On this page of StockholderLetter.com we present the latest annual shareholder letter from MYR GROUP INC. — ticker symbol MYRG. Reading current and past MYRG letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT
MEETING THE RAPIDLY GROWING ENERGY DEMAND. STRONG SAFETY MYR Group s legacy has been forged over more than a century, serving our valued customers as an open and trusting partner to deliver some of the largest, most complex electrical infrastructure and commercial and industrial projects. TOTAL CASE INCIDENT RATE 0.78 LOST TIME INCIDENT RATE 0.10 TOP 5 ENR U.S. SPECIALTY ELECTRICAL CONTRACTORS FOR 25+ YEARS IN A ROW WITH ENGINEERING NEWSRECORD (ENR) TOP-TIER GOVERNANCE RECEIVED A QUALITY SCORE OF 2 (SECOND-HIGHEST RATING) BY INSTITUTIONAL SHAREHOLDER SERVICES (ISS) FOR OUR GOVERNANCE PRACTICES *As of January 2025
We believe in succeeding as one team, aligning our goals with those of our customers to provide superior electrical construction services with a flexible and committed approach. The skill and dedication of our employees, our extensive experience, and integrated solutions drive strong project outcomes while offering exceptional customer service. We continue to grow thanks to proven strategic business initiatives and remain committed to providing exceptional value to our customers, communities, and shareholders. By working as one team, we can help meet the rapidly growing energy demand of modern society. $3.36B 8,500+ 2024 ANNUAL REVENUE EMPLOYEES THROUGHOUT U.S. & CANADA 1891 130+ YEARS OF BUILDING & MAINTAINING CRITICAL ELECTRICAL INFRASTRUCTURE 65+ OFFICE LOCATIONS THROUGHOUT U.S. & CANADA
February 26, 2025 DEAR SHAREHOLDERS, Serving as a resourceful, flexible, and committed partner for our valued customers created the foundation of another successful year for MYR Group in 2024, one made possible thanks to the excellence of our dedicated employees. Time-tested values of safety, quality, and reliability contributed to us delivering solid results across both business segments, even as we faced headwinds from a relatively small group of projects. Further strengthening customer relationships while strategically pursuing new opportunities has helped us become an industry leader over the past 130 years and will remain our focus as the growing demand for electrification continues. Growth forecasts in the markets we serve, a steady pipeline of project opportunities, and an ongoing commitment to developing our experienced teams position us for enduring success. RELIABLE PARTNERS TO MEET ELECTRIFICATION DEMAND Electricity demand is growing as communities depend on reliable energy delivery for their daily lives. Our customers are planning further ahead and investing more heavily to modernize and harden electrical infrastructure to meet this expanding power need. Through both our Transmission & Distribution (T&D) and Commercial & Industrial (C&I) business segments, we serve as an open and trusting partner for our customers, who rely on us to safely deliver high-quality electrical construction services. Key market drivers such as system hardening, grid modernization, technology advancements, and decarbonization all present opportunities for long-term growth across our business. Our T&D segment safely executed a balanced portfolio of projects while expanding deep customer relationships through master service (MSA) and alliance agreements. Bidding remains strong as we strategically pursue opportunities, staying true to the proven business principles that allowed us to establish ourselves as an industry leader. We maintain a steady and diverse pipeline of transmission, distribution, and substation projects, working closely with customers to deliver quality results and on-time outcomes. Investments to upgrade an aging electrical infrastructure, improve reliability, meet load growth, and achieve decarbonization goals foster a healthy environment in the segment. Our reputation of integrity, safety, quality, and consistency makes us a desirable partner to help customers meet these demands and is why we believe we are positioned for longterm success. In our C&I segment, the chosen core markets we serve offer regionally diverse opportunities for new and existing customers. Transportation infrastructure investments provide exciting opportunities, with transit and airport projects among the areas we continue to win and execute work, including large-scale project wins in 2024 for a light rail project in Canada and an airport passenger terminal in California. Forecasts predict steady growth in other markets where we maintain a healthy backlog of work such as healthcare, pharmaceuticals, clean energy, and industrial. Our teams collaborate with customers to build new facilities in these markets and upgrade existing ones to meet the demands of modern society. We leverage our expertise to place us in leading positions to strategically capture future opportunities for continued success.
We have positioned ourselves for continued growth as demand for electrification increases throughout the U.S. and Canada. Load growth driven by data centers, Giving back to the communities we Increasing demand for electricity offers fueled in part by the increasing serve, providing emergency response, a promising outlook for our industry, prominence of artificial intelligence, and supporting the advancement of the which more than ever needs proven offers unique opportunities and is a key industry for the betterment of everyone partners with established resources driver for both our business segments. are privileges for our company. to meet the need for reliable, dynamic Our C&I teams help build new facilities We are proud of our investments energy. We believe our chosen core and expand existing ones while our to foster a keen sense of integrity markets are poised for ongoing success T&D crews provide grid infrastructure and responsibility at all levels of our thanks to the significant investments improvements and additions to help business. This culture will help produce made in electrical infrastructure and deliver the vast electricity demand agile leaders for the future. are confident that our hard-earned reputation for collaboration, honesty, required by new, existing, and expanding data centers. We believe what we do and how and reliable project delivery position us we do it matters. Our daily business well for future work. Our primary focus, as always, is to operations, core values, and long-term act as a strong and nimble partner, strategies are each integrated with our Even as we reflect on and celebrate constantly striving to meet and organization s commitment to operating the accomplishments made in 2024, exceed customer expectations for responsibly. Our organization seeks to we are excited about the essential safety, quality, and collaboration. In leave the world better than we found it role we believe MYR Group will this spirit, we continue to expand while delivering value to our customers, play in the coming years to help our relationships through multi-year MSAs communities, and shareholders. customers create the modern electrical infrastructure our communities rely while strategically pursuing additional upon every day. OPERATING RESPONSIBLY & PROACTIVELY PROVEN LONGTERM SUCCESS For over a century, we ve provided Best regards, Acting in the best interests of our excellence, enabling us to forge and employees, communities, and the strengthen meaningful long-term environment is important to the relationships while strategically company. We strive to operate capturing opportunities to grow our responsibly, proactively seeking to business. We will continue our goals execute our work safely and reduce to expand our business intelligently, our environmental impacts. Investing proactively manage risks, and act as a in the development of our teams is an trustworthy partner. Our commitment essential component of our mission, to delivering exceptional value while endeavoring to send everybody home supporting the safety and success of safely and feeling appreciated for their our employees will remain steadfast. opportunities to forge new partnerships. tremendous efforts. customers with consistent operational Rick Swartz President and Chief Executive Officer Ken Hartwick Chair of the Board
 • shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/6/2023 MYRG Stockholder Letter
 • stockholder letter icon 3/7/2024 MYRG Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon MYRG Benford's Law Stock Score = 88


