MYR Group Q2 2025 Earnings Call Transcript

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Provided by Quartr
July 31, 2025

Key Takeaways

  • Positive Sentiment: MYR Group reported 8.6% year-over-year revenue growth to $900 million in Q2 2025, driven by a 10% increase in T&D and 6% rise in C&I revenues.
  • Positive Sentiment: The company turned around to a $27 million net income (or $1.70 per share) and $56 million in EBITDA, compared to a loss in the prior year period.
  • Positive Sentiment: Gross margin expanded to 11.5% from 4.9%, boosting operating income margins in both the T&D (8%) and C&I (5.6%) segments.
  • Positive Sentiment: Total backlog rose 4% year-over-year to $2.64 billion, with $927 million in T&D and $1.72 billion in C&I orders.
  • Positive Sentiment: New master service agreements were secured, including a $500 million+ five-year design-build electric distribution deal with Xcel Energy, plus additional utility MSAs in the Northeast and Midwest.
AI Generated. May Contain Errors.
Earnings Conference Call
MYR Group Q2 2025
00:00 / 00:00

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Operator

Good morning, everyone, and welcome to the MYR Group second quarter two thousand twenty five earnings results conference call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during this session, you would need to press 11 on your telephone. You would then hear an automated message advising your hand is raised.

Operator

To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jennifer Harper, MYR Group's Vice President of Investor Relations and Treasurer. Please go ahead, Jennifer.

Jennifer Harper
Jennifer Harper
VP - IR & Treasurer at MYR Group

Thank you, and good morning, everyone. I would like to welcome you to the MYR Group conference call to discuss the company's second quarter results for 2025, which were reported yesterday. Joining us on today's call are Rick Swartz, President and Chief Executive Officer Kelly Huntington, Senior Vice President and Chief Financial Officer Brian Stern, Senior Vice President and Chief Operating Officer of MYR Group's Transmission and Distribution Segment and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial and Industrial segments. A copy of yesterday's press release is available on the MYR Group website at myrgroup.com under the Investors tab. A webcast replay of today's call will be available on the website for seven days following the call.

Jennifer Harper
Jennifer Harper
VP - IR & Treasurer at MYR Group

Before we begin, I want to remind you that this discussion may contain forward looking statements. Any such statements are based upon information available to MRR Group's management as of this date, and MRR Group assumes no obligation to update any such forward looking statements. These forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward looking statements. Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's annual report on Form 10 ks for the year ended 12/31/2024, the company's quarterly report on Form 10 Q for the 2025, and in yesterday's press release.

Jennifer Harper
Jennifer Harper
VP - IR & Treasurer at MYR Group

We also present certain non GAAP financial measures. A reconciliation of these non GAAP measures to the most comparable GAAP measures is set forth in yesterday's press release. With that, let me turn the call over to Rick Schwartz.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Thanks, Jennifer. Good morning, everyone. Welcome to our second quarter twenty twenty five conference call to discuss financial and operational results. I will begin by providing a summary of the second quarter results, and then we'll turn the call over to Kelly Huntington, our Chief Financial Officer, for a detailed financial review. Following Kelly's overview, Brian Stern and Don Egan, Chief Operating Officers for our T and D and C and I segments, will provide a summary of our segment's performance and discuss some of the MR and R Group's opportunities going forward.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

I will then conclude today's call with some closing remarks and open the call up for your questions. A steady second quarter performance resulted from the strength of our long term customer relationships, operational consistency, and strong market presence. We were awarded several master service agreements, further expanding existing relationships with key customers while safely performing ongoing work around The US and Canada. We also captured additional projects in our chosen core markets, further solidifying our market position and continue to strategically pursue new opportunities. Across both business segments, bidding activity remains healthy, driven by the demand for electricity and reliable, resilient infrastructure, as well as the increasing prominence of modern technologies such as artificial intelligence.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Emphasis on grid modernization and hardening continue to be strong market drivers and could present opportunities for consistent success across our business. As always, our focus remains on collaborating closely with our customers in an open and trusting partnership while delivering safe, quality, and consistent on time results in this dynamic energy landscape. Overall, the increased electrification and investments being made in the electrical infrastructure are encouraging and highlight why we believe our chosen markets are poised for ongoing success for years to come. Now Kelly will provide details on our second quarter twenty twenty five financial results.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

