MYR Group Inc. Announces Third-Quarter And First Nine-Months 2010 Results
MYR reported third-quarter 2010 revenues of $152.8 million, a decrease of $9.3 million, or 5.7 percent, compared to the third quarter of 2009. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $118.2 million, a decrease of 0.7 percent over the third quarter of 2009. The Commercial and Industrial (C&I) segment reported revenues of $34.6 million, a decrease of 19.7 percent over the third quarter of 2009. The majority of the decrease in revenues was the result of a decrease in revenues from a few large T&D projects (greater than $10.0 million in contract value) coupled with an overall decrease in revenues from the C&I segment. This decrease in revenues was partially offset by an increase in T&D projects that were less than $10.0 million in contract value.
Consolidated gross profit decreased to $17.0 million, or 11.2 percent of revenues, in the third quarter of 2010, compared to $20.7 million, or 12.8 percent of revenues, for the third quarter of 2009. As a percentage of revenues, the gross profit margin decreased period over period mostly as a result of margin decreases on a few large transmission and C&I projects of approximately $1.2 million. The company also experienced a decrease in margins on smaller T&D projects (less than $3.0 million in contract value) of approximately $1.1 million. These margin decreases were due to a combination of pricing pressures from increased competition and some lower productivity levels compared to prior estimates on certain contracts.
Selling, general and administrative expenses (SG&A) decreased approximately $1.6 million, or 12.4 percent, to $11.0 million in the third quarter of 2010 compared to $12.6 million in the third quarter of 2009. The decrease was primarily due to a net decrease in profit sharing and other employee-related compensation and benefit costs, partially offset by a $0.6 million increase in expenses related to an unfavorable outcome in a lawsuit against one of our subsidiaries.
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