MYRG Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT

MEETING
THE RAPIDLY
GROWING
ENERGY
DEMAND.
STRONG SAFETY
MYR Group   s legacy has
been forged over more
than a century, serving our
valued customers as an
open and trusting partner to
deliver some of the largest,
most complex electrical
infrastructure and commercial
and industrial projects.
TOTAL CASE INCIDENT RATE     0.78
LOST TIME INCIDENT RATE     0.10
TOP 5 ENR
U.S. SPECIALTY ELECTRICAL
CONTRACTORS FOR 25+ YEARS IN
A ROW WITH ENGINEERING NEWSRECORD (ENR)
TOP-TIER
GOVERNANCE
RECEIVED A QUALITY SCORE OF 2
(SECOND-HIGHEST RATING) BY
INSTITUTIONAL SHAREHOLDER SERVICES
(ISS) FOR OUR GOVERNANCE PRACTICES
*As of January 2025

We believe in succeeding as one team,
aligning our goals with those of our
customers to provide superior electrical
construction services with a flexible
and committed approach. The skill
and dedication of our employees, our
extensive experience, and integrated
solutions drive strong project outcomes
while offering exceptional customer
service. We continue to grow thanks
to proven strategic business initiatives
and remain committed to providing
exceptional value to our customers,
communities, and shareholders.
By working as one team, we can
help meet the rapidly growing energy
demand of modern society.
$3.36B
8,500+
2024 ANNUAL REVENUE
EMPLOYEES THROUGHOUT
U.S. & CANADA
1891
130+ YEARS OF BUILDING
& MAINTAINING CRITICAL
ELECTRICAL INFRASTRUCTURE
65+
OFFICE LOCATIONS
THROUGHOUT U.S. & CANADA