Thank you, Rick, and good morning, everyone. Our second quarter twenty twenty five revenues were $900,000,000 which represents an increase of $71,000,000 or 8.6% compared to the same period last year. Our second quarter T and D revenues were $5.00 $6,000,000 an increase of 10% compared to the same period last year. The breakdown of T and D revenues was $3.00 $5,000,000 for transmission and $2.00 $1,000,000 for distribution. Distribution revenues increased by $25,000,000 and transmission revenues increased by $23,000,000 Work performed under master service agreements continued to represent approximately 60% of our T and D revenues.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

C and I revenues were $394,000,000 an increase of 6% compared to the same period last year, primarily due to an increase in revenue on fixed price contracts. Our gross margin was 11.5% for the 2025 compared to 4.9% for the same period last year. The increase in gross margin was primarily due to the 2024 being negatively impacted by certain T and D clean energy projects and a C and I project. In the 2025, gross margin was also positively impacted by better than anticipated productivity and a favorable job closeout. These margin increases were partially offset by an increase in costs associated with labor and project inefficiencies and unfavorable change orders.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

T and D operating income margin was 8% for the 2025 compared to an operating loss margin of 1.8% for the same period last year. The increase was primarily due to the 2024 being negatively impacted by certain clean energy projects as well as better than anticipated productivity on certain projects during the 2025. These increases were partially offset by higher costs related to labor and project inefficiencies. C and I operating income margin was 5.6% for the 2025 compared to 0.4% for the same period last year. The increase was primarily due to the 2024 being negatively impacted by a single project as well as contingent compensation expense related to a prior acquisition that did not recur in the 2025.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

In addition, higher gross margin in the 2025 was due to a larger portion of our projects progressing at higher contractual margins, some of which are nearing completion as well as better than anticipated productivity and a favorable job closeout. These positive drivers were partially offset by higher costs related to labor and project inefficiencies and unfavorable change orders. Second quarter twenty twenty five SG and A expenses were $63,000,000 an increase of approximately $2,000,000 compared to the same period last year. The increase was primarily due to increases in employee incentive compensation costs and employee related expenses to support future growth. These increases were partially offset by $5,000,000 of contingent compensation expense related to a prior acquisition recognized during the 2024 that did not recur in 2025.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

Second quarter twenty twenty five net income was $27,000,000 compared to a net loss of $15,000,000 for the same period last year. Net income per diluted share was $1.7 compared to negative $0.91 for the same period last year. Second quarter twenty twenty five EBITDA was $56,000,000 compared to negative $5,000,000 for the same period last year. Total backlog as of 06/30/2025, was $2,640,000,000 4% higher than a year ago. Total backlog as of 06/30/2025, consisted of $927,000,000 for our T and D segment and 1,720,000,000 for our C and I segment.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

Second quarter twenty twenty five operating cash flow was $33,000,000 compared to $23,000,000 for the same period last year. The increase in cash provided by operating activities was primarily due to higher net income. Second quarter twenty twenty five free cash flow was $12,000,000 compared to $3,000,000 for the same period last year, reflecting the increase in operating cash flow, partially offset by higher capital expenditures. Moving to liquidity in our balance sheet. We had approximately two fifty one million dollars of working capital, dollars 86,000,000 of funded debt and $383,000,000 in borrowing availability under our credit facility as of 06/30/2025.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

We have continued to maintain a strong funded debt to EBITDA leverage ratio of 0.46x as of 06/30/2025. We believe that our credit facility, strong balance sheet and future cash flow from operations will enable us to meet our working capital needs, support the organic growth of our business, pursue acquisitions and opportunistically repurchase shares. Our Board of Directors authorized a new $75,000,000 share repurchase program, which replaces our prior repurchase program. The new program will expire on 02/04/2026, or when the authorized funds are exhausted, whichever is earlier. I'll now turn the call over to Brian Stern, who will provide an overview of our Transmission and Distribution segment.

