Q1 2024 MYR Group Inc Earnings Call Transcript
Key Points
- MYR Group Inc (MYRG) reported a steady first quarter performance with a strong market position and operational consistency.
- Revenue for the first quarter of 2024 was $816 million, a slight increase from the previous year, with T&D revenues up 10%.
- The company is well-positioned to benefit from significant forecasted investments in transmission and distribution infrastructure, estimated at up to $930 billion through 2030.
- Gross margin improved to 10.6% in Q1 2024 from 10.4% in the same period last year, driven by better productivity and favorable joint venture results.
- MYR Group Inc (MYRG) has a strong balance sheet with $434 million in borrowing availability and a low debt-to-EBITDA leverage ratio of 0.2 times.
- C&I segment revenues decreased by 11% due to delayed start of certain projects, expected to begin later in 2024.
- Net income and diluted earnings per share for Q1 2024 decreased compared to the same period last year, with net income at $19 million down from $23 million.
- The backlog as of March 31, 2024, was 9% lower than a year ago, indicating potential challenges in project pipeline volume.
- First quarter 2024 free cash flow was negative $18 million, a significant decrease from the positive free cash flow of $18 million in the same period last year.
- Operating income margins in the T&D segment decreased to 6.1% from 7.4% due to labor and project inefficiencies and higher fleet depreciation.
Good morning, everyone, and welcome to the MYR Group first-quarter 2024 earnings results conference call. Today's conference is being recorded.
At this time, for opening remarks and introductions, I would like to turn the conference over to David Gutierrez of Dresner Corporate Services. Please go ahead, David.
Thank you, and good morning, everyone. I'd like to welcome you to the MYR Group conference call to discuss the Company's first quarter results for 2024, which were reported yesterday. Joining us on today's call are Richard Swartz, President and Chief Executive Officer; Kelly Huntington, Senior Vice President and Chief Financial Officer; Brian Stern, Senior Vice President and Chief Operating Officer of MYR Group's Transmission & Distribution segment; and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial & Industrial segment.
If you did not receive yesterday's press release, please contact Dresner Corporate Services at 312-726-3600, and we
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