Overview

• US specialty electrical contractor's Q1 revenue rose, beating analyst expectations

• Adjusted EPS for Q1 rose to $2.99

• Gross margin improved to 13.4% on higher project margins and productivity gains

Outlook

• Company expects favorable market outlook to support growth through the remainder of 2026

Result Drivers

• SEGMENT REVENUE GROWTH - T&D revenue rose due to increases in unit price and T&E contracts, while C&I revenue grew mainly from more fixed price contracts

• HIGHER PROJECT MARGINS - Gross margin improved due to a larger portion of projects progressing at higher contractual margins, better-than-anticipated productivity, favorable change orders and a favorable job closeout

• RECORD BACKLOG - Backlog reached $2.84 bln, up 7.7% year-over-year, reflecting ongoing demand and expanded market reach

Company press release: ID:nGNX1Pt1xh

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$1 bln	$930.73 mln (8 Analysts)
Q1 EPS		$2.99
Q1 Net Income		$46.8 mln
Q1 Gross Margin		13.4%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for MYR Group Inc is $311.00, about 6% below its April 28 closing price of $330.97

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 25 three months ago

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