Brian Stern
Brian Stern
SVP & COO - Transmission & Distribution at MYR Group

Thanks, Kelly, and good morning, everyone. Our T and D segment achieved steady results in the second quarter as our focus remained on strengthening and expanding existing relationships with key customers by executing our work at a high level and creating value. Healthy bidding activity continued in the second quarter as we monitored and selectively pursued projects of various sizes, with our project portfolio consisting of master service agreements and a healthy mix of smaller to midsized jobs. This quarter, an MYR Group subsidiary executed a five year design build electric distribution master service agreement with Xcel Energy, with anticipated revenues to be in excess of $500,000,000 over the five year period. The MSA is effective through 2029, with construction projects estimated to begin in the 2026.

Brian Stern
Brian Stern
SVP & COO - Transmission & Distribution at MYR Group

In addition, we are awarded two other MSAs with major utilities in the Northeast and Midwest. Beyond MSAs, we also won a variety of transmission and substation work across the country, including 230kV and 345kV transmission line rebuilds in South Carolina and Missouri, respectively. The growing demand for electricity continues to create exciting growth opportunities in the industry. A recent Deloitte Research Center for Energy and Industrials report released in February forecasts $1,400,000,000,000 of capital investments in The U. S.

Brian Stern
Brian Stern
SVP & COO - Transmission & Distribution at MYR Group

Power sector from 2025 to 02/1930, and predicts similar expenditures to last until 02/1950. The report also projects that by 02/1930, power demand will increase 10% to 17% from 2024 levels. MYR Group will continue serving as a dependable and agile partner for our utility customers as they strive to meet this increasing electrification demand, helping build an improved infrastructure for the future. In summary, our strong focus and commitment to safety and project execution has enabled us to grow our customer base with new contract wins and expand our current partnerships. We continually strive to leverage the full capabilities of our companies and teams to contribute to our customers' success.

Brian Stern
Brian Stern
SVP & COO - Transmission & Distribution at MYR Group

I will now turn the call over to Don Egan, who will provide an overview of our Commercial and Industrial segment.

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

Thanks, Brian, and good morning, everyone. The second quarter saw steady results in the C and I segment as we continued to strengthen and leverage strong relationships with our valued customers, while professionally executing projects of various sizes and strategically bidding new opportunities. Bidding activity remains healthy in our chosen core markets, even as wider economic questions linger moving forward. The major construction indices continue reporting increases in growth potential compared to the previous year. According to the most recent Q1 twenty twenty five market conditions report based on information from the U.

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

S. Census Bureau, total non residential construction spending in The U. S. Increased 3.9% from February 2024 to February 2025. This includes 6.7% increase for educational construction spending and a 4.8% increase in manufacturing construction spending.

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

This improvement is also reflected in the latest Dodge Momentum Index report released in June, which saw an overall 3.7% growth in May compared to the previous month, including a 10.5% increase in institutional building. The report also found the DMI was up 24% when compared to May 2024, with data centers still significantly contributing to the overall healthy growth. Last quarter we mentioned the verbal award of phase one of a large scale data center project in Colorado for Sturgeon Electric, valued at over $90,000,000 which has now been contractually awarded and added to our backlog. We also won additional work throughout our core markets across the country in the quarter, including aerospace, healthcare, and higher education. We also received awards in battery storage, transportation, and manufacturing.

