Stock Track | MYR Group Soars 7.5% Despite Revenue Miss as Q3 Earnings Beat Estimates

Stock Track10-31

Shares of MYR Group Inc (NASDAQ: MYRG), a leading specialty construction services company, surged 7.5% on Tuesday, following the release of the company's better-than-expected third-quarter earnings results.

For the quarter ended September 30, 2024, MYR Group reported adjusted earnings per share of $0.65, significantly higher than analysts' consensus estimate of $0.35. Despite the earnings beat, the company's revenue of $888.04 million fell short of Wall Street's expectations of $917.18 million, a 5.5% year-over-year decline.

The strong earnings performance appears to have overshadowed the revenue miss, as investors reacted positively to the company's ability to deliver solid profitability amid challenging market conditions. Additionally, analysts at Baird maintained their "Outperform" rating on MYR Group, citing the company's robust growth prospects and favorable positioning in the construction and engineering sector.

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