Electrical construction and infrastructure services provider MYR Group (NASDAQ:MYRG) will be reporting results tomorrow after the bell. Here’s what to expect.
MYR Group missed analysts’ revenue expectations by 6.6% last quarter, reporting revenues of $829.8 million, down 17.4% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS estimates but a miss of analysts’ backlog 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 decline 2.6% year on year to $794.3 million, a deceleration from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $1.20 per share.
Analysts covering the company have generally 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 4.2%, delivering year-on-year sales growth of 19.1%. The stock traded up 5.6% on the results.
Read our full analysis of Comfort Systems’s earnings results here.Investors in the construction and engineering segment have had fairly steady hands going into earnings, with share prices down 1.3% on average over the last month. MYR Group is up 8.8% during the same time and is heading into earnings with an average analyst price target of $139 (compared to the current share price of $123.03).
Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.