EMCOR Group (EME) Tops Q4 EPS by 3c, Revenues Beat; Offers FY19 Revenue Guidance Above Consensus, Provides FY19 EPS Outlook

EMCOR Group (NYSE: EME) reported Q4 EPS of $1.38, $0.03 better than the analyst estimate of $1.35. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $2.06 billion.

Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company closed out another terrific year achieving record quarterly revenues, operating income, net income and diluted earnings per share from continuing operations. We delivered a 10.8% increase in revenues during the fourth quarter and a 5.8% increase for the year, the majority of which was organic, underscored by broad-based strength across our segments. Our exceptional execution coupled with disciplined cost control drove strong operating margins of 5.1% and 5.0% for the fourth quarter and full year, respectively. Despite posting impressive revenue growth, our remaining performance obligations continue to be solid and diverse across end market sectors, and we remain well-positioned to capitalize on the sustained non-residential construction growth expected throughout 2019.”

Mr. Guzzi added, “Our U.S. Construction segments continue to deliver robust revenue performance, with combined revenue growth of 5.7% and 3.8% for the fourth quarter and full year, respectively, reflecting sustained market demand for our services. Solid operating margins of 7.1% in our U.S. Electrical Construction segment and 7.3% in our U.S. Mechanical Construction segment for the full-year period reflect strong execution across our portfolio of construction projects. Our U.S. Building Services segment continued its strong operational performance, posting double-digit revenue and operating income growth for the fourth quarter, primarily driven by our mechanical, energy and commercial site-based services operations. As expected, we saw a recovery in demand in our U.S. Industrial Services segment during the fourth quarter, with improvement in both our shop and field services operations, including turnaround project activity. Finally, our U.K. Building Services segment had a strong 2018, delivering revenue and operating income growth of 21.8% and 23.4%, respectively, for the full-year period, as we continue to execute on specialty project opportunities and new service contract awards.”

GUIDANCE:

EMCOR Group sees FY2019 EPS of $4.70-$5.40, versus the consensus of $5.21. EMCOR Group sees FY2019 revenue of $8.3-8.4 billion, versus the consensus of $8.21 billion.

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

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