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2021-06-03

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Earnings Preview | MYR Group's revenue is expected to grow by 19.08% in the current quarter, and institutional views are optimistic

MYR Group将于2026年07月29日发布财报，市场预计收入与利润延续增长态势，投资者关注输配电及商业与工业项目执行质量和利润率弹性。市场一致预期本季度MYR Group营收为9.96亿美元，同比增长19.08%；预计调整后每股收益为2.56美元，同比增长68.77%；预计息税前利润为5,606.00万美元，同比增长56.46%。上一季度MYR Group实现营收10.00亿美元，同比增长20.00%；毛利率13.44%；归母净利润为4,680.00万美元，净利率4.68%；调整后每股收益2.99美元，同比增长106.21%。

Earnings Preview | MYR Group's revenue is expected to grow by 19.08% in the current quarter, and institutional views are optimistic

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Meshaarias72
·2021-06-05
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The market expects that its revenue and profit will continue to grow. Investors are concerned about the execution quality and profit margin elasticity of power transmission and distribution, commercial and industrial projects.<h2>Market Forecast</h2>The consensus market expectation is that MYR Group will have revenue of $996 million in the quarter, up 19.08% year-over-year; Expected adjusted EPS of $2.56, up 68.77% year-over-year; EBIT is expected to be $56.06 million, up 56.46% year-over-year. In terms of main business structure, in the last quarter, the income of transmission and distribution business was USD 541 million, accounting for 54.08%, and the income of commercial and industrial business was USD 459 million, accounting for 45.92%. The company's orders and projects in hand cover the North American power grid upgrading and public utility capital expenditure cycle. Among the company's existing businesses, the transmission and distribution segment is driven by the demand of North American power grid investment and renewable energy grid connection, with large scale and higher demand certainty, and is the existing business with the biggest development prospect.<h2>Last Quarter Review</h2>In the last quarter, MYR Group achieved revenue of US$1.00 billion, up 20.00% year-on-year; Gross profit margin 13.44%; The net profit attributable to the parent was US$46.80 million, with a net profit margin of 4.68%; Adjusted earnings of $2.99 per share increased by 106.21% year over year. The company's profit in the last quarter exceeded market expectations, project execution and cost control drove the increase of profit margin, and the order structure tilted to high gross profit projects. In terms of business, the transmission and distribution revenue was USD 541 million, a year-on-year increase, and the commercial and industrial revenue was USD 459 million, a year-on-year increase. The transmission and distribution sector was driven by the hardening of power grid, renewable access and the acceleration of capital expenditure of public utilities, and its contribution was higher.<h2>OUTLOOK FOR THE QUARTER</h2><h4>Transmission and distribution construction and power grid upgrading</h4>The expansion of North American power grid, the transformation of aging assets and the connection of renewable energy to the grid are the most compatible long-term logic of the company. It is expected that the kinetic energy of transmission and distribution projects will continue in this quarter, and the release of volume and the optimization of project portfolio are expected to consolidate the double-rise performance of revenue and profit. The market's forecast growth rate of the company's revenue this quarter has reached 19.08%. If the proportion of power grid upgrading projects continues to rise, the gross profit margin is expected to remain in a healthy range. The risk lies in the execution rhythm of large-scale projects and the fluctuation of material costs. However, the gross profit margin of 13.44% and the net profit margin of 4.68% in last quarter show that the company has cost management and bargaining power. If the orders are sufficient, the profit margin elasticity is still supported.</p><p><h4>Business & Industrial (C&I) Programs</h4>Commercial and industrial businesses have sustained opportunities in data centres, transportation infrastructure renovations and large building power system upgrades, and this quarter is expected to benefit from the recovery of corporate capital expenditure and the continuation of government infrastructure investment. The market expects EBIT to increase by 56.46% year-on-year in this quarter. If the turnover efficiency of C&I projects improves and the change orders are confirmed smoothly, it will contribute positively to the profit margin. It is necessary to pay attention to the impact of tight labor services and subcontracting resources on production scheduling and cost. Once the implementation efficiency is stable and the structural optimization of project pricing is superimposed, the sector's pull on the company's overall EPS will be more obvious.