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MYR Group (MYRG) Q3 earnings: what to expect
Electrical construction and infrastructure services provider MYR Group (NASDAQ:MYRG) will be announcing earnings results this Wednesday after the bell. Here’s what you need to know.
MYR Group beat analysts’ revenue expectations last quarter, reporting revenues of $1.08 billion, up 20.1% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.
Is MYR Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting MYR Group’s revenue to grow 21.7% year on year, improving from the 7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. MYR Group has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at MYR Group’s peers in the construction and engineering segment, only Comfort Systems has reported results so far. It exceeded analysts’ revenue estimates, delivering year-on-year sales growth of 53.7%. The stock was down 10% on the results.
Read our full analysis of Comfort Systems’s earnings results here.In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the construction and engineering stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.2% on average over the last month. MYR Group is down 9.3% during the same time and is heading into earnings with an average analyst price target of $382 (compared to the current share price of $259.40).
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