MYR Group Inc. Announces Third-Quarter And First Nine-Months 2010 Results
For the third quarter of 2010, net income was $3.9 million, or $0.19 per diluted share, compared to net income of $5.8 million, or $0.28 per diluted share, for the same period of 2009. Third-quarter 2010 EBITDA was $10.2 million, or 6.7 percent of revenues, compared to $11.5 million, or 7.1 percent of revenues, in the third quarter of 2009. The decrease in EBITDA as a percentage of revenues was mainly due to a decrease in gross profit margin as discussed above, which was partially offset by an increase in depreciation cost.
First Nine-Months Results
MYR reported revenues of $441.9 million for the first nine months of 2010, a decrease of $16.0 million, or 3.5 percent, compared with the first nine months of 2009. The majority of the decrease in revenues was the result of a decrease in revenues from smaller projects in both reporting segments and a decrease in revenues from a few large transmission projects, which was mostly offset by an increase in revenues from a few large projects in the C&I segment. The T&D segment reported revenues of $328.8 million in the first nine months of 2010, a decrease of 4.3 percent over the same period of 2009. The decrease in T&D segment revenues was the result of a decrease in revenues from both small and large transmission projects, partially offset by an increase in revenues generated from distribution projects and medium-sized transmission projects (between $3.0 million and $10.0 million in contract value). The C&I segment reported revenues of $113.1 million in the first nine months of 2010, a slight decrease of 1.0 percent over the same period of 2009.
Consolidated gross profit decreased to $48.9 million, or 11.1 percent of revenues, in the first nine months of 2010, compared to $56.5 million, or 12.3 percent of revenues, for the first nine months of 2009. The decrease in gross profit in the first nine months of 2010 compared to the same period of 2009 was primarily attributed to an overall reduction in contract margins on smaller T&D projects of approximately $6.0 million, which was mostly due to margin pressure from increased competition.
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