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

In summary, we are proud of our employees for their creative thinking, dedication and commitment to collaborating closely with our valued customers. Their proactive and customer focused approach enables us to maintain a healthy pipeline of work and enhance our potential for continued growth. Thanks everyone for your time today. I will now turn the call back to Rick, who will provide us with some closing comments.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Thank you for those updates, Kelly, Brian and Don. Our performance in the second quarter reflects the strength of our operational teams, our ability to maintain and expand diverse customer relationships and the stability of our core markets. We continue to be proactive and disciplined in this dynamic energy landscape and remain committed to the strong operating principles and sound business strategies that have enabled us to become an industry leader. We recognize the importance of adapting to market conditions and being an agile partner for our customers as we respond to industry changes. This is supported by our continued investment and development of our teams who drive value for our customers and communities by the work they perform each day.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Thank you to every employee for your dedication and invaluable contributions to this organization. It does not go unnoticed. And finally, I want to thank each of you for your continued support of MYR Group. We look forward to progressing our business strategies while emphasizing our customer relationships and creating shareholder value. Operator, we're now ready to open the call up for comments and questions.

Operator

Thank you. As a reminder for those of you on the phone, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while I compile the q and a roster. Our first question comes from Sanjeeta Jin from KeyBanc. Please go ahead.

Sangita Jain
Sangita Jain
Director & Equity Research Analyst at KeyBanc Capital Markets

Good morning. Thank you for taking my questions. First, if I can ask Rick and Kelly on the the MSA that you press released earlier, I think it was this month. If it was I'm presuming it's a new MSA and not a renewal and whether you displaced an incumbent or if it's like brand new scope that you won with Excel?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

It's new scope, it's additional to what we already have under our MSAs.

Sangita Jain
Sangita Jain
Director & Equity Research Analyst at KeyBanc Capital Markets

And did you displace and say there was no displacement, this was just new work you're saying?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

This is additional work, yes.

Sangita Jain
Sangita Jain
Director & Equity Research Analyst at KeyBanc Capital Markets

Okay. And then if that's helpful, thank you. And then if I can ask a follow-up on your C and I backlog. Good to see the data center $90,000,000 award getting booked in 2Q. But I'm just trying to wonder why the backlog was down sequentially and if there's anything big that you that got finished in the second quarter, or how should we think about that?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

I would say it was the normal progression of work. Our backlog is always going to be lumpy. I've said that for years. I mean, it takes us a long time to negotiate out these contracts. Lots of good activity on that side.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

But again, it's going to be lumpy. These projects are longer term projects in a lot of cases when you're getting into some of the data centers and other types of work, some of the transportation work, and those projects can, again, take months to negotiate out.

Sangita Jain
Sangita Jain
Director & Equity Research Analyst at KeyBanc Capital Markets

Got it. Helpful. Thank you, Rick.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Thanks.

Operator

Thank you. One moment for our next question. Our next question comes from Ati Modak from Goldman Sachs. Please go ahead.

Atidrip Modak
Atidrip Modak
Vice President - Energy Services & E&Ps at Goldman Sachs

Hi. Good morning, guys. Rick, that color on the MSA was very helpful. But I guess maybe in terms of the business footprint expansion, assuming that is mostly the MSA, anything you can talk to in terms of the philosophy on how additional expansion would occur and should we expect new MSA announcements or something that you are actively pursuing?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

We're always I mean, we like the MSA work, as Kelly said, it was approximately 60% of our T and D revenue for this last quarter. But again, we like the bit work too. So it's really just timing how it comes in. Not all customers want to do MSA work, so we'll continue to expand that where we can. But very good opportunities when we're looking kind of at the mid to large size longer term projects out there too.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

So we'll push it on, I guess, all fronts on that side. But this last quarter, we did have some pretty good MSA activity.

Atidrip Modak
Atidrip Modak
Vice President - Energy Services & E&Ps at Goldman Sachs

That's great. And then as you think of this new sort of incremental slice of revenue, how are you thinking about labor requirements? Any need to acquire or sort of expand part of work that is not self sourced? And how should we think about the margin impact of these new MSAs?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

You know, I think for the most part, we've always self performed 100% of our electrical work. We do ancillary services. Subcontract that out, but good opportunities in the labor market. I think we do a lot on the training and development side, the recruitment side. Over the years we've shown we can grow our company that way and then again we're always looking for that right you know tuck in acquisition on top of it where it would it makes sense and and it would be additive to our company.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

So I think we're we're really pushing it on all fronts, but trying to make sure we're patient and make the right decisions.

