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EMCOR Group, Inc. Reports Third Quarter 2023 Results

- Record Quarterly Revenues of $3.21 billion, 13.5% Increase Year-over-Year -

- Record Quarterly Diluted Earnings per Share of $3.57, Non-GAAP Diluted EPS of $3.61 -

- Record Remaining Performance Obligations of $8.64 billion, 21.6% Increase Year-over-Year -

- Increases 2023 Non-GAAP Diluted EPS Guidance Range to $12.25 - $12.65 from $10.75 - $11.25 -

- Increases 2023 Revenue Guidance to approximately $12.5B from $12.0B - $12.5B -

EMCOR Group, Inc. (NYSE: EME) today reported results for the third quarter ended September 30, 2023.

For the third quarter of 2023, net income was $169.4 million, or $3.57 per diluted share, compared to net income of $105.8 million, or $2.16 per diluted share, for the third quarter of 2022. Net income for the third quarter of 2023 included a long-lived asset impairment charge of $2.4 million, or $1.7 million after taxes. Excluding this impairment charge, non-GAAP net income for the third quarter of 2023 was $171.1 million, or $3.61 per diluted share. Revenues for the third quarter of 2023 totaled $3.21 billion, up 13.5% from the third quarter of 2022.

Operating income for the third quarter of 2023 was $235.0 million, or 7.3% of revenues, compared to operating income of $150.1 million, or 5.3% of revenues, for the third quarter of 2022. Excluding the previously referenced impairment charge, non-GAAP operating income for the third quarter of 2023 was $237.3 million, or 7.4% of revenues. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $30.3 million and $27.5 million for the third quarter of 2023 and 2022, respectively.

Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.

Selling, general and administrative expenses for the third quarter of 2023 totaled $308.1 million, or 9.6% of revenues, compared to $263.1 million, or 9.3% of revenues, for the third quarter of 2022.

The Company's income tax rate for the third quarter of 2023 was 27.7% compared to an income tax rate of 28.5% for the third quarter of 2022.

Remaining performance obligations as of September 30, 2023 were $8.64 billion compared to $7.10 billion as of September 30, 2022. Remaining performance obligations grew approximately $1.53 billion year-over-year.

Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company had another excellent quarter, resulting in multiple records across our business as we continue to build on strong momentum. Year-over-year revenues increased 13.5%, or 12.8% on an organic basis, driven by double-digit revenue growth in our combined U.S. Construction segments, as well as our U.S. Building Services segment. Despite ongoing geopolitical tensions and tightened financing conditions creating a challenging macroeconomic environment, strong end-market demand, coupled with excellent execution, have helped drive our success this quarter.”

Mr. Guzzi added, “Our U.S. Construction segments helped drive another quarter of solid growth, with revenues increasing 16.4% year-over-year on a combined basis. Specifically, our U.S Mechanical Construction segment delivered 19.9% year-over-year revenue growth, with an operating margin of 10.4% and our U.S. Electrical Construction segment performed exceptionally well with a third quarter operating margin of 9.1% and revenue growth of 10.1% year-over-year. We continue to see resilient demand for our services especially in semiconductors, data centers, manufacturing re-shoring, healthcare and across the EV value chain. We also continue to see strong demand for our nationwide fire & life safety projects and services. Our industry leading capabilities in building information modeling, prefabrication, project planning and labor sourcing have helped us adapt and navigate the ongoing supply chain and macroeconomic challenges. Our U.S. Building Services segment continues to perform well, with a strong mix of work across all service lines, achieving top line growth of 13.7%, and an operating margin of 7.0%. Contributing to this strength is continued demand for energy efficiency and retrofit projects, building automation and controls, IAQ upgrades, as well as maintenance and repair service projects. While the third quarter is typically the weakest for our U.S. Industrial Services segment, we continue to see modest improvement in this segment’s results year-over-year. Lastly, our U.K. Building Services segment is executing well with an operating margin of 8.0% despite challenging market conditions.”

Revenues for the first nine months of 2023 totaled $9.14 billion, an increase of 12.5%, compared to $8.13 billion for the first nine months of 2022. Net income for the first nine months of 2023 was $421.5 million, or $8.85 per diluted share, compared to net income of $279.8 million, or $5.50 per diluted share, for the first nine months of 2022. Excluding the impact of the previously referenced impairment charge recorded in the third quarter of 2023, non-GAAP net income for the first nine months of 2023 was $423.2 million, or $8.88 per diluted share.

