Stock Alert: MYR Jumps 17%

(RTTNews) - Shares of electrical contracting company MYR Group Inc. (MYRG) spiked $4.66 or 17.69% on Thursday, on the back of upbeat fourth-quarter results. The stock closed the day's trade at $31. MYRG has traded in the range of $24.33- $38.14 in the past one year.

Earnings for the fourth quarter were $12.8 million or $0.76 per share compared with $10.7 million, or $0.64 per share, for the same period last year. On average, 3 analysts, polled by Thomson Reuters were expecting earnings of $0.60.

Revenue for the quarter rose 27.9% year-over-year to $571.1 million.

Looking forward, Tod Cooper, Senior Vice President and Chief Operating Officer, Transmission and Distribution, commented, "For 2020, industry trends and announcements reflect the strong fundamental outlook for continued growth, driven by high levels of small to medium project activity."