Q3 2024 MYR Group Inc Earnings Call Transcript
Key Points
- MYR Group Inc (MYRG) reported strong bidding activity and opportunities for long-term growth, particularly in the transmission and distribution (T&D) and commercial and industrial (C&I) segments.
- The C&I segment saw a 4% increase in revenues compared to the same period last year, driven by fixed price contracts and T&D contracts.
- Operating cash flow for the third quarter of 2024 was $36 million, a significant increase from $13 million in the same period last year.
- The company repurchased 526,000 shares during the quarter, reflecting a commitment to returning value to shareholders.
- MYR Group Inc (MYRG) maintains a strong balance sheet with $376 million in borrowing availability under its credit facility, supporting future growth and acquisitions.
- Third quarter 2024 revenues decreased by 5.5% compared to the same period last year, with T&D revenues down by 12%.
- Gross margin decreased to 8.7% from 9.8% in the same period last year, primarily due to unfavorable impacts from certain clean energy projects.
- Operating income margin for the T&D segment fell to 3.6% from 6.6% last year, affected by losses on clean energy projects due to weather conditions and project inefficiencies.
- Net income for the third quarter of 2024 was $11 million, down from $22 million in the same period last year, with diluted earnings per share dropping to $0.65 from $1.28.
- The effective tax rate increased to 42.5% from 30.3% last year, primarily due to higher permanent difference items and higher US taxes on Canadian income.
Good day. And thank you for standing by. Welcome to the MYR Group third quarter, 2024 conference call. At this time. All participants are in a listen-only mode after the speakers' presentation, there'll be a question-and-answer session to ask a question during the session. (Operator Instructions)
I would like to hand the conference over to your speaker today, David Gutierrez of Dresner Corporate Services. Please go ahead.
Thank you and good morning, everyone. I'd like to welcome you to the MYR Group conference call to discuss the company's third 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.
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