Every material Form 8-K MYR Group filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
MYR Group reported third-quarter 2024 revenue of $888.0 million, down 5.5% from a year earlier, and net income of $10.6 million, or $0.65 per diluted share, versus $1.28 in the third quarter of 2023. For the first nine months, revenue was $2.53 billion, down 4.1%, and net income was $14.3 million, or $0.86 per diluted share, compared with $3.98 a year earlier, so shareholders saw lower revenue and sharply lower earnings.
Q3 gross margin fell to 8.7% from 9.8%, which the company attributed mainly to clean energy projects in T&D and an unfavorable C&I project
Q3 EBITDA was $37.2 million, compared with $47.0 million in the third quarter of 2023
Backlog was $2.60 billion at September 30, 2024, up from $2.54 billion at June 30, 2024 but down $19.7 million from a year earlier
A conference call to discuss the results is scheduled for October 31, 2024 at 8:00 a.m. Mountain time
MYR Group reported second-quarter 2024 revenue of $828.9 million, down 6.7 percent from a year earlier, and a net loss of $15.3 million, or $0.91 per diluted share, versus net income of $22.3 million a year earlier. The company attributed the decline mainly to unfavorable clean energy projects in its T&D segment and one C&I project, and said it expects those projects to reach mechanical completion this year.
Q2 2024 revenue $828.9 million, down $59.7 million (6.7 percent) from Q2 2023
Q2 2024 net loss $15.3 million, or $0.91 per diluted share, versus net income of $22.3 million, or $1.33 per diluted share, in Q2 2023
Gross margin fell to 4.9 percent from 10.1 percent; backlog was $2.54 billion as of June 30, 2024
First-half 2024 net income $3.7 million, or $0.22 per diluted share, versus $45.4 million, or $2.70, a year earlier
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.
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.
At its April 24, 2024 annual meeting, MYR Group stockholders approved an amended and restated 2017 Long-Term Incentive Plan. The plan makes 2,200,000 shares available for equity and cash awards to employees, non-employee directors and certain consultants. Stockholders also re-elected two Class II directors and approved the advisory executive pay vote and the ratification of Crowe LLP as auditor for 2024.
Amended plan approved April 24, 2024; 2,200,000 shares available, comprising 900,000 approved in 2017, 600,000 in 2020 and 700,000 in 2024
Non-employee directors are limited to $400,000 in grant-date value of compensation per calendar year
Donald C.I. Lucky received 12,243,808 votes for and Shirin O'Connor received 13,964,159 votes for as Class II directors
Crowe LLP ratified for fiscal year ending December 31, 2024 with 15,029,948 votes for and 148,147 against
MYR Group reported fourth-quarter and full-year 2023 results on February 28, 2024, with full-year contract revenues of $3.64 billion, up 21.1 percent, and full-year net income of $91.0 million, or $5.40 per diluted share, up from $4.91 a year earlier. Fourth-quarter net income was $24.0 million, or $1.43 per diluted share, down from $1.46 in the same quarter of 2022, while fourth-quarter revenue rose 16.2 percent. The company's backlog was $2.51 billion at December 31, 2023.
Q4 2023 revenue was $1.00 billion, up $140.2 million or 16.2 percent from Q4 2022
Full-year 2023 net income was $91.0 million, or $5.40 per diluted share, versus $83.4 million, or $4.91 per diluted share, in 2022
Full-year gross margin fell to 10.0 percent from 11.4 percent, while Q4 net income declined 2.2 percent
Backlog was $2.51 billion at December 31, 2023, compared with $2.62 billion at September 30, 2023
MYR Group said Senior Vice President and Chief Operating Officer of the Transmission and Distribution segment Tod M. Cooper will retire effective March 1, 2024, as part of a planned succession. The Board appointed Brian K. Stern, currently Group Vice President of T&D, to succeed him in that role on the same date, with an expected base salary of $450,000 per year.
Tod M. Cooper retires as SVP and COO of T&D effective March 1, 2024, and will stay in a senior advisor role for up to 90 days.
Brian K. Stern, 53, has 19 years of service with the company and has been Group Vice President, T&D, since January 2017.
Stern's expected employment agreement sets a $450,000 base salary and severance of two times salary plus target bonus, or three times following a change of control.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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