MYR Group Inc. Announces New $75 Million Share Repurchase Program
May 06 2024 - 4:07PM
MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ:
MYRG), a holding company of leading specialty contractors
serving the electric utility infrastructure, commercial and
industrial construction markets in the United States and Canada,
announced today a new share repurchase program (“Repurchase
Program”). The Repurchase Program authorizes the Company to
repurchase, in the aggregate, up to $75.0 million of its
outstanding shares of common stock from time to time on the open
market or in privately negotiated transactions, based on market and
business conditions, applicable contractual and legal requirements
and other factors in accordance with applicable federal securities
laws. The Repurchase Program will expire on November 8, 2024, or
when the authorized funds are exhausted, whichever is earlier. The
Company is not obligated to acquire any specific amount of common
stock, and the Company’s Board of Directors may modify or terminate
the Repurchase Program at any time at its sole discretion without
notice. The Company intends to fund the Repurchase Program with
cash on hand and through borrowings under its credit facility. The
Repurchase Program was authorized by the Board of Directors and
will be effective on May 9, 2024. The Company’s prior $75.0 million
repurchase program commenced on November 9, 2023 and is scheduled
to expire on May 8, 2024.
Management CommentsRick Swartz,
MYR Group’s President and CEO, said, “We are pleased to announce
the approval of a share repurchase program by our Board of
Directors. This plan demonstrates the confidence we have in our
market segments and our firm’s long-term growth potential.” Mr.
Swartz continued, “We remain committed to driving value for all MYR
Group shareholders and directing capital to investments that
generate strong returns. Through the strength of our balance sheet,
we will continue to strategically deploy capital through the
execution of organic growth opportunities, strategic acquisitions,
and the repurchase of our common stock.”
About MYR Group Inc.MYR Group is a holding
company of leading, specialty electrical contractors providing
services throughout the United States and Canada through two
business segments: Transmission & Distribution (T&D) and
Commercial & Industrial (C&I). MYR Group subsidiaries have
the experience and expertise to complete electrical installations
of any type and size. Through their T&D segment they provide
services on electric transmission, distribution networks,
substation facilities, clean energy projects and electric vehicle
charging infrastructure. Their comprehensive T&D services
include design, engineering, procurement, construction, upgrade,
maintenance and repair services. T&D customers include
investor-owned utilities, cooperatives, private developers,
government-funded utilities, independent power producers,
independent transmission companies, industrial facility owners and
other contractors. Through their C&I segment, they provide a
broad range of services which include the design, installation,
maintenance and repair of commercial and industrial wiring
generally for airports, hospitals, data centers, hotels, stadiums,
commercial and industrial facilities, clean energy projects,
manufacturing plants, processing facilities, water/waste-water
treatment facilities, mining facilities, intelligent transportation
systems, roadway lighting, signalization and electric vehicle
charging infrastructure. C&I customers include general
contractors, commercial and industrial facility owners, government
agencies and developers. For more information, visit
myrgroup.com.
Forward-Looking StatementsVarious statements in
this announcement, including those that express a belief,
expectation, or intention, as well as those that are not statements
of historical fact, are forward-looking statements. The
forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our
future production, revenue, income, capital spending, segment
improvements and investments. Forward-looking statements are
generally accompanied by words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “likely,” “may,” “objective,”
“outlook,” “plan,” “project,” “possible,” “potential,” “should,”
“unlikely,” or other words that convey the uncertainty of future
events or outcomes. The forward-looking statements in this
announcement speak only as of the date of this announcement. We
disclaim any obligation to update these statements (unless required
by securities laws), and we caution you not to rely on them unduly.
We have based these forward-looking statements on our current
expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. No forward-looking statement can
be guaranteed and actual results may differ materially from those
projected. Forward-looking statements in this announcement should
be evaluated together with the many uncertainties that affect MYR
Group's business, particularly those mentioned in the risk factors
and cautionary statements in Item 1A. of MYR Group's Annual Report
on Form 10-K for the fiscal year ended December 31, 2023, and in
any risk factors or cautionary statements contained in MYR Group's
subsequent Quarterly Reports on Form 10-Q or Current Reports on
Form 8-K.
MYR Group Inc. Contact:Kelly M. Huntington,
Chief Financial Officer, 847-290-1891,
investorinfo@myrgroup.com
Investor Contact:David Gutierrez, Dresner
Corporate Services, 312-780-7204, dgutierrez@dresnerco.com
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