MYR Group Q1 revenue up 0.5% to $815.6 million; net income falls to $18.9 million
MYR Group reported first-quarter 2024 revenue of $815.6 million, a 0.5% increase from a year earlier, but net income fell to $18.9 million, or $1.12 per diluted share, from $23.2 million, or $1.38 per diluted share. Total backlog fell 9.1% year over year to $2.43 billion, and the company said some customers face supply chain and regulatory challenges.
Key points
- Revenue rose $4.0 million to $815.6 million; Transmission & Distribution revenue grew 10.1% to $490.4 million, while Commercial & Industrial fell 11.2% to $325.2 million.
- Net income was $18.9 million, or $1.12 per diluted share, versus $23.2 million, or $1.38 per diluted share, a year earlier.
- Backlog was $2.43 billion at March 31, 2024, down from $2.51 billion at December 31, 2023 and $2.67 billion at March 31, 2023.
- Free cash flow was negative $18.1 million in the quarter, compared with positive $17.5 million a year earlier.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.
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