Stock Track | EMCOR Group Soars 5.79% on Strong Q3 Results and Raised Guidance

Stock Track10-31 22:13

EMCOR Group Inc. (NYSE: EME) shares surged 5.79% on Tuesday after the company reported strong third-quarter results and raised its full-year earnings guidance for 2024.

The construction services company reported record quarterly revenues of $3.70 billion, up 15.3% year-over-year, driven by robust growth across its U.S. Electrical and Mechanical Construction segments. Net income for the quarter rose 60.7% to $270.3 million, or $5.80 per diluted share, surpassing analysts' estimates of $4.98 per share.

Buoyed by the strong performance, EMCOR raised its full-year 2024 diluted earnings per share guidance to $20.50 - $21.00, up from the previous range of $19.00 - $20.00. However, the company slightly lowered its revenue guidance to at least $14.5 billion, compared to the prior range of $14.5 billion - $15.0 billion.

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