MYR Group Inc. Announces Second-Quarter And First-Half 2013 Results

ROLLING MEADOWS, Ill., Aug. 7, 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 second-quarter and first-half 2013 financial results.

Highlights
  • Q2 2013 gross margin of 14.6 percent compared to 11.5 percent in Q2 2012.
  • Q2 2013 EBITDA of $22.5 million compared to $21.8 million in Q2 2012.
  • First-half 2013 gross margin of 14.1 percent compared to 11.2 percent for the same period in 2012.
  • First-half 2013 EBITDA of $40.8 million compared to $37.7 million for the same period in 2012.
  • First-half 2013 diluted EPS of $0.76 compared to $0.74 for the same period in 2012.

Management Comments

Bill Koertner, MYR's president and CEO said, "We are pleased with another quarter of solid financial performance including higher gross profit, EBITDA and cash generation for the second quarter of 2013. Our results benefitted from solid execution in the field and effective contract administration. Our highly skilled workforce, extensive fleet of equipment, commitment to safety, strong balance sheet and disciplined bidding approach are key ingredients to our long term success. We remain optimistic about our long term growth prospects in both our T&D and C&I markets."

Second-Quarter Results

MYR reported second-quarter 2013 revenues of $213.9 million, a decrease of $46.5 million, or 17.9 percent, compared to the second quarter of 2012. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $174.0 million, a decrease of $41.8 million, or 19.4 percent, over the second 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 24 percent of total contract cost in the second quarter of 2013, compared to approximately 47 percent in the second quarter of 2012. The Commercial and Industrial (C&I) segment reported second quarter of 2013 revenues of $39.9 million, a decline of $4.7 million, or 10.6 percent, over the second quarter of 2012.The decline in C&I revenues was mainly due to lower revenues from projects with contract values greater than $3.0 million.

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