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MYR Group Inc. Announces Second Quarter and First Half 2025 Results

Board Approves New $75 Million Share Repurchase Program

THORNTON, Colo., July 30, 2025 (GLOBE NEWSWIRE) -- MYR Group Inc. (鈥淢YR or the "Company鈥�) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its second quarter and first half 2025 financial results.

Highlights for Second Quarter 2025

• Quarterly revenues of $900.3 million
• Record quarterly net income of $26.5 million, or $1.70 per diluted share
• Record quarterly EBITDA of $55.6 million
• Backlog of $2.64 billion

Management Comments
Rick Swartz, MYR鈥檚 President and CEO, said, 鈥淥ur second quarter performance resulted in quarterly revenues of $900 million and backlog of $2.64 billion with net income, consolidated gross profit, gross margin and EBITDA all increasing compared to the same period of 2024.鈥� Mr. Swartz continued, 鈥淭his quarter, we secured multiple master services agreements and new projects across our core markets, further expanding our business footprint. We value the strong relationships we鈥檝e established with our customers and continue to leverage the full capabilities of MYR Group companies to enhance the value we deliver while strategically positioning ourselves for future growth.鈥�

Second Quarter Results
MYR reported second quarter 2025 revenues of $900.3 million, an increase of $71.4 million, compared to the second quarter of 2024. Specifically, our Transmission and Distribution (鈥淭&D鈥�) segment reported quarterly revenues of $506.3 million, an increase of $48.1 million, from the second quarter of 2024, due to an increase of $25.1 million in revenue on distribution projects and an increase of $22.9 million in revenue on transmission projects. Our Commercial and Industrial (鈥淐&I鈥�) segment reported quarterly revenues of $394.1 million, an increase of $23.4 million, from the second quarter of 2024.

Consolidated gross profit increased to $103.7 million in the second quarter of 2025, compared to $40.8 million for the second quarter of 2024. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 11.5 percent for the second quarter of 2025 from 4.9 percent for the second quarter of 2024. The increase in gross margin was primarily due to the second quarter of 2024 being negatively impacted by certain T&D clean energy projects and a C&I project. In the second quarter of 2025 gross margin was also positively impacted by better-than-anticipated productivity and a favorable job closeout. These margin increases were partially offset by an increase in costs associated with labor and project inefficiencies and unfavorable change orders. Changes in estimates of gross profit on certain projects resulted in gross margin decreases of 1.0 percent and 7.2 percent for the second quarter of 2025 and 2024, respectively.

Selling, general and administrative expenses (鈥淪G&A鈥�) increased to $63.3 million in the second quarter of 2025, compared to $61.8 million for the second quarter of 2024. The period-over-period increase was primarily due to an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth. These increases were partially offset by $5.0 million of contingent compensation expense, related to a prior acquisition, recognized during the second quarter of 2024.

Interest expense increased to $1.9 million in the second quarter of 2025, compared to $1.2 million for the second quarter of 2024. The period-over-period increase was primarily due to higher average outstanding debt balances partially offset by lower interest rates during the second quarter of 2025 as compared to the second quarter of 2024.

Income tax expense was $10.9 million for the second quarter of 2025, with an effective tax rate of 29.2 percent, compared to an income tax benefit of $6.9 million for the second quarter of 2024, with an effective tax rate of 31.0 percent. The period-over-period change in tax rate was primarily due to the reduction of the impact of the global intangible low tax income (鈥淕ILTI鈥�).

For the second quarter of 2025, net income was $26.5 million, or $1.70 per diluted share, compared to net loss of $15.3 million, or ($0.91) per diluted share, for the same period of 2024. Second quarter 2025 EBITDA, a non-GAAP financial measure, was $55.6 million, compared to ($4.7) million in the second quarter of 2024.

First Half Results
MYR reported first half 2025 revenues of $1.73 billion, an increase of $89.4 million, compared to the first half of 2024. Specifically, our T&D segment reported revenues of $968.0 million, an increase of $19.4 million, from the first half of 2024, due to an increase of $40.6 million in revenue on distribution projects, partially offset by a decrease of $21.2 million in revenue on transmission projects, primarily related to clean energy. Our C&I segment reported revenues of $765.9 million, an increase of $70.1 million, from the first half of 2024.