</p><p><h4>Profit Margin and Cash Flow Quality</h4>The company's adjusted earnings per share last quarter were $2.99 and significantly higher than market estimates, indicating improved earnings quality. If the revenue end is realized in this quarter, combined with the project cost curve and the improvement of capacity utilization rate, the net profit margin will have the foundation to maintain resilience. If the peak start of large projects drives the phased occupation of working capital to increase, it is necessary to pay attention to the pace of cash conversion; However, judging from the match between the net profit margin of 4.68% and the gross profit margin of 13.44% in the last quarter, there is no sign of imbalance on the expense side. If the prudent order-taking strategy and strict change management are maintained, the matching degree of cash flow quality and profit margin is expected to remain at a reasonable level.</p><p><h2>Analyst Opinion</h2>Based on the recent combing of the views of institutions and sellers, the proportion of optimistic voices is higher. Many analysts believe that MYR Group benefits from the long-term trend of grid hardening and renewable energy grid connection in North America. In the short term, sufficient projects in hand and improved execution efficiency support the continued growth of this quarter's performance; Some institutions emphasized that the optimization of order structure will promote the elastic release of EPS. The bearish view mainly focuses on the cyclical risk and cost fluctuation of the project, but the proportion is relatively low. On the whole, institutions generally expect both revenue and profit to increase this quarter, focusing on the impact of changes in the proportion of power transmission and distribution and C&I projects on gross profit margin and the robustness of the annual guidance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earnings Preview | MYR Group's revenue is expected to grow by 19.08% in the current quarter, and institutional views are optimistic</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarnings Preview | MYR Group's revenue is expected to grow by 19.08% in the current quarter, and institutional views are optimistic\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time smaller\">2026-07-22 13:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><h2>Abstract</h2>MYR Group will release its financial report on July 29, 2026 (after the U.S. stock market). The market expects that its revenue and profit will continue to grow. Investors are concerned about the execution quality and profit margin elasticity of power transmission and distribution, commercial and industrial projects.<h2>Market Forecast</h2>The consensus market expectation is that MYR Group will have revenue of $996 million in the quarter, up 19.08% year-over-year; Expected adjusted EPS of $2.56, up 68.77% year-over-year; EBIT is expected to be $56.06 million, up 56.46% year-over-year. In terms of main business structure, in the last quarter, the income of transmission and distribution business was USD 541 million, accounting for 54.08%, and the income of commercial and industrial business was USD 459 million, accounting for 45.92%. The company's orders and projects in hand cover the North American power grid upgrading and public utility capital expenditure cycle. Among the company's existing businesses, the transmission and distribution segment is driven by the demand of North American power grid investment and renewable energy grid connection, with large scale and higher demand certainty, and is the existing business with the biggest development prospect.<h2>Last Quarter Review</h2>In the last quarter, MYR Group achieved revenue of US$1.00 billion, up 20.00% year-on-year; Gross profit margin 13.44%; The net profit attributable to the parent was US$46.80 million, with a net profit margin of 4.68%; Adjusted earnings of $2.99 per share increased by 106.21% year over year. The company's profit in the last quarter exceeded market expectations, project execution and cost control drove the increase of profit margin, and the order structure tilted to high gross profit projects. In terms of business, the transmission and distribution revenue was USD 541 million, a year-on-year increase, and the commercial and industrial revenue was USD 459 million, a year-on-year increase. The transmission and distribution sector was driven by the hardening of power grid, renewable access and the acceleration of capital expenditure of public utilities, and its contribution was higher.<h2>OUTLOOK FOR THE QUARTER</h2><h4>Transmission and distribution construction and power grid upgrading</h4>The expansion of North American power grid, the transformation of aging assets and the connection of renewable energy to the grid are the most compatible long-term logic of the company. It is expected that the kinetic energy of transmission and distribution projects will continue in this quarter, and the release of volume and the optimization of project portfolio are expected to consolidate the double-rise performance of revenue and profit. The market's forecast growth rate of the company's revenue this quarter has reached 19.08%. If the proportion of power grid upgrading projects continues to rise, the gross profit margin is expected to remain in a healthy range. The risk lies in the execution rhythm of large-scale projects and the fluctuation of material costs. However, the gross profit margin of 13.44% and the net profit margin of 4.68% in last quarter show that the company has cost management and bargaining power. If the orders are sufficient, the profit margin elasticity is still supported.