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New: Instantly spot drawdowns, dips, insider moves, and breakout themes across Maps and Screener.
As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the construction and maintenance services industry, including MYR Group (NASDAQ:MYRG) and its peers.
Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.
The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.
Luckily, construction and maintenance services stocks have performed well with share prices up 11.7% on average since the latest earnings results.
Constructing electrical and phone lines in the American Midwest dating back to the 1890s, MYR Group (NASDAQ:MYRG) is a specialty contractor in the electrical construction industry.
MYR Group reported revenues of $950.4 million, up 7% year on year. This print exceeded analysts’ expectations by 2.8%. Overall, it was a strong quarter for the company with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ adjusted operating income estimates.
Management CommentsRick Swartz, MYR’s President and CEO, said, “Our third quarter performance resulted in quarterly revenues of $950 million and year-over-year increases in net income, consolidated gross profit, gross margin, and EBITDA.”
Interestingly, the stock is up 11.3% since reporting and currently trades at $251.02.
Is now the time to buy MYR Group? Access our full analysis of the earnings results here, it’s free.
Formed through the merger of 12 companies, Comfort Systems (NYSE:FIX) provides mechanical and electrical contracting services.
Comfort Systems reported revenues of $2.45 billion, up 35.2% year on year, outperforming analysts’ expectations by 13.2%. The business had an incredible quarter with an impressive beat of analysts’ backlog estimates and a beat of analysts’ EPS estimates.
The market seems happy with the results as the stock is up 39.4% since reporting. It currently trades at $1,150.
Is now the time to buy Comfort Systems? Access our full analysis of the earnings results here, it’s free.
Originally focusing on mobile offices for construction sites, WillScot (NASDAQ:WSC) provides ready-to-use temporary spaces, largely for longer-term lease.
WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.
WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 2.4% since the results and currently trades at $20.03.
Read our full analysis of WillScot Mobile Mini’s results here.
Listed on the NASDAQ in 2008, Primoris (NYSE:PRIM) builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries.
Primoris reported revenues of $2.18 billion, up 32.1% year on year. This result surpassed analysts’ expectations by 17.7%. It was an incredible quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Primoris scored the biggest analyst estimates beat among its peers. The stock is up 2.3% since reporting and currently trades at $146.63.
Read our full, actionable report on Primoris here, it’s free.
Having played a role in the construction of the Hoover Dam, Granite Construction (NYSE:GVA) is a provider of infrastructure solutions for roads, bridges, and other projects.
Granite Construction reported revenues of $1.43 billion, up 12.4% year on year. This print came in 4.5% below analysts' expectations. Taking a step back, it was a satisfactory quarter as it also logged an impressive beat of analysts’ EBITDA estimates but a significant miss of analysts’ revenue estimates.
Granite Construction had the weakest performance against analyst estimates among its peers. The stock is up 17.4% since reporting and currently trades at $120.65.
Read our full, actionable report on Granite Construction here, it’s free.
Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
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