Consolidated gross profit increased to $200.6 million in the first half of 2025, compared to $127.1 million in the first half of 2024. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 11.6 percent for the first half of 2025 from 7.7 percent for the first half of 2024. The increase in gross margin was primarily due to the first half of 2024 being negatively impacted by certain T&D clean energy projects and by a C&I project. In the first half of 2025, gross margin was also positively impacted by better-than-anticipated productivity, favorable change orders and a favorable job closeout. These margin increases were partially offset by an increase in costs associated with labor and project inefficiencies and unfavorable change orders. Changes in estimates of gross profit on certain projects resulted in gross margin decreases of 1.2 percent and 4.2 percent for the first half of 2025 and 2024, respectively.

SG&A increased to $125.8 million in the first half of 2025, compared to $124.1 million for the first half of 2024. The period-over-period increase was primarily due to an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth. These increases were partially offset by $8.2 million of contingent compensation expense, related to a prior acquisition, recognized during the first half of 2024.

Interest expense increased to $3.3 million in the first half of 2025, compared to $2.3 million for the first half of 2024. The period-over-period increase was primarily due to higher average outstanding debt balances, partially offset by lower interest rates during the first half of 2025 as compared to the first half of 2024.

Income tax expense was $20.4 million for the first half of 2025, with an effective tax rate of 29.1 percent, compared to income tax benefit of $2.7 million for the first half of 2024, with an effective tax rate of negative 281.9 percent. The period-over-period change in tax rate was primarily due to higher pretax income, lower other permanent difference items and lower stock compensation excess tax benefits.

For the first half of 2025, net income was $49.8 million, or $3.15 per diluted share, compared to $3.7 million, or $0.22 per diluted share, for the same period of 2024.

Backlog
As of June听30, 2025 and March听31, 2025, MYR's backlog was $2.64 billion. As of June听30, 2025, T&D backlog was $926.5 million, and C&I backlog was $1.72 billion. Total backlog as of June听30, 2025 increased $97.7 million, or 3.8 percent, from the $2.54 billion reported as of June听30, 2024.

Balance Sheet
As of June听30, 2025, MYR had $383.3 million of borrowing availability under its $490 million revolving credit facility.

Share Repurchase Program
In addition, the Company announced today that its Board of Directors approved a new share repurchase program (the 鈥淩epurchase Program鈥�), which authorizes the Company to repurchase, in the aggregate, up to $75.0 million of its outstanding shares of common stock from time to time at management鈥檚 discretion on the open market or in privately negotiated transactions, including through Rule 10b5-1 trading plans, structured transactions or other means in accordance with applicable securities laws. The amount and timing of repurchases are subject to a variety of factors, including market and business conditions, as well as applicable contractual and legal requirements. The Repurchase Program will expire on February 4, 2026, or when the authorized funds are exhausted, whichever is earlier. The Company is not obligated to acquire any specific amount of common stock, and the Company鈥檚 Board of Directors may modify or terminate the Repurchase Program at any time. The Company intends to fund the Repurchase Program with cash on hand and through borrowings under its credit facility. The Repurchase Program replaces and supersedes the Company鈥檚 prior $75.0 million repurchase program, under which the Company had exhausted substantially all of the available funds, and such prior repurchase program has been terminated.

Non-GAAP Financial Measures
To supplement MYR鈥檚 financial statements presented in accordance with generally accepted accounting principles in the United States (鈥淕AAP鈥�), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR鈥檚 definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR鈥檚 performance using the same tools that management uses to evaluate MYR鈥檚 past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR鈥檚 credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

Conference Call
MYR will host a conference call to discuss its second quarter 2025 results on Thursday, July听31, 2025, at 8 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: . Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group鈥檚 website at myrgroup.com. A replay of the webcast will be available for seven days.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. Their comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for data centers, airports, hospitals, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥渙bjective,鈥� 鈥渙utlook,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥渟hould,鈥� 鈥渦nlikely,鈥� or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR's Annual Report on Form 10-K for the fiscal year ended December听31, 2024, and in any risk factors or cautionary statements contained in MYR's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

MYR Group Inc. Contact:
Jennifer Harper, Vice President, Investor Relations & Treasurer, 847-979-5835,

Financial tables follow鈥�

See notes at the end of this earnings release

See notes at the end of this earnings release.

See notes at the end of this earnings release.