Why did MYR Group Inc. (MYRG) stock decline on Friday?

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TaaS Companies
TaaS Companies

MYR Group Inc. (MYRG) shares lost 0.01% in after-hours on Friday, January 07, 2021, and closed the daily trading at $102.00. Even in the regular trading session of Friday, MYRG’s stock lost 3.08%. MYRG shares have risen 63.45% over the last 12 months, and they have moved down 7.73% in the past week. Over the past three months, the stock has lost 2.36%, while over the past six months, it has gained 11.55%.

Let’s see what’s going on recently with the company?

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MYRG recent acquisition

On January 04, 2022, MYR Group Inc. (MYRG), announced that its Canadian subsidiary, MYR Group Construction Canada, Ltd. has acquired all issued and outstanding shares of capital stock of Powerline Plus Ltd. and its affiliate. The Powerline Plus Companies together comprise a leading full-service electrical distribution construction company, founded in 1990 and headquartered in Toronto, Ontario. The Powerline Plus Companies will become MYR Group subsidiaries and will primarily operate as Powerline Plus. Over the last two years, the combined average annual revenues of the Powerline Plus Companies were approximately $80 million.

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MYRG participation in a recent event

MYR Group Inc. (MYRG), participated at the Credit Suisse 9th Annual Industrials Conference which was held on Wednesday, December 1, 2021. MYR Group’s Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Betty Johnson, presented the company during the conference. This event is only available to Credit Suisse clients.

MYRG latest financial results

On October 27, 2021, MYR Group Inc. (MYRG) reported its third-quarter and first nine-months 2021 financial results.

Q3 2021 financial highlights

  • MYRG reported third-quarter 2021 revenues of $610.2 million, compared to $607.9 million in the third quarter of 2020.
  • In Q3 2021, gross profit was $83.9 million compared to $76.47 million in Q3 2020.
  • Selling, general and administrative expenses were $53.1 million in the third quarter of 2021, compared to $51.4 million for the third quarter of 2020.
  • It earned a net income of $23.2 million, or $1.35 per diluted share in Q3 2021, compared to $17.3 million, or $1.02 per diluted share, for the same period of 2020.
  • EBITDA was $42.3 million in Q3 2021, compared to $36.2 million in the third quarter of 2020.
  • As of September 30, 2021, MYR had $362.7 million of borrowing availability under its $375 million revolving credit facility.

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Conclusion

Well, we are unable to find any recent news or development which could be linked with its poor performance on Friday. We hope that it will bounce back on Monday after the weekend.

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