Operating income for the first nine months of 2023 was $586.6 million, representing an operating margin of 6.4%, compared to operating income of $387.7 million, representing an operating margin of 4.8% for the first nine months of 2022. Excluding the previously referenced impairment charge, non-GAAP operating income for the first nine months of 2023 was $588.9 million. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $87.8 million and $80.6 million for the first nine months of 2023 and 2022, respectively.

Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.

Selling, general and administrative expenses totaled $882.7 million, or 9.7% of revenues, for the first nine months of 2023, compared to $761.1 million, or 9.4% of revenues, for the first nine months of 2022.

Based on year-to-date performance, EMCOR is raising its full year 2023 guidance for revenues and diluted earnings per share. The Company now expects full year 2023 revenues to be approximately $12.5 billion, the top end of its prior guidance range of $12.0 billion to $12.5 billion, and currently expects full-year 2023 non-GAAP diluted earnings per share in the range of $12.25 to $12.65, an increase from its prior guidance range of $10.75 to $11.25.

Mr. Guzzi concluded, “Given our strong year-to-date results, record remaining performance obligations, and the continued resilience of our business, we are raising our full year 2023 guidance for revenues and diluted earnings per share. Our strong balance sheet is a competitive advantage, and we will continue to be prudent capital allocators, pursuing both organic investments and strategic acquisitions, while also returning capital to shareholders and remaining cognizant of the uncertain macroeconomic and political landscape. Our team’s proven ability to successfully navigate challenging environments only bolsters our confidence in our future.”

EMCOR Group's third quarter conference call will be available live via internet broadcast today, Thursday, October 26, at 10:30 AM Eastern Daylight Time. The live call may be accessed through the Company's website at www.emcorgroup.com.

About EMCOR:

EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.

Forward Looking Statements:

This release contains forward-looking statements. Such statements speak only as of October 26, 2023, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; our ability to be prudent capital allocators; our ability to pursue organic investments and acquisitions; our ability to return capital to shareholders; market opportunities; market growth prospects; customer trends; project mix; and projects with varying profit margins and contractual terms. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; changes in interest rates; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2022 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.

Non-GAAP Measures:

This release also includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.

EMCOR GROUP, INC.

FINANCIAL HIGHLIGHTS

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share information)

(Unaudited)

 

 

 

For the quarters ended

September 30,

 

For the nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Revenues

 

$

3,207,598

 

 

$

2,826,361

 

 

$

9,143,652

 

 

$

8,126,298

 

Cost of sales

 

 

2,662,126

 

 

 

2,413,130

 

 

 

7,672,058

 

 

 

6,977,504

 

Gross profit

 

 

545,472

 

 

 

413,231

 

 

 

1,471,594

 

 

 

1,148,794

 

Selling, general and administrative expenses

 

 

308,139

 

 

 

263,137

 

 

 

882,684

 

 

 

761,099

 

Impairment loss on long-lived assets

 

 

2,350

 

 

 

 

 

 

2,350

 

 

 

 

Operating income

 

 

234,983

 

 

 

150,094

 

 

 

586,560

 

 

 

387,695

 

Net periodic pension (cost) income

 

 

(284

)

 

 

1,025

 

 

 

(840

)

 

 

3,288

 

Interest expense, net

 

 

(90

)

 

 

(3,194

)

 

 

(4,614

)

 

 

(6,234

)

Income before income taxes

 

 

234,609

 

 

 

147,925

 

 

 

581,106

 

 

 

384,749

 

Income tax provision

 

 

64,863

 

 

 

42,153

 

 

 

159,292

 

 

 

104,927

 

Net income including noncontrolling interests

 

 

169,746

 

 

 

105,772

 

 

 

421,814

 

 

 

279,822

 

Net income attributable to noncontrolling interests

 

 

337

 

 

 

 

 

 

337

 

 

 

 

Net income attributable to EMCOR Group, Inc.

