Rolling Meadows-based MYR Group Inc., a specialty contractor serving the electrical infrastructure markets, said fourth quarter revenues were up 5.8 percent over last year, partially as a result of increased work due to Hurricane Sandy.
Revenues for the quarter were $247.8 million, up $13.5 million from the fourth quarter of 2011. The company noted its Transmission and Distribution segment revenues were $203.6 million, an increase of $10.2 million over the fourth quarter of 2011.
MYR said in a release that the majority of the growth in that segment was attributed to an increase in revenues from many small and a few medium-sized transmission projects and increased storm work. That was partially offset by a decrease in revenues from several large transmission projects.
Storm work contributed approximately $24.5 million to segment's revenues in the fourth quarter of 2012, primarily from work related to Hurricane Sandy, compared to $7.6 million in the fourth quarter of 2011.
The Commercial and Industrial segment reported fourth-quarter 2012 revenues of $44.1 million, an increase of $3.3 million, or 8.2 percent, over the fourth quarter of 2011, primarily the result of an increase in revenue on small and medium-sized projects.
"Our equipment utilization remained strong during the fourth quarter and contributed to our strong financial performance," said Bill Koertner, president and CEO. "In 2012, we continued our investment in workforce development, equipment and tooling, which contributed to our success. With our strong balance sheet, skilled workforce and extensive fleet of equipment, we remain optimistic about our outlook over the long term."
Consolidated gross profit increased to $32.9 million, or 13.3 percent of revenues, in the fourth quarter of 2012, compared to $24.6 million, or 10.5 percent of revenues, in the fourth quarter of 2011. The growth in gross profit was primarily due to the increase in volume.
For the quarter, net income was $9.8 million, or 46 cents per diluted share, compared to $5.9 million, or 28 cents per diluted share, for the same period of 2011.
For the year 2012, MYR reported revenues of $999 million, an increase of $218.6 million, or 28 percent, compared with the full year of 2011. The Transmission and Distribution segment reported revenues of $828.7 million, an increase of 33.2 percent over the previous year. The growth in revenues was primarily the result of an increase in revenues from transmission projects of all sizes, which were partially offset by a decrease in distribution revenues.
The Commercial and Industrial segment reported 2012 revenues of $170.2 million, an increase of 7.5 percent from 2011, due to an increase in revenue on small and medium-sized projects, partially offset by an overall decrease in revenues from a few large projects.
Consolidated gross profit increased 38.7 percent to $118.7 million for the full year of 2012 from $85.6 million for the full year of 2011. Gross margin grew to 11.9 percent for the full year of 2012 from 11 percent for the previous. The increase in gross margin was mainly attributable to an overall increase in contract margins on small and medium-sized projects in both segments and to improved utilization of fleet assets.