February 26, 2025
DEAR SHAREHOLDERS,
Serving as a resourceful, flexible, and committed partner for our
valued customers created the foundation of another successful
year for MYR Group in 2024, one made possible thanks to the
excellence of our dedicated employees.
Time-tested values of safety, quality, and
reliability contributed to us delivering solid
results across both business segments,
even as we faced headwinds from a
relatively small group of projects.
Further strengthening customer
relationships while strategically
pursuing new opportunities has helped
us become an industry leader over
the past 130 years and will remain
our focus as the growing demand
for electrification continues. Growth
forecasts in the markets we serve, a
steady pipeline of project opportunities,
and an ongoing commitment to
developing our experienced teams
position us for enduring success.
RELIABLE PARTNERS TO MEET
ELECTRIFICATION DEMAND
Electricity demand is growing as
communities depend on reliable
energy delivery for their daily lives.
Our customers are planning further
ahead and investing more heavily
to modernize and harden electrical
infrastructure to meet this expanding
power need. Through both our
Transmission & Distribution (T&D)
and Commercial & Industrial (C&I)
business segments, we serve as
an open and trusting partner for
our customers, who rely on us to
safely deliver high-quality electrical
construction services. Key market
drivers such as system hardening,
grid modernization, technology
advancements, and decarbonization
all present opportunities for long-term
growth across our business.
Our T&D segment safely executed
a balanced portfolio of projects
while expanding deep customer
relationships through master service
(MSA) and alliance agreements.
Bidding remains strong as we
strategically pursue opportunities,
staying true to the proven business
principles that allowed us to establish
ourselves as an industry leader. We
maintain a steady and diverse pipeline
of transmission, distribution, and
substation projects, working closely
with customers to deliver quality
results and on-time outcomes.
Investments to upgrade an aging
electrical infrastructure, improve
reliability, meet load growth, and
achieve decarbonization goals foster a
healthy environment in the segment.
Our reputation of integrity, safety,
quality, and consistency makes us a
desirable partner to help customers
meet these demands and is why we
believe we are positioned for longterm success.
In our C&I segment, the chosen core
markets we serve offer regionally diverse
opportunities for new and existing
customers. Transportation infrastructure
investments provide exciting
opportunities, with transit and airport
projects among the areas we continue
to win and execute work, including
large-scale project wins in 2024 for a
light rail project in Canada and an airport
passenger terminal in California.
Forecasts predict steady growth in
other markets where we maintain
a healthy backlog of work such as
healthcare, pharmaceuticals, clean
energy, and industrial. Our teams
collaborate with customers to build
new facilities in these markets and
upgrade existing ones to meet the
demands of modern society. We
leverage our expertise to place us
in leading positions to strategically
capture future opportunities for
continued success.

We have positioned
ourselves for continued
growth as demand for
electrification increases
throughout the U.S. and
Canada.
Load growth driven by data centers,
Giving back to the communities we
Increasing demand for electricity offers
fueled in part by the increasing
serve, providing emergency response,
a promising outlook for our industry,
prominence of artificial intelligence,
and supporting the advancement of the
which more than ever needs proven
offers unique opportunities and is a key
industry for the betterment of everyone
partners with established resources
driver for both our business segments.
are privileges for our company.
to meet the need for reliable, dynamic
Our C&I teams help build new facilities
We are proud of our investments
energy. We believe our chosen core
and expand existing ones while our
to foster a keen sense of integrity
markets are poised for ongoing success
T&D crews provide grid infrastructure
and responsibility at all levels of our
thanks to the significant investments
improvements and additions to help
business. This culture will help produce
made in electrical infrastructure and
deliver the vast electricity demand
agile leaders for the future.
are confident that our hard-earned
reputation for collaboration, honesty,
required by new, existing, and
expanding data centers.
We believe what we do     and how
and reliable project delivery position us
we do it     matters. Our daily business
well for future work.
Our primary focus, as always, is to
operations, core values, and long-term
act as a strong and nimble partner,
strategies are each integrated with our
Even as we reflect on and celebrate
constantly striving to meet and
organization   s commitment to operating
the accomplishments made in 2024,
exceed customer expectations for
responsibly. Our organization seeks to
we are excited about the essential
safety, quality, and collaboration. In
leave the world better than we found it
role we believe MYR Group will
this spirit, we continue to expand
while delivering value to our customers,
play in the coming years to help our
relationships through multi-year MSAs
communities, and shareholders.
customers create the modern electrical
infrastructure our communities rely
while strategically pursuing additional
upon every day.
OPERATING RESPONSIBLY
& PROACTIVELY
PROVEN LONGTERM SUCCESS
For over a century, we   ve provided
Best regards,
Acting in the best interests of our
excellence, enabling us to forge and
employees, communities, and the
strengthen meaningful long-term
environment is important to the
relationships while strategically
company. We strive to operate
capturing opportunities to grow our
responsibly, proactively seeking to
business. We will continue our goals
execute our work safely and reduce
to expand our business intelligently,
our environmental impacts. Investing
proactively manage risks, and act as a
in the development of our teams is an
trustworthy partner. Our commitment
essential component of our mission,
to delivering exceptional value while
endeavoring to send everybody home
supporting the safety and success of
safely and feeling appreciated for their
our employees will remain steadfast.
opportunities to forge new partnerships.
tremendous efforts.
customers with consistent operational
Rick Swartz
President and Chief
Executive Officer
Ken Hartwick
Chair of the Board



shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
 

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