Business

MYR Group 2Q revenues down 5.3 percent

Posted August 04, 2016 1:00 am

Globe Newswire

ROLLING MEADOWS - MYR Group Inc. reported a 5.3 percent drop in revenues in the second quarter of 2016, but the electrical infrastructure contractor said the company's profit margin improved due to company improvements.

Revenues for the second quarter were $261.9 million, a decrease of $14.6 million, or 5.3 percent, compared to second-quarter 2015, the company reported. While revenue from large, multiyear transmission projects declined during the period, the company said they were partially offset by organic and acquisitive growth.

"Although our revenues were down compared to second quarter of 2015, our backlog increased and margins improved due mainly to improved project execution," said MYR's President and CEO Bill Koertner. "Our organic growth markets contributed to our results for the quarter, and we made steady progress on integrating the two acquisitions we made last year."

Revenues for the first half of 2016 were $515.6 million, a decrease of $5 million, or 1 percent, compared to first-half of 2015.

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