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MYR Group Inc. Announces First-Quarter 2013 Results

ROLLING MEADOWS, Ill., May 8, 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 first-quarter 2013 financial results.

Highlights
  • Q1 2013 gross margin of 13.6 percent compared to 10.9 percent in Q1 2012.
  • Q1 2013 diluted earnings per share (EPS) of $0.32 compared to $0.29 in Q1 2012.
  • Q1 2013 EBITDA of $18.4 million compared to $16.0 million in Q1 2012.

Management Comments

Bill Koertner, MYR's president and CEO said, "Solid execution on our jobs resulted in higher gross profit, EPS and EBITDA for the first quarter of 2013. The material and subcontractor cost components of contract cost on a few large transmission projects were down in the first quarter of 2013 compared to the first quarter of 2012, which resulted in lower revenues; however, our gross margin in the first quarter of 2013 was substantially higher than the prior-year period. Our C&I segment continued to improve in the first quarter, generating significantly higher revenues and margins over the prior-year period. With our highly skilled workforce, extensive fleet of equipment and strong balance sheet, we believe we are attractively positioned within our industry, and we remain optimistic about our outlook over the long term. We continue to focus on both bidding new work as well as executing the projects already in our backlog."

First-Quarter Results

MYR reported first-quarter 2013 revenues of $201.3 million, a decrease of $38.9 million, or 16.2 percent, compared to the first quarter of 2012. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $160.5 million, a decrease of $44.5 million, or 21.7 percent, over the first quarter of 2012. The majority of the decrease in T&D revenues was the result of a reduction in the amount of material and subcontractor costs from several ongoing large transmission projects. Material and subcontractor cost in our T&D segment comprised approximately 27 percent of total contract cost in the first quarter of 2013, compared to approximately 43 percent in the first quarter of 2012. The Commercial and Industrial (C&I) segment reported first-quarter 2013 revenues of $40.8 million, an increase of $5.6 million, or 15.8 percent, over the first quarter of 2012.The increase in C&I revenues was mainly due to increased revenues from projects with contract values greater than $3.0 million.

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