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MYR Group Inc. Announces Third-Quarter And First Nine-Months 2010 Results

ROLLING MEADOWS, Ill., Nov. 8, 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 third-quarter and first nine-months 2010 financial results.

Highlights

  • Q3 2010 revenues of $152.8 million compared to Q3 2009 revenues of $162.0 million.
  • Q3 2010 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), a non-GAAP financial measure, of $10.2 million compared to $11.5 million in Q3 2009.
  • Q3 2010 diluted earnings per share (EPS) of $0.19 compared to $0.28 for Q3 2009.
  • First nine-months 2010 EBITDA of $28.6 million compared to EBITDA of $30.4 million for the same period of 2009.
  • First nine-months 2010 diluted EPS of $0.48 compared to $0.63 for the same period of 2009.
  • Q3 2010 backlog of $195.1 million versus Q2 2010 backlog of $199.6 million.

Management Comments

Bill Koertner, MYR Group's President and CEO, said, "Although we experienced a decrease in revenues and gross margins in the third quarter of 2010 compared to the third quarter of 2009, we are pleased with our overall results given the market conditions. With large project delays from earlier this year, and the deferred operations and maintenance spending by many customers, we have seen increased competition in bidding projects in both our T&D and C&I segments, which continues to pressure margins. This has been a challenging year so far as the economy has been slow to improve from the recession. Going forward, we are encouraged by a significant increase in bidding activity for large T&D projects over the last several months, however, we have seen a slow down in our C&I bidding activity. We expect a number of large T&D contract awards late this year and early next year and are hopeful of winning our share of those awards. The construction of these major projects will be spread over several years in most cases. MYR Group is well positioned to benefit from what we believe is just the beginning of a long-anticipated transmission build out. We are committed to investing in quality people and the equipment needed to win and execute both large-scale and other smaller projects that will be necessary to integrate renewable generation and maintain the reliability of our nation's electric power grid."

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