 

$

169,409

 

 

$

105,772

 

 

$

421,477

 

 

$

279,822

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

3.59

 

 

$

2.16

 

 

$

8.88

 

 

$

5.52

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

3.57

 

 

$

2.16

 

 

$

8.85

 

 

$

5.50

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

47,173,974

 

 

 

48,867,420

 

 

 

47,446,298

 

 

 

50,676,365

 

Diluted

 

 

47,398,197

 

 

 

49,050,151

 

 

 

47,642,763

 

 

 

50,873,375

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.18

 

 

$

0.13

 

 

$

0.51

 

 

$

0.39

 

 

 

 

 

 

 

 

 

 

EMCOR GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

(Unaudited)

September 30,

2023

 

December 31,

2022

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

523,632

 

$

456,439

Accounts receivable, net

 

 

3,063,917

 

 

2,567,371

Contract assets

 

 

308,868

 

 

273,176

Inventories

 

 

115,466

 

 

85,641

Prepaid expenses and other

 

 

57,012

 

 

79,346

Total current assets

 

 

4,068,895

 

 

3,461,973

Property, plant and equipment, net

 

 

170,693

 

 

157,819

Operating lease right-of-use assets

 

 

306,112

 

 

268,063

Goodwill

 

 

953,359

 

 

919,151

Identifiable intangible assets, net

 

 

600,790

 

 

593,975

Other assets

 

 

124,344

 

 

123,626

Total assets

 

$

6,224,193

 

$

5,524,607

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Current maturities of long-term debt and finance lease liabilities

 

$

6,482

 

$

15,567

Accounts payable

 

 

824,155

 

 

849,284

Contract liabilities

 

 

1,489,324

 

 

1,098,263

Accrued payroll and benefits

 

 

553,838

 

 

465,000

Other accrued expenses and liabilities

 

 

284,275

 

 

258,190

Operating lease liabilities, current

 

 

74,728

 

 

67,218

Total current liabilities

 

 

3,232,802

 

 

2,753,522

Long-term debt and finance lease liabilities

 

 

97,480

 

 

231,625

Operating lease liabilities, long-term

 

 

256,306

 

 

220,764

Other long-term obligations

 

 

357,636

 

 

344,405

Total liabilities

 

 

3,944,224

 

 

3,550,316

Equity:

 

 

 

 

Total EMCOR Group, Inc. stockholders’ equity

 

 

2,278,930

 

 

1,973,589

Noncontrolling interests

 

 

1,039

 

 

702

Total equity

 

 

2,279,969

 

 

1,974,291

Total liabilities and equity

 

$

6,224,193

 

$

5,524,607

EMCOR GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2023 and 2022

(In thousands) (Unaudited)

 

 

 

2023

 

2022

Cash flows - operating activities:

 

 

 

 

Net income including noncontrolling interests

 

$

421,814

 

 

$

279,822

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

38,444

 

 

 

35,168

 

Amortization of identifiable intangible assets

 

 

49,335

 

 

 

45,465

 

Non-cash expense for impairment of long-lived assets

 

 

2,350

 

 

 

 

Non-cash share-based compensation expense

 

 

10,703

 

 

 

9,322

 

Other reconciling items

 

 

(3,865

)

 

 

(682

)

Changes in operating assets and liabilities, excluding the effect of businesses acquired

 

 

(42,884

)

 

 

(130,741

)

Net cash provided by operating activities

 

 

475,897

 

 

 

238,354

 

Cash flows - investing activities:

 

 

 

 

Payments for acquisitions of businesses, net of cash acquired

 

 

(89,741

)

 

 

(91,078

)

Proceeds from sale or disposal of property, plant and equipment

 

 

12,015

 

 

 

6,897

 

Purchases of property, plant and equipment

 

 

(56,306

)

 

 

(38,717

)

Net cash used in investing activities

 

 

(134,032

)

 

 

(122,898

)

Cash flows - financing activities:

 

 

 

 

Proceeds from revolving credit facility

 

 

100,000

 

 

 

270,000

 

Repayments of revolving credit facility

 

 

(100,000

)

 

 

(100,000

)

Repayments of long-term debt

 

 

(142,813

)

 

 

 

Repayments of finance lease liabilities

 

 

(2,138

)

 

 

(2,741

)

Dividends paid to stockholders

 

 

(24,198

)

 

 

(20,037

)

Repurchases of common stock

 

 

(105,299

)

 

 

(656,573

)

Taxes paid related to net share settlements of equity awards

 

 

(5,365

)

 

 

(7,295

)

Issuances of common stock under employee stock purchase plan

 

