This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

For the fourth quarter of 2012, net income was $9.8 million, or $0.46 per diluted share, compared to $5.9 million, or $0.28 per diluted share, for the same period of 2011. Fourth-quarter 2012 EBITDA was $22.3 million, or 9.0 percent of revenues, compared to $14.8 million, or 6.3 percent of revenues, in the fourth quarter of 2011. The increase in EBITDA as a percentage of revenues was mainly due to the higher gross margin, which was offset in part by higher selling, general and administrative expenses as a percentage of revenues, as discussed above.

Full-Year Results

MYR reported revenues of $999.0 million for the full year of 2012, an increase of $218.6 million, or 28.0 percent, compared with the full year of 2011. The T&D segment reported revenues of $828.7 million in the full year of 2012, an increase of 33.2 percent over the 2011 period. The growth in revenues was primarily the result of an increase in revenues from transmission projects of all sizes, which were partially offset by a decrease in distribution revenues. The C&I segment reported full-year 2012 revenues of $170.2 million, an increase of 7.5 percent from 2011, due to an increase in revenue on small and medium-sized projects, partially offset by an overall decrease in revenues from a few large projects.

Consolidated gross profit increased 38.7 percent to $118.7 million for the full year of 2012 from $85.6 million for the full year of 2011. Gross margin grew to 11.9 percent for the full year of 2012 from 11.0 percent for the full year of 2011. The increase in gross margin was mainly attributable to an overall increase in contract margins on small and medium-sized projects in both segments and to improved utilization of fleet assets.

Selling, general and administrative expenses increased to $63.6 million for the full year of 2012 from $56.8 million for the full year of 2011. The increase was primarily due to an increase in employee compensation related to the increased number of support personnel, normal salary increases, increased profit sharing and bonus expense and an increase in employee-related benefit costs. As a percentage of revenues, these expenses decreased to 6.4 percent for the full year of 2012 from 7.3 percent for the full year of 2011.

3 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,074.22 -5.35 -0.03%
S&P 500 2,000.22 +3.48 0.17%
NASDAQ 4,571.98 +14.2850 0.31%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs