Consolidated gross profit decreased to $16.7 million, or 11.9 percent of revenues, in the second quarter of 2010, compared to $18.8 million, or 11.5 percent of revenues, for the second quarter of 2009. As a percentage of revenues, gross profit margin increased period over period mainly due to margin increases on a few large transmission projects, which was the result of increased productivity during the three months ended June 30, 2010. Additionally, the Company experienced other cost efficiencies in its operations that had a slight positive gross margin impact period over period. These positive impacts were partially offset by a decrease in overall margins in the C&I segment and on certain smaller T&D projects. This was due to a combination of lower productivity levels compared to prior contract estimates and pricing pressures from increased competition on smaller projects.Selling, general and administrative expenses (SG&A) decreased approximately $0.4 million, or 2.8 percent, to $11.0 million in the second quarter of 2010 compared to $11.4 million in the second quarter of 2009. The decrease was primarily due to a net decrease in personnel costs, including payroll and certain employee benefit costs.
MYR Group Inc. Announces Second-Quarter And First-Half 2010 Results
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