MYR Group Inc. (MYRG), which provides utility and electrical construction services, said Monday that its third quarter profit declined from last year, hurt by lower revenues amid very challenging economic conditions.
The Rolling Meadows, Illinois-based company posted net income of $5.8 million or $0.28 per share for the third quarter, down from $6.6 million or $0.32 per share in the prior year quarter. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the third quarter. Analysts' estimates typically exclude special items.
Consolidated gross profit decreased to $20.7 million or 12.8% of revenues from $25.3 million or 14.1% of revenues in the previous year quarter.
Third quarter revenues declined 9.4% to $162.0 million from $178.9 million in the same quarter last year, due to a reduction of revenues from smaller T&D projects that were in production during the quarter, and a reduction in revenues attributable to storm restoration services, which had an unusually high level of activity in the corresponding 2008 period. Ten analysts had a consensus revenue estimate of $172.89 million for the third quarter.
Revenue from the Transmission and Distribution or T&D segment dropped 11.4% to $119.0 million, while the Commercial and Industrial or C&I segment's revenues fell 3.5% to $43.0 million over a year ago.
For the nine-month period of 2009, the company reported net income of $13.0 million or $0.63 per share, down from $16.0 million or $0.77 per share in the previous year period. Revenues for the period declined 1.1% to $457.9 million from $462.8 million in the prior year period.
MYRG closed Monday's regular trading session at $17.20, up 71 cents or 4.31%.
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