What caused MYRG's earnings decline in 2024?

MYR Group Inc (MYRG) experienced a decline in earnings in 2024 due to a combination of factors: 1. **Revenue Decline**: The company's revenue fell, with a particular decrease in the Transmission & Distribution (T&D) segment, which saw a 9% decrease, and the Commercial & Industrial (C&I) segment experiencing a 4% decrease compared to the same period last year. This decline was not limited to one quarter, as evidenced by the revenue shortfall in Q2 2024, where revenue fell by 6.7% year-over-year, missing estimates. 2. **Strategic Adjustments**: MYRG has been making strategic adjustments, including selective project bidding, which could be a contributing factor to the revenue decline. The company's focus on profitability in select markets and projects may have led to a short-term contraction in revenue. 3. **Market Conditions**: The broader market conditions and competitive landscape may also have played a role in MYRG's earnings decline. The company's ability to navigate these challenges with a focus on long-term growth opportunities and strong cash flow performance is a positive sign, but it suggests that external market factors were likely at play. In summary, MYRG's earnings decline in 2024 was likely a result of a combination of revenue decrease, strategic adjustments, and challenging market conditions.