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 in accordance with applicable federal securities laws. The Repurchase Program will expire on May 8, 2024, or when the authorized funds are exhausted, whichever is earlier. 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 November 9, 2023. The Company’s prior $75.0 million repurchase program that commenced on May 9, 2023 is scheduled to expire on November 8, 2023.
Management Comments
Rick Swartz, MYR Group’s President and CEO, said, “We remain committed to driving value for all MYR Group shareholders and directing capital to investments that generate strong returns. This plan demonstrates the confidence we have in our market segments and commitment to invest for long-term growth.” Mr. Swartz continued, “With our strong 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.”
