MYR Group Inc 2024年度报告

MEETINGTHE RAPIDLYGROWINGENERGYDEMAND. MYR Group’s legacy hasbeen forged over morethan a century, serving ourvalued customers as anopen and trusting partner todeliver some of the largest,most complex electricalinfrastructure and commercialand industrial projects. TOTAL CASE INCIDENT RATE – 0.78LOST TIME INCIDENT RATE – 0.10 TOP 5 ENRU.S. SPECIALTY ELECTRICALCONTRACTORS FOR 25+ YEARS INA ROW WITH ENGINEERING NEWS-RECORD (ENR) TOP-TIERGOVERNANCE RECEIVED A QUALITY SCORE OF 2(SECOND-HIGHEST RATING) BYINSTITUTIONAL SHAREHOLDER SERVICES(ISS) FOR OUR GOVERNANCE PRACTICES*As of January 2025 We believe in succeeding as one team,aligning our goals with those of ourcustomers to provide superior electricalconstruction services with a flexibleand committed approach. The skilland dedication of our employees, ourextensive experience, and integratedsolutions drive strong project outcomeswhile offering exceptional customerservice. We continue to grow thanksto proven strategic business initiativesand remain committed to providingexceptional value to our customers,communities, and shareholders.By working as one team, we canhelp meet the rapidly growing energydemand of modern society. $3.36B2024 ANNUAL REVENUE 8,500+EMPLOYEES THROUGHOUTU.S. & CANADA 1891 130+ YEARS OF BUILDING& MAINTAINING CRITICALELECTRICAL INFRASTRUCTURE 65+OFFICE LOCATIONSTHROUGHOUT U.S. & CANADA February 26, 2025 DEAR SHAREHOLDERS, Serving as a resourceful, flexible, and committed partner for ourvalued customers created the foundation of another successfulyear for MYR Group in 2024, one made possible thanks to theexcellence of our dedicated employees. Investments to upgrade an agingelectrical infrastructure, improvereliability, meet load growth, andachieve decarbonization goals foster ahealthy environment in the segment.Our reputation of integrity, safety,quality, and consistency makes us adesirable partner to help customersmeet these demands and is why webelieve we are positioned for long-term success. Time-tested values of safety, quality, andreliability contributed to us delivering solidresults across both business segments,even as we faced headwinds from arelatively small group of projects. RELIABLE PARTNERS TO MEETELECTRIFICATION DEMAND Electricity demand is growing ascommunities depend on reliableenergy delivery for their daily lives.Our customers are planning furtherahead and investing more heavilyto modernize and harden electricalinfrastructure to meet this expandingpower need. Through both ourTransmission & Distribution (T&D)and Commercial & Industrial (C&I)business segments, we serve asan open and trusting partner forour customers, who rely on us tosafely deliver high-quality electricalconstruction services. Key marketdrivers such as system hardening,grid modernization, technologyadvancements, and decarbonizationall present opportunities for long-termgrowth across our business. Further strengthening customerrelationships while strategicallypursuing new opportunities has helpedus become an industry leader overthe past 130 years and will remainour focus as the growing demandfor electrification continues. Growthforecasts in the markets we serve, asteady pipeline of project opportunities,and an ongoing commitment todeveloping our experienced teamsposition us for enduring success. In our C&I segment, the chosen coremarkets we serve offer regionally diverseopportunities for new and existingcustomers. Transportation infrastructureinvestments provide excitingopportunities, with transit and airportprojects among the areas we continueto win and execute work, includinglarge-scale project wins in 2024 for alight rail project in Canada and an airportpassenger terminal in California. Our T&D segment safely executeda balanced portfolio of projectswhile expanding deep customerrelationships through master service(MSA) and alliance agreements.Bidding remains strong as westrategically pursue opportunities,staying true to the proven businessprinciples that allowed us to establishourselves as an industry leader. Wemaintain a steady and diverse pipelineof transmission, distribution, andsubstation projects, working closelywith customers to deliver qualityresults and on-time outcomes. Forecasts predict steady growth inother markets where we maintaina healthy backlog of work such ashealthcare, pharmaceuticals, cleanenergy, and industrial. Our teamscollaborate with customers to buildnew facilities in these markets andupgrade existing ones to meet thedemands of modern society. Weleverage our expertise to place usin leading positions to strategicallycapture future opportunities forcontinued success. We have positionedourselves for continuedgrowth as demand forelectrification increasesthroughout the U.S. andCanada. Load growth driven by data centers,fueled in part by the increasingprominence of artificial intelligence,offers unique opportunities and is a keydriver for both our business segments.Our C&I teams help build new facilitiesand expand existi