UPDATE: MYR Group Beats Q4 Expectations
MYR Group, Inc. (NASDAQ: MYRG) reported stronger-than-expected earnings for the fourth quarter.
The Rolling Meadows, Illinois-based company posted quarterly net income of $14.1 million, or $0.66 per share, up from $10.0 million, or $0.46 per share, in the year-ago period.
Its revenue fell 1.4% to $251.0 million in the quarter. However, analysts were expecting earnings of $0.37 per share on revenue of $246.62 million.
Revenue for the Transmission and Distribution segment fell 4.7% y/y to $191.2 million in the quarter, while revenue for the Commercial and Industrial segment gained 10.8% to $59.8 million.
Consolidated gross profit widened to $42.1 million, or 16.8% of revenue, from $33.8 million, or 13.3% of revenue, in the year-ago quarter.
MYR Group's EBITDA climbed to $31.1 million, from $23.5 million, in the fourth quarter of 2013.
Selling, general and administrative expenses rose to $19.6 million in the quarter, compared to $18.1 million, in the year-ago quarter.
As of December 31, 2014, the company had $77.6 million in cash and cash equivalents and $155.7 million of borrowing availability under its credit facility.
Bill Koertner, MYR's President and CEO said, "We finished 2014 with strong financial performance in the fourth quarter, highlighted by higher gross margin and gross profit compared to fourth-quarter 2013 and four consecutive quarterly increases in backlog. In addition, our cash balance increased in the fourth quarter even though we bought back $5.1 million of our stock under our share repurchase program and invested $3.1 million to expand our fleet."
MYR Group shares finished up 2.38% at $26.63 during regular trading hours.
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