MYR Group Inc (MYRG, Financial), a leading specialty contractor serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced its third-quarter and first nine-months 2023 financial results on October 25, 2023.
Financial Highlights
MYRG reported record quarterly revenues of $939.5 million in Q3 2023, a 17.5% increase compared to the same period in 2022. The company's net income for the quarter was $21.5 million, a 16.7% increase over Q3 2022. The company's EBITDA for the quarter was $47.0 million, and MYRG reported a backlog of $2.62 billion.
“Our third quarter 2023 financials resulted in record high revenues of $939.5 million, an increase of $139.7 million, or 17.5 percent, compared to the same period of 2022. Third quarter 2023 net income of $21.5 million was a 16.7 percent increase over the third quarter of 2022, with consolidated gross profit and EBITDA all increasing compared to the same period of 2022.” - Rick Swartz, MYR’s President and CEO
First Nine-Months Results
For the first nine months of 2023, MYRG reported revenues of $2.64 billion, a 23.1% increase compared to the first nine months of 2022. The company's net income for the period was $66.9 million, or $3.98 per diluted share, compared to $58.8 million, or $3.45 per diluted share, for the same period of 2022.
Balance Sheet and Backlog
As of September 30, 2023, MYRG had $431.8 million of borrowing availability under its $490 million revolving credit facility. The company's backlog was $2.62 billion, compared to $2.73 billion as of June 30, 2023.
Outlook
Despite challenges such as labor and project inefficiencies, supply chain disruptions, and rising costs associated with inflation, MYRG has demonstrated strong performance in Q3 2023. The company's financial performance illustrates the overall strength of its core markets and the continued demand and investment in electrical infrastructure.
Explore the complete 8-K earnings release (here) from MYR Group Inc for further details.
