MYR reported fourth-quarter 2012 revenues of $247.8 million, an increase of $13.5 million, or 5.8 percent, compared to the fourth quarter of 2011. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $203.6 million, an increase of $10.2 million, or 5.3 percent, over the fourth quarter of 2011. The majority of the growth in T&D revenues in the fourth quarter over the same period in 2011 was the result of an increase in revenues from many small and a few medium-sized transmission projects and increased storm work, which was partially offset by a decrease in revenues from several large transmission projects. Storm work contributed approximately $24.5 million to T&D revenues in the fourth quarter of 2012, primarily from work related to Hurricane Sandy, compared to $7.6 million in the fourth quarter of 2011. The Commercial and Industrial (C&I) segment reported fourth-quarter 2012 revenues of $44.1 million, an increase of $3.3 million, or 8.2 percent, over the fourth quarter of 2011, primarily the result of an increase in revenue on small and medium-sized projects.
Consolidated gross profit increased to $32.9 million, or 13.3 percent of revenues, in the fourth quarter of 2012, compared to $24.6 million, or 10.5 percent of revenues, in the fourth quarter of 2011. The growth in gross profit was primarily due to the increase in volume. Gross profit as a percentage of revenues, or gross margin, increased due to an overall improvement in transmission project margins, increased distribution margins and increased margins on medium-sized C&I projects, in addition to higher utilization of fleet assets. Storm work contributed approximately 100 basis points to the improved gross margin in the fourth quarter.
Selling, general and administrative expenses increased to $17.5 million in the fourth quarter of 2012, compared to $15.6 million in the fourth quarter of 2011, mainly due to higher employee compensation and benefit costs primarily resulting from an increase in profit sharing and bonus expense. As a percentage of revenues, these expenses increased to 7.1 percent for the fourth quarter of 2012, from 6.7 percent for the fourth quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV