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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV