Electrical construction and infrastructure services provider MYR Group (NASDAQ:MYRG) will be reporting results this Wednesday after market close. Here’s what to expect.
MYR Group beat analysts’ revenue expectations by 5% last quarter, reporting revenues of $833.6 million, up 2.2% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ EBITDA estimates.
Is MYR Group a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting MYR Group’s revenue to grow 2.4% year on year to $849 million, a reversal from the 6.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.52 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MYR Group has missed Wall Street’s revenue estimates four 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 beat analysts’ revenue estimates by 10.6%, delivering year-on-year sales growth of 20.1%. The stock traded up 22.3% on the results.
Read our full analysis of Comfort Systems’s earnings results here.There has been positive sentiment among investors in the construction and engineering segment, with share prices up 6.5% on average over the last month. MYR Group is up 8.6% during the same time and is heading into earnings with an average analyst price target of $194.25 (compared to the current share price of $197.05).
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