MYR Group Inc. Announces Second-Quarter And First-Half 2010 Results
Consolidated gross profit decreased to $31.9 million, or 11.0 percent of revenues, in the first half of 2010, compared to $35.8 million, or 12.1 percent of revenues, for the first half of 2009. The decrease in gross profit in the first half of 2010 compared to the first half of 2009 was primarily attributed to an overall reduction in contract margins on smaller T&D projects of approximately $4.9 million, which was partially offset by an overall net increase of approximately $1.6 million in contract margins on larger projects period over period.
For the first half of 2010, net income was $6.1 million, or $0.30 per diluted share, compared to net income of $7.2 million, or $0.35 per diluted share, for the same period of 2009. EBITDA in the first half of 2010 was $18.4 million, or 6.4 percent of revenues, compared to $18.9 million, or 6.4 percent of revenues, for the same period of 2009.
As of June 30, 2010, MYR's backlog was approximately $199.6 million, consisting of $124.1 million in the T&D segment and $75.5 million in the C&I segment. Total backlog decreased $117.0 million, or 36.9 percent, from $316.6 million reported at June 30, 2009. The decrease in backlog comparing the second quarter of 2010 to the second quarter of 2009 was primarily related to the contract completion process and the resulting revenue recognition of a few significant transmission projects that were awarded in the latter half of 2008. These significant projects have not been replaced with projects of similar size as of June 30, 2010.Total backlog at June 30, 2010, was virtually unchanged as compared to the $199.5 million backlog reported at March 31, 2010. T&D backlog decreased $18.8 million, or 13.2 percent, while C&I backlog increased $18.9 million, or 33.4 percent, compared to backlog at March 31, 2010.
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