</p><p><h4>Business & Industrial (C&I) Programs</h4>Commercial and industrial businesses have sustained opportunities in data centres, transportation infrastructure renovations and large building power system upgrades, and this quarter is expected to benefit from the recovery of corporate capital expenditure and the continuation of government infrastructure investment. The market expects EBIT to increase by 56.46% year-on-year in this quarter. If the turnover efficiency of C&I projects improves and the change orders are confirmed smoothly, it will contribute positively to the profit margin. It is necessary to pay attention to the impact of tight labor services and subcontracting resources on production scheduling and cost. Once the implementation efficiency is stable and the structural optimization of project pricing is superimposed, the sector's pull on the company's overall EPS will be more obvious.</p><p><h4>Profit Margin and Cash Flow Quality</h4>The company's adjusted earnings per share last quarter were $2.99 and significantly higher than market estimates, indicating improved earnings quality. If the revenue end is realized in this quarter, combined with the project cost curve and the improvement of capacity utilization rate, the net profit margin will have the foundation to maintain resilience. If the peak start of large projects drives the phased occupation of working capital to increase, it is necessary to pay attention to the pace of cash conversion; However, judging from the match between the net profit margin of 4.68% and the gross profit margin of 13.44% in the last quarter, there is no sign of imbalance on the expense side. If the prudent order-taking strategy and strict change management are maintained, the matching degree of cash flow quality and profit margin is expected to remain at a reasonable level.</p><p><h2>Analyst Opinion</h2>Based on the recent combing of the views of institutions and sellers, the proportion of optimistic voices is higher. Many analysts believe that MYR Group benefits from the long-term trend of grid hardening and renewable energy grid connection in North America. In the short term, sufficient projects in hand and improved execution efficiency support the continued growth of this quarter's performance; Some institutions emphasized that the optimization of order structure will promote the elastic release of EPS. The bearish view mainly focuses on the cyclical risk and cost fluctuation of the project, but the proportion is relatively low. On the whole, institutions generally expect both revenue and profit to increase this quarter, focusing on the impact of changes in the proportion of power transmission and distribution and C&I projects on gross profit margin and the robustness of the annual guidance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MYRG":"MYR Group"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133890180","content_text":"摘要\nMYR Group将于2026年07月29日（美股盘后）发布财报，市场预计收入与利润延续增长态势，投资者关注输配电及商业与工业项目执行质量和利润率弹性。\n市场预测\n市场一致预期本季度MYR Group营收为9.96亿美元，同比增长19.08%；预计调整后每股收益为2.56美元，同比增长68.77%；预计息税前利润为5,606.00万美元，同比增长56.46%。主营结构方面，上一季度输电与配电业务收入为5.41亿美元，占比54.08%，商业和工业业务收入为4.59亿美元，占比45.92%，公司订单与在手项目覆盖北美电网升级与公共事业资本开支周期。公司现有业务中，输电与配电板块受北美电网投资与可再生能源并网需求推动，规模大且需求确定性更高，是发展前景最大的现有业务。\n上季度回顾\n上一季度MYR Group实现营收10.00亿美元，同比增长20.00%；毛利率13.44%；归母净利润为4,680.00万美元，净利率4.68%；调整后每股收益2.99美元，同比增长106.21%。公司上季度盈利超出市场预期，项目执行与成本控制带动利润率提升，订单结构向高毛利项目倾斜。分业务看，输电与配电收入为5.41亿美元，同比增长，商业和工业收入为4.59亿美元，同比增长，输配电板块受电网硬化、可再生接入与公用事业资本支出提速拉动，贡献度更高。\n本季度展望\n输配电建设与电网升级\n北美电网扩容、老化资产改造与可再生能源并网是公司最契合的长期逻辑，预计本季度输电与配电项目动能延续，量的释放叠加项目组合优化，有望巩固营收与利润的双升表现。市场对本季度公司营收的预测增速达到19.08%，若电网升级类项目占比继续上升，毛利率有望保持在健康区间。风险在于大型项目执行节奏与材料成本波动，但上季度13.44%的毛利率与4.68%的净利率显示公司具备成本管理与议价能力，若订单充足，利润率弹性仍有支撑。\n商业与工业（C&I）项目\n商业与工业业务在数据中心、交通基础设施改建与大型楼宇电力系统升级中具备持续机会，本季度有望受益于企业资本开支恢复与政府基建投资延续。市场预计本季度息税前利润同比增长56.46%，若C&I项目周转效率改善与变更单确认顺利，将对利润率形成正向贡献。需关注劳务与分包资源紧张对排产与成本的影响，一旦执行效率稳定，叠加项目定价的结构性优化，板块对公司整体EPS的拉动将更明显。\n利润率与现金流质量\n上季度公司调整后每股收益2.99美元，并显著高于市场估计，显示盈利质量改善。本季度若营收端兑现，结合项目成本曲线与产能利用率提升，净利率具备保持韧性的基础。若大项目开工高峰带动营运资本阶段性占用上升，需留意现金转化节奏；但从上季度净利率4.68%与毛利率13.44%的匹配看，费用端并未出现失衡迹象，若维持审慎接单策略与严格变更管理，现金流质量和利润率匹配度有望维持在合理水平。\n分析师观点\n基于近期机构与卖方观点的梳理，偏乐观的声音占比更高。多家分析师认为，MYR Group受益于北美电网硬化与可再生能源并网的长期趋势，短期看在手项目充足与执行效率改善支撑本季度业绩延续增长；部分机构强调订单结构优化将推动EPS弹性释放。看空观点则主要集中于项目周期性风险与成本波动，但比例相对较低。综合来看，机构普遍预计本季度营收与利润双增，关注点在于输配电与C&I项目占比变化对毛利率的影响与全年指引的稳健性。","news_type":1,"symbols_score_info":{"MYRG":1}},"isVote":1,"tweetType":1,"viewCount":4739,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4593353,"commentId":"4593353","gmtCreate":1622897317240,"gmtModify":1663228016434,"authorId":3577781617271173,"author":{"id":3577781617271173,"idStr":"3577781617271173","authorId":3577781617271173,"name":"Meshaarias72","avatar":"https://static.tigerbbs.com/c5282cda6a9d3948fc067b21adcb578c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":111684032,"objectIdStr":"111684032","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Yy","text":"Yy","html":"Yy","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}