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MYR Group Inc. Announces Fourth-Quarter And Full-Year 2012 Results

ROLLING MEADOWS, Ill., March 6, 2013 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, today announced its fourth-quarter and full-year 2012 financial results.

Highlights

  • Q4 2012 revenues of $247.8 million compared to $234.3 million in Q4 2011.
  • Q4 2012 EBITDA of $22.3 million compared to $14.8 million in Q4 2011.
  • Q4 2012 diluted earnings per share (EPS) of $0.46 compared to $0.28 in Q4 2011.
  • Q4 2012 gross margin of 13.3 percent compared to 10.5 percent in Q4 2011.
  • Full-year 2012 revenues of $999.0 million compared to $780.4 million for the full-year 2011.
  • Full-year 2012 EBITDA of $80.7 million compared to $49.1 million for the full-year 2011.
  • Full-year 2012 diluted EPS of $1.60 compared to $0.87 for the full-year 2011.

Management Comments

Bill Koertner, MYR's president and CEO said, "We are very pleased to report that solid execution on our projects in the fourth quarter resulted in increased revenue and significant increases in contract margin, EBITDA and EPS compared to the fourth quarter last year. In addition, the full-year 2012 was a record year for us in terms of revenue and profitability. Our full-year 2012 revenues grew 28 percent over 2011, as construction continued on several large transmission projects and business in our C&I segment improved. Our C&I segment ended the year with record backlog, and we expect that business segment to continue to improve as economic conditions improve in the western United States. Our equipment utilization remained strong during the fourth quarter and contributed to our strong financial performance. In 2012, we continued our investment in work force development, equipment and tooling, which contributed to our success. With our strong balance sheet, skilled workforce and extensive fleet of equipment, we remain optimistic about our outlook over the long term."

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