MYR Group, Inc. (NASDAQ:MYRG) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
MYR Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 2.22% to $0.44 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Decreased 17.82% to $214 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MYR Group, Inc. reported adjusted EPS income of $0.44 per share. By that measure, the company met the mean analyst estimate of $0.44. It missed the average revenue estimate of $233.24 million.
Quoting Management: Bill Koertner, MYR’s president and CEO said, “We are pleased with another quarter of solid financial performance including higher gross profit, EBITDA and cash generation for the second quarter of 2013. Our results benefitted from solid execution in the field and effective contract administration. Our highly skilled workforce, extensive fleet of equipment, commitment to safety, strong balance sheet and disciplined bidding approach are key ingredients to our long term success. We remain optimistic about our long term growth prospects in both our T&D and C&I markets.”
Key Stats (on next page)…