MYR Group sees 5 percent jump in 3Q revenues

ROLLING MEADOWS - Recent acquisitions and a growth in core business led MYR Group Inc. to record revenues in the third quarter of 2016, the company said.

Third quarter revenues were $283.3 million, an increase of $13.4 million, or 5 percent, compared to the third quarter of 2015. Business in all of the company'; s segments rose during the quarter as it took on or expanded new infrastructure construction projects,

"Revenue and margins also improved year over year due mainly to organic growth and acquisitions coupled with improved project execution.," said Bill Koertner, MYR's President and CEO, "We also had a sizable increase in our backlog which was driven primarily by the Cross Texas Transmission award ... valued at approximately $125 million.

"While bidding activity continued at a robust pace during the quarter, both our T&D and C&I markets remain highly competitive," he added.

For the first nine months of the year, MYR reported revenues of $798.8 million, an increase of $8.3 million, or 1.1 percent, compared to the first nine months of 2015.

Koertner noted the acquisition of Western Pacific Enterprises in October will expand the company capabilities in western Canada.

"WPE has an exceptional reputation in its market region and is managed by an excellent management team that shares MYR's values," he added.