NASDAQ$MYRG
MYR Group Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
MYR Group announced second-quarter results with decreased revenues and a net loss, impacted by unfavorable clean energy projects.
MYR Group reported a decrease in revenue and a net loss for the second quarter of 2024, primarily due to unfavorable clean energy projects within the T&D segment and one project within the C&I segment. Despite these challenges, the core businesses performed well, and the company remains confident in its ability to generate positive returns.
- Quarterly revenues were $828.9 million, a decrease of 6.7% compared to the second quarter of 2023.
- Net loss for the quarter was $15.3 million, or ($0.91) per diluted share, compared to net income of $22.3 million, or $1.33 per diluted share, for the same period in 2023.
- EBITDA for the second quarter was ($4.7) million, compared to $47.1 million in the second quarter of 2023.
- Backlog as of June 30, 2024, was $2.54 billion.
Headline financials
Revenue & EPS history
MYR Group · Revenue · Quarterly
$829M
Revenue by segment
MYR Group · $864M total across 2 segments · Q4 2022
- Transmission & Distribution$514M—59.5%
- Commercial & Industrial$350M—40.5%
Forward guidance
MYR Group expects all of the challenged clean energy projects to reach mechanical completion this year.
Tailwinds
- Steady bidding activity in both segments.
- Increased electrification.
- Growing demand for data centers.
- Continued investments being made in electrical infrastructure.
- Core businesses in transmission, distribution and C&I performed well aside from the challenged projects.
Headwinds
- Unfavorable clean energy projects within T&D segment.
- One project within C&I segment impacted results.
- Decreased revenues compared to the same period of 2023.
- Decreased consolidated gross profit compared to the same period of 2023.
- Lower margin and lower revenues.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.0%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+5.7%
Avg return
30 days after
45%
29 / 65 earnings
Positive
+20.3%
Q1 2025
Best reaction
-21.6%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | +37.9% | +40.6% | |
| Q4 2025 | -0.8% | -1.6% | -0.2% | |
| Q3 2025 | -5.4% | +2.1% | -0.5% | |
| Q1 2025 | +20.3% | +25.0% | +28.2% | |
| Q4 2024 | -4.7% | -4.1% | -7.6% | |
| Q3 2024 | +12.5% | +14.4% | +35.6% | |
| Q2 2024 | -21.6% | -30.9% | -27.5% | |
| Q1 2024 | -8.6% | -8.3% | -6.7% | |
| Q4 2023 | -2.9% | +0.7% | +5.7% | |
| Q3 2023 | -4.2% | -7.8% | +4.2% | |
| Q2 2023 | -3.8% | -4.9% | -6.0% | |
| Q1 2023 | +5.6% | +6.1% | +9.2% | |
| Q4 2022 | +15.4% | +22.0% | +23.4% | |
| Q3 2022 | -12.3% | -4.4% | +6.5% | |
| Q2 2022 | +4.7% | +5.3% | +4.5% | |
| Q1 2022 | -5.6% | -11.4% | +6.5% | |
| Q4 2021 | +3.5% | +2.4% | +13.8% | |
| Q3 2021 | -5.6% | -4.4% | +5.7% | |
| Q2 2021 | +4.3% | +0.5% | +13.2% | |
| Q1 2021 | +9.8% | +13.5% | +21.4% | |
| Q4 2020 | -5.7% | +2.7% | +19.2% | |
| Q3 2020 | -0.8% | +0.1% | +19.1% | |
| Q2 2020 | +18.0% | +15.9% | +17.0% | |
| Q1 2020 | +8.1% | -1.4% | +3.8% | |
| Q4 2019 | +18.7% | -0.5% | -13.3% | |
| Q3 2019 | +4.7% | +0.7% | +4.6% | |
| Q2 2019 | -15.7% | -21.3% | -23.9% | |
| Q1 2019 | -0.2% | -3.1% | -10.7% | |
| Q4 2018 | +7.1% | +14.6% | +11.5% | |
| Q3 2018 | -0.8% | +0.4% | -8.0% | |
| Q2 2018 | +6.7% | -2.0% | -5.7% | |
| Q1 2018 | +17.1% | +22.4% | +29.5% | |
| Q4 2017 | +11.4% | +9.3% | -7.9% | |
| Q3 2017 | -5.4% | +4.9% | +10.3% | |
| Q2 2017 | -18.6% | -17.2% | -19.7% | |
| Q1 2017 | -20.3% | -18.7% | -29.5% | |
| Q4 2016 | +11.3% | +7.3% | +8.2% | |
| Q3 2016 | +6.0% | +8.2% | +29.4% | |
| Q2 2016 | +5.9% | +11.4% | +19.2% | |
| Q1 2016 | -9.1% | — | — | |
| Q4 2015 | +5.7% | — | — | |
| Q3 2015 | -11.5% | — | — | |
| Q2 2015 | -1.8% | — | — | |
| Q1 2015 | +0.4% | — | — | |
| Q4 2014 | +11.9% | — | — | |
| Q3 2014 | +3.3% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | -2.3% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | -8.3% | — | — | |
| Q2 2013 | +4.3% | — | — | |
| Q1 2013 | -10.8% | — | — | |
| Q4 2012 | -1.9% | — | — | |
| Q3 2012 | -9.3% | — | — | |
| Q2 2012 | +5.1% | — | — | |
| Q1 2011 | -13.0% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2010 | -2.2% | — | — | |
| Q3 2011 | -2.2% | — | — | |
| Q2 2011 | -3.9% | — | — | |
| Q4 2010 | -3.9% | — | — | |
| Q2 2010 | -3.9% | — | — | |
| Q1 2010 | +8.4% | — | — |
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