MYR Group Inc. Announces First-Quarter 2021 Results
HENDERSON, Colo., April 28, 2021 (GLOBE NEWSWIRE) —
MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and western Canada, today announced its first-quarter 2021 financial results.
Highlights for First Quarter 2021
Strong quarterly revenues of $592.5 million
Record high quarterly net income of $19.9 million, or $1.17 per diluted share
Record high quarterly EBITDA of $39.3 million
Strong quarter net cash flow from operating activities of $59.4 million and quarter free cash flow of $52.4 million
Strong backlog of $1.64 billion
Management Comments
Rick Swartz, MYR’s President and CEO, said, “Our strong first-quarter 2021 financial results included record high quarterly net income, EBITDA, and EPS. Net Income of $19.9 million, doubled our first quarter 2020 net income, along with increases in revenues, gross profit, EBITDA and free cash flow as compared to the same period of 2020. Our backlog at the end the first quarter 2021 was $1.64 billion, reflecting the current stability in the markets we serve, as well as our competitive strength.” Mr. Swartz continued, “We believe current economic conditions, the shift toward clean energy, and the need to replace aging infrastructure to strengthen the grid, coupled with a healthy market will continue to drive near term opportunities. Our market may also benefit from the current political climate which supports the investment and implementation of new and upgraded electrical infrastructure to complement the United States environmental and economic goals. Our broad geographic reach, breadth of service offerings, operational improvements, and successful project delivery are further elevating our position in the markets we serve.”