The following is a summary of the MYR Group Inc. (MYRG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• MYR Group's Q1 2024 revenues were $816 million, a slight increase of 0.5% compared to the same period last year.

• The operating income margin for the Transmission and Distribution (T&D) segment decreased from 7.4% to 6.1% year-over-year, but for the Commercial & Industrial (C&I) segment, it increased from 2.9% to 3.5%.

• The gross margin for Q1 2024 increased to 10.6% from 10.4% in the same period last year due to better productivity and a favorable job closeout.

• Net income was $19 million, a decrease from the $23 million reported in the same period last year.

• Gross margin in undisclosed joint venture projects improved by about 60 basis points contributing to a favorable effect on the C&I segment.

Business Progress:

• Bidding activity across T&D and C&I business segments remains healthy with the company strategically capturing new opportunities.

• Delays in certain C&I projects led to a slowdown in growth, with these projects expected to kick off later in 2024.

• The company sees ongoing opportunities for the T&D segment, with a shift to clean energy resources and the need for more robust electrical infrastructure.

• The company continues to develop and pursue a range of projects across both the U.S. and Canada, including data centers, transportation, and healthcare facilities.

• Distribution revenue increased by 20%, with no major shifts in the work released under their Master Service Agreements (MSAs).

• Discussions with customers on future projects are ongoing, with no indications yet of project delays due to capital costs.

More details: MYR Group IR

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