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.
MYR Group Inc. Announces Second-Quarter And First-Half 2010 Results
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