Atidrip Modak
Atidrip Modak
Vice President - Energy Services & E&Ps at Goldman Sachs

Thank you, Rick.

Operator

Thank you.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Thank you.

Operator

One moment for our next question. Our next question comes from Justin Hawk from Baird. Please go ahead.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

Great. I I guess I wanted to get an update just because you guys have kind of intentional. I mean, you've been in the solar market forever, renewables generation forever, but it's kind of been something that you've moved away from some of your your work there from maybe where it was at a peak. I think you've given us some stats for the T and D business in terms of kind of the trailing twelve month revenue contribution from solar work. And I guess I was just hoping to get an update on that.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

And I guess the reason why is specifically, maybe you can comment on is just, you know, change in customer discussions in terms of their planning with the one big beautiful bill, because that's something that's obviously topical and, you know, we're getting a lot of questions on that.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Yeah, would say on the T and D side we continue to be selective on those projects. We haven't seen big changes in the markets that we've about that we've competed on historically in the on the solar side of our T and D business. So being selective, we haven't announced any new work come into that. But again, our core T and D business is growing well. On our C and I side, where we do active solar work, good activity in the markets we're in there, seeing long term activity and good conversations with our clients.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

So we're having conversations with our clients across the country, but I would say in the T and D areas, not as strong of conversations as far as what's going to be built out for pending projects for us right now. But we continue to watch that and monitor it. And at the right contractual terms and the right pricing, we like that market. But we're patient again.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

Okay. Would it be fair to say that that's low single digit percentage contribution of your revenue side is renewable stuff at this point?

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

Yes. So if you look on the T and D side of our revenues, it was 10% of our revenues last year. And as we've mentioned previously, it was down to just 4% of our fourth quarter revenues, and that percentage has continued to decline in the first and second quarters as we've been undertaking activities to reach final completion on that existing portfolio of projects. And then on the C and I side, it's been a core market for us for a long time and a part of our growth on the C and I side of the business, but not a single one of our core markets is dominant, including solar or data centers.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

Yeah. Okay. All right. That's helpful. And I guess my second question, Rick, you talked a little bit about the M and A, but just philosophically thinking about it, your balance sheet is obviously in a really good position.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

You've got the new $75,000,000 authorization. You were aggressive on buying the stock in the first quarter, but just thinking about, I don't know, of the various ways that you could deploy capital, desire for M and A versus buyback or just how you're balancing that, especially since some of your peers have been more aggressive particularly on the C and I side in terms of bringing on some more capacity just maybe just to lay the land of capital allocation outlook.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Sure, sure. When you look at that side of it, think for us, it's finding the right acquisition. So we continue to look. We see good activity out there, but it's just finding the right one. And again, we're going be disciplined in the price we'll pay for an acquisition.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

So that plays into it. We've seen multiples come up significantly on the C and I side. But again, for the right company, we will pay a fair multiple for that company. And we want somebody that's going be with us long term. So continue to look at those opportunities, but with our balance sheet, with the shape it's in, our leverage is low as it is.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

We've got the opportunities to still do acquisitions, push our organic growth, and do stock buybacks when it makes sense.

Justin Hauke
Senior Equity Research Associate at Robert W. Baird & Co

Yep. Okay. Great. Thank you.

Operator

Thank you. Our next question comes from John Bratz from Kansas City Capital Associates. Please go ahead.

Jonathan Braatz
Partner at Kansas City Capital Associates

Good morning, everyone.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Good morning.

Jonathan Braatz
Partner at Kansas City Capital Associates

Rick Kelly, maybe my first question is, you know, your environment, you know, your operating environment seems to be getting incrementally better every quarter. I hear a lot of great news about demand for electricity. I guess my question is, Rick, do you have to sort of ramp up your investment spending, your CapEx spending, and maybe your, know, sort of your corporate expenses to to meet this incrementally stronger demand? Any reason you have to begin to accelerate spending?

