MYR Group Inc (STU:MYP)

€ 138 -3 (-2.13%) Market Cap: 2.24 Bil Enterprise Value: 2.36 Bil PE Ratio: 62.43 PB Ratio: 3.92 GF Score: 81/100

Q2 2024 MYR Group Inc Earnings Call Transcript

Aug 01, 2024 / 02:00PM GMT

Release Date Price: €102 (-21.54%)

Transcript 10-Q8-K

Key Points

Positve

Strong project execution across most business segments despite challenges.
Healthy bidding activity and strategic expansion of partnerships.
Significant growth opportunities in the data center market driven by AI.
Awarded a $170 million transportation project in Canada, solidifying regional relationships.
Strong liquidity with $427 million in borrowing availability and a low funded debt-to-EBITDA leverage ratio of 0.3 times.

Negative

Second quarter revenues decreased by 6.7% compared to the same period last year.
Gross margin significantly decreased to 4.9% from 10.1% in the same period last year.
Operating loss margin in the T&D segment was 1.8%, down from an operating income margin of 7.5% last year.
Net loss of $15 million compared to net income of $22 million in the same period last year.
Challenges with clean energy projects and a specific C&I project negatively impacted financial performance.

Operator

Good morning, everyone, and welcome to the MYR Group second quarter 2024 earnings results conference call. (Operator Instructions) Today's conference is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to David Gutierrez of Dresner Corporate Services. Please go ahead, David.

David Gutierrez

Dresner Corporate Services - Investor Relations

Thank you, and good morning, everyone. I'd like to welcome you to the MYR Group conference call to discuss the company's second quarter results for 2024, which were reported yesterday. Joining us on today's call are Rick 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 and Distribution segment; and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial and Industrial segment.

If you did not receive yesterday's press release, please contact Dresner Corporate Services at

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