 

6,769

 

 

 

6,097

 

Payments for contingent consideration arrangements

 

 

(3,113

)

 

 

(2,049

)

Net cash used in financing activities

 

 

(276,157

)

 

 

(512,598

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

856

 

 

 

(20,540

)

Increase (decrease) in cash, cash equivalents, and restricted cash

 

 

66,564

 

 

 

(417,682

)

Cash, cash equivalents, and restricted cash at beginning of year (1)

 

 

457,068

 

 

 

822,568

 

Cash, cash equivalents, and restricted cash at end of period (2)

 

$

523,632

 

 

$

404,886

 

_________

(1)

Includes $0.6 million and $1.2 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively.

(2)

Includes $1.1 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of September 30, 2022.

EMCOR GROUP, INC.

SEGMENT INFORMATION

(In thousands) (Unaudited)

 

 

 

For the quarters ended

September 30,

 

 

2023

 

2022

Revenues from unrelated entities:

 

 

 

 

United States electrical construction and facilities services

 

$

697,406

 

$

633,383

United States mechanical construction and facilities services

 

 

1,329,600

 

 

1,108,655

United States building services

 

 

817,718

 

 

719,383

United States industrial services

 

 

252,148

 

 

247,239

Total United States operations

 

 

3,096,872

 

 

2,708,660

United Kingdom building services

 

 

110,726

 

 

117,701

Total operations

 

$

3,207,598

 

$

2,826,361

 

 

 

 

 

 

 

For the nine months ended

September 30,

 

 

2023

 

2022

Revenues from unrelated entities:

 

 

 

 

United States electrical construction and facilities services

 

$

2,020,319

 

$

1,719,525

United States mechanical construction and facilities services

 

 

3,602,271

 

 

3,158,948

United States building services

 

 

2,318,105

 

 

2,041,555

United States industrial services

 

 

875,314

 

 

842,524

Total United States operations

 

 

8,816,009

 

 

7,762,552

United Kingdom building services

 

 

327,643

 

 

363,746

Total operations

 

$

9,143,652

 

$

8,126,298

 

 

 

 

 

EMCOR GROUP, INC.

SEGMENT INFORMATION

(In thousands) (Unaudited)

 

 

 

For the quarters ended

September 30,

 

 

2023

 

2022

Operating income (loss):

 

 

 

 

United States electrical construction and facilities services

 

$

63,127

 

 

$

35,558

 

United States mechanical construction and facilities services

 

 

138,476

 

 

 

90,500

 

United States building services

 

 

57,156

 

 

 

46,041

 

United States industrial services

 

 

(174

)

 

 

(1,392

)

Total United States operations

 

 

258,585

 

 

 

170,707

 

United Kingdom building services

 

 

8,869

 

 

 

8,369

 

Corporate administration

 

 

(30,121

)

 

 

(28,982

)

Impairment loss on long-lived assets

 

 

(2,350

)

 

 

 

Total operations

 

 

234,983

 

 

 

150,094

 

Other items:

 

 

 

 

Net periodic pension (cost) income

 

 

(284

)

 

 

1,025

 

Interest expense, net

 

 

(90

)

 

 

(3,194

)

Income before income taxes

 

$

234,609

 

 

$

147,925

 

 

 

 

 

 

 

 

For the nine months ended

September 30,

 

 

2023

 

2022

Operating income (loss):

 

 

 

 

United States electrical construction and facilities services

 

$

154,365

 

 

$

90,646

 

United States mechanical construction and facilities services

 

 

344,550

 

 

 

225,545

 

United States building services

 

 

140,943

 

 

 

108,698

 

United States industrial services

 

 

22,733

 

 

 

18,324

 

Total United States operations

 

 

662,591

 

 

 

443,213

 

United Kingdom building services

 

 

20,220

 

 

 

25,372

 

Corporate administration

 

 

(93,901

)

 

 

(80,890

)

Impairment loss on long-lived assets

 

 

(2,350

)

 

 

 

Total operations

 

 

586,560

 

 

 

387,695

 

Other items:

 

 

 

 

Net periodic pension (cost) income

 

 

(840

)

 

 

3,288

 

Interest expense, net

 

 

(4,614

)

 

 

(6,234

)

Income before income taxes

 

$

581,106

 

 

$

384,749

 

EMCOR GROUP, INC.