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

I think we watch that all the time, especially on the CapEx side. When you look at equipment deliveries, we're that side of that. The commitments we need to make for some potentially larger projects out there, we'll continue to look at it. But I wouldn't say it's going to be a needle mover on something that's going to double or anything like that, but we continue to make the right calls, buy the equipment in advance, make the right capital expenditures as needed, and invest in our people to capture the right people to manage this work. So I would say it's a balancing act, but a very strong long term market out there that we're really trying to monitor, gauge, and adapt to as we prepare to be ready to take on this work.

Jonathan Braatz
Partner at Kansas City Capital Associates

Okay, okay. And a question for Don. Obviously there's a lot of noise out there all the time regarding tariffs and supply chain and so on. Are you seeing any C and I projects any projects having to go back to for rebid and maybe the timeline to project awards lengthening at all?

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

Haven't necessarily seen many projects extend their schedules. However, we do have clients that are coming to us much sooner, issuing in some cases a limited notice to proceed to get long lead equipment coming. So we're talking actively with our customers to try to do what we can to prevent any extension to schedules.

Jonathan Braatz
Partner at Kansas City Capital Associates

Okay. All right. Thank you very much.

Don Egan
Don Egan
SVP & COO - Commercial and Industrial at MYR Group

Thank you.

Operator

Thank you. Our next question comes from Brian Brophy from Stifel. Please go ahead.

Brian Brophy
Brian Brophy
AVP at Stifel Financial Corp

Yes, thanks. Good morning, everybody. Appreciate you taking the question. I guess, if I remember correctly, you guys have previously talked about high single digit growth in T and D this year excluding some of the headwind on the clean energy side. It feels like after this quarter and some of the backlog and order activity that maybe there's some upside to that.

Brian Brophy
Brian Brophy
AVP at Stifel Financial Corp

Just curious if you wouldn't mind providing an update there. Thanks.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

Yes, I would say Kelly would go ahead, Kelly.

Kelly Huntington
Kelly Huntington
SVP & CFO at MYR Group

Okay. Sure. So we still see that expectation for the full year, that high single digit growth, excluding Fuller, which, as I mentioned before, was 10% of our revenues last year. I think we're continuing to see a really strong market environment out there. I think the one thing that can continue to be a little bit unpredictable on how quarterly revenues fall out on both sides of the business really is timing of materials expense and when projects are ramping up, pushes by a few weeks in either direction can cause some variability to quarterly revenues, but continue to see a strong market outlook and that high single digit growth for both C and I and for T and excluding solar.

Brian Brophy
Brian Brophy
AVP at Stifel Financial Corp

Thanks. I appreciate it. I'll pass it on.

Operator

I am showing no further questions in the queue. I will now turn the call over to Rick Schwartz for any additional or closing remarks.

Richard Swartz
Richard Swartz
President, CEO & Director at MYR Group

To conclude, on behalf of Kelly, Brian, Dawn, and myself, I sincerely thank you for joining us on the call today. I don't have anything further, and we look forward to working with you in the future and speaking with you again on our next conference call. Until then, stay safe.

Operator

Thank you. This concludes today's conference call. We thank you for participating. You may now disconnect.

Executives
    • Jennifer Harper
      Jennifer Harper
      VP - IR & Treasurer
    • Richard Swartz
      Richard Swartz
      President, CEO & Director
    • Kelly Huntington
      Kelly Huntington
      SVP & CFO
    • Brian Stern
      Brian Stern
      SVP & COO - Transmission & Distribution
    • Don Egan
      Don Egan
      SVP & COO - Commercial and Industrial
Analysts
    • Sangita Jain
      Director & Equity Research Analyst at KeyBanc Capital Markets
    • Atidrip Modak
      Vice President - Energy Services & E&Ps at Goldman Sachs
    • Justin Hauke
      Senior Equity Research Associate at Robert W. Baird & Co
    • Jonathan Braatz
      Partner at Kansas City Capital Associates
    • Brian Brophy
      AVP at Stifel Financial Corp
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