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MYR GROUP INC. [MYRG] reports annual net loss of $91.0 million
By USInMinutes - Feb 29, 2024, 05:28 AM ET
Last Updated - Feb 29, 2024, 05:28 AM EST
![MYR GROUP INC. [MYRG] reports annual net loss of $91.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FMYRG.png&w=3840&q=75)
Company Reports Revenue of $3.6 billion
MYR GROUP INC. [MYRG] has reported a net loss of $91.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $3.6 billion
Based in THORNTON, Colorado, MYR GROUP INC. operates in the CONSTRUCTION sector.
In the Consolidated Statements of Operations and Comprehensive Income for MYR Group Inc., comparing the 12 months ended December 31, 2023, with December 31, 2022, and December 31, 2021, the following key financial figures are noted:
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- Contract revenues for the period ending December 31, 2023, amounted to $3.64 billion, showing an increase from $3.01 billion in the previous period of 2022 and $2.50 billion in 2021.
- Contract costs for the same periods were $3.28 billion, $2.66 billion, and $2.17 billion, respectively.
- Gross profit saw a rise to $364.40 million in 2023 compared to $343.96 million in 2022 and $324.98 million in 2021.
- Income from operations also improved, reaching $129.09 million in 2023, up from $114.91 million in 2022 and $118.56 million in 2021.
- Net income for MYR Group Inc. was $90.99 million in 2023, higher than $83.38 million in 2022 and $85.01 million in 2021.
- Earnings per share for the company showed an upward trend, with basic earnings per share at $5.45 in 2023, $4.98 in 2022, and $5.05 in 2021. Diluted earnings per share were $5.40, $4.91, and $4.95, respectively.
- The weighted average number of common shares and potential common shares outstanding slightly decreased from 16,760 in 2022 to 16,682 in 2023 for basic shares and from 16,980 in 2022 to 16,837 in 2023 for diluted shares.
Overall, MYR Group Inc. demonstrated growth in revenue, gross profit, income from operations, net income, and earnings per share in the most recent reporting period compared to the prior periods, reflecting a positive financial performance trajectory.
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