MYR Group Q3 revenue rises on C&I segment strength

Myr

28/10/2026 20:19

Overview
US specialty electrical contractor's Q3 revenue rose yr/yr, beating analyst expectations
Company posted record Q3 net income and EPS
Company announced new $100 mln share repurchase program
Co reported Q3 record backlog of $3.68 bln

Outlook
Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers
ACQUISITIONS - Higher C&I segment revenue driven by fixed price contracts and incremental revenue from Valley Electric and Comet Electric acquisitions
PROJECT EXECUTION - Gross margin rose due to better-than-anticipated productivity and favorable job close outs
T&D CONTRACT GROWTH - T&D segment revenue increased on higher T&E, fixed price, and unit price contracts

Company press release: ID:nGNX4QyjFP

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$1.26 bln
$1.16 bln (8 Analysts)
Q3 EPS
 
$3.82
 
Q3 Net Income
 
$60 mln
 
Q3 Gross Margin
 
13.60%
 
Q3 EBITDA
 
$110 mln
 
Q3 Gross Profit
 
$171.20 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy"
Wall Street's median 12-month price target for MYR Group Inc is $384.00, about 44% above its October 27 closing price of $266.64
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 42 three months ago

Reuters Recommended Reads
Oct 27 - Boeing Q3 revenue beats estimates on defense volumes
Oct 28 - Specialized equipment maker Terex Q3 sales beat on  higher shipment volumes
Oct 27 - Logistics firm Landstar System's Q3 revenue rises 25%, beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)