8/104 sources · 2 publishersUpdated Oct 28, 21:36 UTC
MYR Group posts strong third-quarter earnings and approves buyback
MYR Group reported third-quarter GAAP EPS of $3.82, above expectations, while revenue also exceeded consensus. Net income rose to $60M from $32.1M a year earlier, and backlog increased 38.2% to $3.68B. The board authorized a $100M share repurchase program.
Why it matters
The earnings beat and higher backlog improve the company’s reported operating momentum for investors. The repurchase authorization creates a potential source of future share demand, subject to execution by MYR Group.
Key facts
- 1MYR Group reported third-quarter GAAP EPS of $3.82, which was $0.88 above the estimate. seekingalpha.com
- 2Third-quarter revenue was reported at $1.26B and exceeded consensus by $0.83. investing.com
- 3Net income increased to $60M from $32.1M year over year. investing.com
- 4Backlog grew 38.2% to $3.68B. investing.com
- 5The board approved a $100M share repurchase program. investing.com
Open questions
- Revenue is reported as $1.25B in material 2 and $1.26B in materials 3 and 4.
- The EPS beat is reported as $0.88 in material 2 and $0.83 in materials 3 and 4.
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.