MYR Group Inc. Announces Second-Quarter And First-Half 2010 Results
ROLLING MEADOWS, Ill., Aug. 9, 2010 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, today announced its second-quarter and first-half 2010 financial results.
- Q2 2010 revenues of $140.3 million compared to Q2 2009 revenues of $162.9 million.
- Q2 2010 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), a non-GAAP financial measure, of $9.7 million compared to $10.6 million in Q2 2009.
- Q2 2010 diluted earnings per share (EPS) of $0.16 compared to $0.21 for Q2 2009.
Management CommentsBill Koertner, MYR Group's President and CEO, said, "Although we experienced a decrease in revenues in the second quarter of 2010 compared to the same quarter last year, we are pleased with our gross profit margin improvement as a percentage of overall revenues on a period-over-period basis. This improvement was mostly attributable to increased productivity levels which lowered our total projected costs on a few large projects. 2010 continues to be a challenging year as the economy slowly improves. Increased competition on smaller project bids in both our T&D and C&I segments has adversely affected our revenues. As the economy improves, we expect to see increases in electricity demand which should drive transmission and distribution spending. We are seeing an increase in large project bids this year, with substantial construction planned to begin in early 2011. We remain optimistic about the long-term build out of the transmission infrastructure, and we continue to prepare and invest in quality people and the equipment needed to win and execute large-scale projects, including those that will be necessary to integrate renewable generation into the electric power grid." Second-Quarter Results MYR reported second-quarter 2010 revenues of $140.3 million, a decrease of $22.6 million, or 13.9 percent, compared to the second quarter of 2009. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $107.8 million, a decrease of 13.7 percent over the second quarter of 2009. The Commercial and Industrial (C&I) segment reported revenues of $32.5 million, a decrease of 14.5 percent over the second quarter of 2009. The decreased revenues in the second quarter of 2010 compared to the second quarter of 2009 were mainly attributable to a significant decrease in revenues from a few large T&D projects (greater than $10.0 million in contract value), as well as an overall reduction in revenues on smaller projects (less than $3.0 million in contract value) in both reporting segments.
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