THORNTON, Colo. - MYR Group Inc. (NASDAQ: NASDAQ:MYRG), a prominent specialty contractor serving the electric utility infrastructure, commercial, and industrial construction markets in North America, reported its fourth-quarter financial results for 2023. The company announced a quarterly revenue of $1 billion, surpassing the analyst consensus estimate of $904.75 million. Despite the revenue beat, MYR Group's earnings per share (EPS) of $1.43 fell short of the analyst expectations of $1.52, leading to a slight decline in stock value by 1.36%.
The company's fourth-quarter performance showcased a solid increase in revenue compared to the same quarter last year, with a significant 16.2% growth. However, the earnings miss has been the primary driver behind the stock's downward movement, as investors reacted to the lower-than-expected profits.
MYR Group's President and CEO, Rick Swartz, commented on the results, stating, "We finished 2023 with solid financial performance in the fourth quarter, and annual revenues of $3.64 billion, setting a record high for the ninth consecutive year." He acknowledged a slight decrease of 2.2% in net income compared to the fourth quarter of the previous year, attributing it to various challenges including labor and project inefficiencies, supply chain disruptions, and adverse weather conditions on certain projects.
Despite these setbacks, Swartz remains optimistic about the future, citing a robust backlog of $2.51 billion and positive market indicators. "The dedication and talent of our team members contributed to our growing success in 2023," he added, expressing confidence in the company's strategies and continued growth for 2024.
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