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MYR Group Inc. Announces Fourth-Quarter And Full-Year 2010 Results

Stocks in this article: MYRG

Fourth-Quarter Results

MYR reported fourth-quarter 2010 revenues of $155.1 million, a decrease of $18.2 million, or 10.5 percent, compared to the fourth quarter of 2009. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $118.6 million, a decrease of 5.2 percent over the fourth quarter of 2009. The Commercial and Industrial (C&I) segment reported revenues of $36.5 million, a decrease of $11.6 million, or 24.2 percent, over the fourth 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 increased to $21.8 million, or 14.1 percent of revenues in the fourth quarter of 2010, compared to $19.4 million, or 11.2 percent of revenues in the fourth quarter of 2009. As a percentage of revenues, the gross profit margin increased period over period mostly as a result of margin increases on a few large transmission projects of approximately $4.4 million, partially offset by a reduction in margins on smaller C&I projects (less than $3.0 million in contract value) of approximately $0.7 million. The margin increases on the large transmission projects were due to increased productivity levels, cost efficiencies, added work and effective contract management.

Selling, general and administrative expenses (SG&A) decreased approximately $0.5 million, or 4.4 percent, to $12.0 million in the fourth quarter of 2010 compared to $12.5 million in the fourth quarter of 2009. The decrease was primarily due to a net decrease in profit sharing and other employee-related compensation and benefit costs.

For the fourth quarter of 2010, net income was $6.1 million, or $0.29 per diluted share, compared to $4.3 million, or $0.21 per diluted share, for the same period of 2009. Fourth-quarter 2010 EBITDA was $14.0 million, or 9.1 percent of revenues, compared to $10.5 million, or 6.0 percent of revenues, in the fourth quarter of 2009. The increase in EBITDA as a percentage of revenues was mainly due to an increase in gross profit margin, as discussed above, as well as an increase in depreciation expense.

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