THORNTON, Colo., May 01, 2024 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG)Rick Swartz, MYR’s President and CEO, said, “Our first quarter 2024 financials resulted in a slight increase in revenues and consolidated gross profit compared to the same period of 2023.” Mr. Swartz also said, “The relatively slow start to the year for MYR Group in the first quarter of 2024 reflects some of the near-term supply chain and regulatory challenges a few of our customers are experiencing. Bidding activity remains healthy across both of our business segments, demonstrating positive signs for continued long-term growth. We remain focused on expanding our strong customer relationships through alliance agreements and strategically capturing new opportunities which we believe will drive success in the coming year.”MYR reported first-quarter 2024 revenues of $815.6 million, an increase of $4.0 million, or 0.5 percent, compared to the first quarter of 2023. Specifically, our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $490.4 million, an increase of $45.1 million, or 10.1 percent, from the first quarter of 2023, due to an increase in revenue on distribution projects and an increase in revenue on transmission projects. Our Commercial and Industrial (“C&I”) segment reported quarterly revenues of $325.2 million, a decrease of $41.1 million, or 11.2 percent, from the first quarter of 2023, which was primarily due to the delayed start of certain projects that are expected to begin later in 2024.As of March 31, 2024, MYR’s backlog was $2.43 billion, compared to $2.51 billion as of December 31, 2023. As of March 31, 2024, T&D backlog was $853.2 million, and C&I backlog was $1.57 billion. Total backlog at March 31, 2024 decreased $243.0 million, or 9.1 percent, from the $2.67 billion reported at March 31, 2023.As of March 31, 2024, MYR had $434.3 million of borrowing availability under its $490 million revolving credit facility.To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.MYR will host a conference call to discuss its first-quarter 2024 results on Thursday, May 2, 2024 at 8:00 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: https://register.vevent.com/register/BI854acb449c13458fab6e49708f48fcef. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group’s website at myrgroup.com. A replay of the webcast will be available for seven days.MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. Their comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR’s Annual Report on Form 10-K for the fiscal year endedKelly M. Huntington, Chief Financial Officer, 847-290-1891, [email protected] Gutierrez, Dresner Corporate Services, 312-780-7204, [email protected]Consolidated Balance SheetsAs of 20242023Unaudited Consolidated Statements of OperationsThree March 31,Unaudited Consolidated Statements of Cash FlowsThree Months Ended March 31,Unaudited Consolidated Selected Data,Unaudited Performance Measure and Reconciliation of Non-GAAP MeasureFor the Three and Twelve Months Ended As of March 31,March 31,2024202320232022March 31,Unaudited Performance Measures and Reconciliation of Non-GAAP MeasuresThree and Twelve Months Ended March 31,March 31,Unaudited Performance Measures and Reconciliation of Non-GAAP MeasuresAs of 
(GlobeNewsWire)