EMCOR Group (EME) Tops Q2 EPS by 11c, Beats on Revenues; Raises FY17 EPS Guidance

EMCOR Group (NYSE: EME) reported Q2 EPS of $0.95, $0.11 better than the analyst estimate of $0.84. Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $1.86 billion.

Mr. Guzzi concluded, “We are very pleased with our execution year-to-date and encouraged by the increase in our backlog and the continued steady growth in U.S. non-residential construction. As a result, we are raising our 2017 revenue guidance to the high-end of our previous range and increasing our diluted earnings per share guidance. The midpoint of our guidance range represents a 13% increase in diluted earnings per share from continuing operations, year-over-year, excluding the transaction expenses associated with the Ardent acquisition in 2016. Our updated guidance reflects the better than expected results reported in the first half of the year and the continued strength in the end-markets in which we operate. However, it also recognizes the headwinds that we face, particularly in our U.S. Industrial Services segment, which will continue to be impacted by the difficult year-over-year comparisons created by the large specialty service project in the second and third quarters of the prior year. As we look ahead, our healthy balance sheet will continue to provide us with the flexibility to pursue strategic acquisitions, while returning capital to our shareholders through additional share repurchases and dividends.”

GUIDANCE:

EMCOR Group sees FY2017 EPS of $3.40-$3.60, versus the consensus of $3.48.

Highlights

• Record Second Quarter Diluted EPS from Continuing Operations of $0.95 -
• Total Backlog of $4.10 Billion; 7.6% Increase Year-over-Year -
• Year-To-Date Operating Cash Flow of $103 Million; 115% Increase Year-over-Year -
• Raises 2017 Revenue Guidance and Diluted EPS Guidance Range -

For earnings history and earnings-related data on EMCOR Group (EME) click here.

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