PWR - Why TPI Composites MYR Group and Quanta Services Shares Jumped Today
Electricity infrastructure stocks really came to life on Thursday after some leading companies released fourth-quarter earnings reports. For today, it looks like the thesis that higher infrastructure spending in the U.S. and abroad will have long-term tailwinds for the industry.
MYR Group 's (NASDAQ: MYRG) stock jumped as much as 22.2% in early trading, Quanta Services (NYSE: PWR) was up 13.7%, and TPI Composites (NASDAQ: TPIC) was up 22.2%. Shares are trading 16.3%, 9.3%, and 13.1% higher, respectively, as of 11:45 a.m. ET.
MYR's revenue jumped from $646 million a year ago to $864 million, and net income was $24.6 million, or $1.46 per share. Analysts were expecting just $1.05 per share in earnings. Management said transmission and distribution revenue grew 45.4% to $513.7 million, which dominated the improved results.
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Why TPI Composites, MYR Group, and Quanta Services Shares Jumped Today