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MYR Group Inc.

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MYR Group Inc.
Company typePublic
Traded asNasdaq: MYRG
Founded1995
HeadquartersHenderson, Colorado
RevenueIncrease$3.66 billion USD (2024)
Net incomeIncrease$91 million USD(2024)
Number of employees9,000
Websitemyrgroup.com

MYR Group Inc. is an American corporation that offers electrical construction services for transmission and distribution lines, substations, commercial and industrial buildings, and renewable energy. It is the parent company to 12 subsidiary electrical construction companies.

It has approximately 8500 employees and in 2022 had revenue of $3.01 billion. It is publicly traded on Nasdaq under the stock symbol MYRG. Its headquarters are in Thornton, Colorado.

History

MYR Group was listed on the New York Stock Exchange from 1996 to 2000, when it was bought by GPU Inc., which was then bought by FirstEnergy Corp. From 2005 to 2007, ArcLight Capital Partners was the majority shareholder. In 2008, approximately 20 million shares in the company were registered with NASDAQ for resale. Trading started at $16 per share; by December the price had fallen to $10. In 2023 the stock reached $150 a share. Currently the biggest shareholders are BlackRock and Vanguard Group.

Richard S. Swartz became president and chief executive officer in January 2017, replacing William A. Koertner who had held those posts since 2003.

Acquisitions

In 2000 the company acquired Great Southwestern Construction, followed by E.S. Boulos and High Country Line Construction in 2015, Western Pacific Enterprises in 2016, Huen Electric in 2018, and Powerline Plus in 2022. MYR Energy Services, Inc. was created in 2009.

References

  1. "MYR Group Full Year 2022 Earnings: Beats Expectations". Yahoo Finance. 2023-02-24. Retrieved 2023-07-20.
  2. ^ "MYR Group goes public, quietly". MarketWatch.
  3. "MYR Group CEO Koertner to step down, Swartz to replace him". Daily Herald Business Ledger. 20 December 2016.
  4. "MYR Group Acquires New England Electrical Contractor E.S. Boulos". EC&M.
  5. "MYR Group (MYRG) Acquires Western Pacific Enterprises for C$16.1M". Street Insider.
  6. "MYR Group acquires Huen Electric companies". Daily Herald Business Ledger. 3 July 2018.
  7. "MYR Group acquires Powerline Plus - constructconnect.com". Daily Commercial News. 2022-01-11. Retrieved 2023-07-20.
  8. "MYR Group History". MYR Group.
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