RECONCILIATION OF ORGANIC REVENUE GROWTH

(In thousands, except for percentages) (Unaudited)

 

The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and nine months ended September 30, 2023.

 

 

 

For the quarter ended

September 30, 2023

 

For the nine months ended

September 30, 2023

 

 

$

 

%

 

$

 

%

GAAP revenue growth

 

$

381,237

 

 

13.5

%

 

$

1,017,354

 

 

12.5

%

Incremental revenues from acquisitions

 

 

(20,431

)

 

(0.7

)%

 

 

(96,269

)

 

(1.2

)%

Organic revenue growth, a non-GAAP measure

 

$

360,806

 

 

12.8

%

 

$

921,085

 

 

11.3

%

EMCOR GROUP, INC.

RECONCILIATION OF 2023 AND 2022 NON-GAAP OPERATING INCOME AND

NON-GAAP OPERATING MARGIN

(In thousands, except for percentages) (Unaudited)

 

In our press release and related presentation, we provide non-GAAP operating income and non-GAAP operating margin for the quarter and nine months ended September 30, 2023 and 2022. The following table provides a reconciliation between operating income and operating margin determined on a non-GAAP basis to the most directly comparable GAAP measures for such periods.

 

 

 

For the quarter ended

September 30,

 

For the nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

GAAP operating income

 

$

234,983

 

 

$

150,094

 

 

$

586,560

 

 

$

387,695

 

Impairment loss on long-lived assets

 

 

2,350

 

 

 

 

 

 

2,350

 

 

 

 

Non-GAAP operating income

 

$

237,333

 

 

$

150,094

 

 

$

588,910

 

 

$

387,695

 

 

 

 

For the quarter ended

September 30,

 

For the nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

GAAP operating margin

 

 

7.3

%

 

 

5.3

%

 

 

6.4

%

 

 

4.8

%

Impairment loss on long-lived assets

 

 

0.1

%

 

 

%

 

 

0.0

%

 

 

%

Non-GAAP operating margin

 

 

7.4

%

 

 

5.3

%

 

 

6.4

%

 

 

4.8

%

EMCOR GROUP, INC.

RECONCILIATION OF 2023 AND 2022 NON-GAAP NET INCOME

(In thousands) (Unaudited)

 

In our press release and related presentation, we provide non-GAAP net income for the quarter and nine months ended September 30, 2023 and 2022. The following table provides a reconciliation between net income determined on a non-GAAP basis to the most directly comparable GAAP measure for such periods.

 

 

 

For the quarter ended

September 30,

 

For the nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

GAAP net income

 

$

169,409

 

 

$

105,772

 

$

421,477

 

 

$

279,822

Impairment loss on long-lived assets

 

 

2,350

 

 

 

 

 

2,350

 

 

 

Tax effect of impairment loss on long-lived assets

 

 

(651

)

 

 

 

 

(651

)

 

 

Non-GAAP net income

 

$

171,108

 

 

$

105,772

 

$

423,176

 

 

$

279,822

EMCOR GROUP, INC.

RECONCILIATION OF 2023 AND 2022 NON-GAAP DILUTED EARNINGS PER SHARE

(Unaudited)

  

In our press release and related presentation, we provide non-GAAP diluted earnings per common share for the quarter and nine months ended September 30, 2023 and 2022. The following table provides a reconciliation between diluted earnings per common share determined on a non-GAAP basis to the most directly comparable GAAP measure for such periods.

 

 

 

For the quarter ended

September 30,

 

For the nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

GAAP diluted earnings per common share

 

$

3.57

 

 

$

2.16

 

$

8.85

 

 

$

5.50

Impairment loss on long-lived assets

 

 

0.05

 

 

 

 

 

0.05

 

 

 

Tax effect of impairment loss on long-lived assets

 

 

(0.01

)

 

 

 

 

(0.01

)

 

 

Non-GAAP diluted earnings per common share

 

$

3.61

 

 

$

2.16

 

$

8.88

 

 

$

5.50

_________

Amounts presented in this table may not foot due to rounding.

 

Contacts

FOR: EMCOR GROUP, INC.

Andrew G. Backman

Vice President

Investor Relations

(203) 849-7938

FTI Consulting, Inc.

Investors: Blake Mueller

(718) 578-3706

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