MYR Group gains on strong earnings and revenue beat

MYR Group Inc (NASDAQ:MYRG) reported impressive third-quarter earnings, significantly surpassing analyst expectations. The company's earnings per share stood at $3.82, beating the consensus estimate of $2.99 by $0.83. Revenue reached $1.26 billion, representing a 32% increase from $951.4 million in the same period last year. Notably, net income climbed to $60.0 million, up from $32.1 million in the prior-year quarter, while the gross margin expanded to 13.6% from 11.8%.

The Commercial and Industrial segment recorded record quarterly revenues of $704.5 million, while the Transmission and Distribution segment generated $554.5 million. MYR's President and CEO, Rick Swartz, attributed the strong performance to overall business momentum and execution. The company also reported a record backlog of $3.68 billion as of September 30, 2026, reflecting a 38.2% increase compared to $2.66 billion a year earlier.

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