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MYR Group, Inc. (NASDAQ:MYRG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.01%.
MYR Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 64.29% to $0.46 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Rose 5.78% to $247.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MYR Group, Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company beat the mean analyst estimate of $0.42. It missed the average revenue estimate of $259.02 million.
Quoting Management: Bill Koertner, MYR’s president and CEO said, “We are very pleased to report that solid execution on our projects in the fourth quarter resulted in increased revenue and significant increases in contract margin, EBITDA and EPS compared to the fourth quarter last year. In addition, the full-year 2012 was a record year for us in terms of revenue and profitability. Our full-year 2012 revenues grew 28 percent over 2011, as construction continued on several large transmission projects and business in our C&I segment improved. Our C&I segment ended the year with record backlog, and we expect that business segment to continue to improve as economic conditions improve in the western United States. Our equipment utilization remained strong during the fourth quarter and contributed to our strong financial performance. In 2012, we continued our investment in work force development, equipment and tooling, which contributed to our success. With our strong balance sheet, skilled workforce and extensive fleet of equipment, we remain optimistic about our outlook over the long term.”
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