MYR Group Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $3.36 billion, down 7.7% from $3.64 billion in 2023. The company's net income also decreased significantly to $30.3 million, compared to $91.0 million in the previous year. This decline was primarily attributed to a $241.1 million drop in revenue from transmission projects, alongside a $72.9 million decrease in the Commercial and Industrial (C&I) segment, partially offset by a $32.4 million increase in distribution project revenues.
The company's Transmission and Distribution (T&D) segment generated $1.88 billion in revenue, accounting for 55.9% of total revenues, a decrease from 57.3% in 2023. The C&I segment contributed $1.48 billion, or 44.1% of total revenues, compared to 42.7% in the prior year. The gross margin for the year fell to 8.6%, down from 10.0% in 2023, largely due to significant changes in estimated gross profit on certain projects, particularly in clean energy initiatives and labor inefficiencies.
Strategically, MYR Group has focused on enhancing its operational capabilities and expanding its market presence. The company repurchased 643,549 shares of its common stock under a $75 million share repurchase program, which was fully utilized by November 2024. The company also maintained a strong balance sheet, with $354.8 million in borrowing availability under its revolving credit facility as of December 31, 2024. MYR Group's employee headcount stood at approximately 8,500, with 87% of craft employees represented by unions.
Looking ahead, MYR Group remains optimistic about infrastructure spending, particularly in the T&D and C&I markets, driven by regulatory reforms, increased electricity demand, and the aging electric grid. The company anticipates continued bidding activity for large transmission projects and expects to see growth in distribution market opportunities in 2025. However, it acknowledges potential volatility due to policy changes and tariffs that could impact its operations.
About MYR GROUP INC.
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