New York, NY – MYR Group Inc. held its quarterly earnings conference call on August 1st, 2024, at 10:00 AM ET, discussing the company’s second-quarter results for the year. The call was led by David Gutierrez of Dresner Corporate Services, who introduced key company executives, including President and CEO Rick Swartz, CFO Kelly Huntington, COO Brian Stern, and COO Don Egan.

During the call, Swartz highlighted the company’s performance in the second quarter, noting challenges faced in the Transmission and Distribution (T&D) segment due to clean energy projects nearing completion. Despite these challenges, MYR Group demonstrated strong project execution across its business segments, with continued bidding activity and strategic expansions in key markets.

The company’s focus on data center projects, driven by the growing demand for data centers and artificial intelligence, positions MYR Group for future growth. In the Commercial and Industrial (C&I) segment, projects such as a transportation project in Canada valued at $170 million and Master Service Agreements in various regions showcase the company’s market strength.

Huntington provided detailed financial results for the second quarter, reporting a decrease in revenues compared to the same period last year. Factors contributing to this decline included project delays and cost overruns in the T&D segment, impacting gross margins and operating income margins. Despite these challenges, MYR Group maintained a strong backlog, reflecting ongoing opportunities for growth.

Looking ahead, the company remains cautiously optimistic, recognizing the need for selective project management in the face of market challenges. While certain troubled projects may pose risks in the short term, MYR Group is committed to overcoming obstacles and delivering results for its customers and shareholders.

In conclusion, Swartz expressed gratitude to employees and shareholders for their contributions and support. He emphasized the company’s dedication to meeting customer needs and navigating changing market conditions, ensuring a strong foundation for future growth and success. The call closed with a reminder of MYR Group’s commitment to transparency and ongoing communication with investors.