustained demand from electrical infrastructure investment. This follows the $328M Valley Holdings acquisition announced in May, which is set to further expand the company's electrical contracting footprint. With a healthy bidding pipeline and strong market fundamentals, the outlook remains robust.
At the time of this announcement, 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.