EMCOR Group, Inc. Reports Third Quarter 2024 Results

Business Wire10-31 19:30

Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year Record Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year Record Remaining Performance Obligations of $9.79 billion...

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Reports Third Quarter 2024 Results","media":"Business Wire","content":"<div>\n<p>Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year\nRecord Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year\nRecord Remaining Performance Obligations of $9.79 billion...</p>\n\n<a href=\"https://finance.yahoo.com/news/emcor-group-inc-reports-third-113000868.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EMCOR Group, Inc. Reports Third Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEMCOR Group, Inc. Reports Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-31 19:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/emcor-group-inc-reports-third-113000868.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year\nRecord Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year\nRecord Remaining Performance Obligations of $9.79 billion...</p>\n\n<a href=\"https://finance.yahoo.com/news/emcor-group-inc-reports-third-113000868.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4129","symbol_name":"建筑与工程","start_time":0,"source_url":"https://finance.yahoo.com/news/emcor-group-inc-reports-third-113000868.html","article_id":"2479083861","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/nwodNBu9lGrrDBwqXINTYw--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/7d46eb7737707f73b5acebfb024dbf98"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479083861","pubTimestamp":1730374200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year. Record Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year. Record Remaining Performance Obligations of $9.79 billion, 13.4% Increase Year-over-Year. 2024 Revenue Guidance of at least $14.5 billion . 2024 Diluted EPS Guidance Range Increased to $20.50 - $21.00 . NORWALK, Conn., October 31, 2024----EMCOR Group, Inc.  today reported results for the quarter ended September 30, 2024.Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, \"Our team continued to perform exceptionally well and delivered another great quarter, maintaining our momentum and again setting new records across key financial and operational metrics. Record RPOs of $9.8 billion, along with a robust and diverse pipeline of future opportunities, demonstrates the continued demand for our services. Our record operating cash flow and strong and liquid balance sheet enable us to compete and win on sophisticated pro","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4129":"建筑与工程","EME":"埃姆科","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC"},"translate_title":"EMCOR Group,Inc.报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EME":0.9},"content_text":"Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year\nRecord Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year\nRecord Remaining Performance Obligations of $9.79 billion, 13.4% Increase Year-over-Year\n2024 Revenue Guidance of at least $14.5 billion (previously $14.5 billion - $15.0 billion)\n2024 Diluted EPS Guidance Range Increased to $20.50 - $21.00 (previously $19.00 - $20.00)\nNORWALK, Conn., October 31, 2024--(BUSINESS WIRE)--EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended September 30, 2024.\nThird Quarter 2024 Results of Operations\nFor the third quarter of 2024, revenues totaled $3.70 billion, up 15.3% from the third quarter of 2023. Net income for the third quarter of 2024 was $270.3 million, or $5.80 per diluted share, compared to net income of $169.4 million, or $3.57 per diluted share, for the third quarter of 2023. Net income for the third quarter of 2023 included a long-lived asset impairment charge of $2.4 million, or $1.7 million net of tax. Excluding this impairment charge, non-GAAP net income for the third quarter of 2023 was $171.1 million, or $3.61 per diluted share.\nOperating income for the third quarter of 2024 was $363.5 million, or 9.8% of revenues, compared to operating income of $235.0 million, or 7.3% of revenues, for the third quarter of 2023. 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 $34.5 million and $30.3 million for the third quarter of 2024 and 2023, respectively.\nRefer 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.\nSelling, general and administrative expenses for the third quarter of 2024 totaled $371.2 million, or 10.0% of revenues, compared to $308.1 million, or 9.6% of revenues, for the third quarter of 2023.\nThe Company's income tax rate for the third quarter of 2024 was 27.4%, compared to 27.7% for the third quarter of 2023.\nRemaining performance obligations (\"RPO\") as of September 30, 2024 were a record $9.79 billion compared to $8.64 billion as of September 30, 2023, an increase of $1.15 billion year-over-year.\nTony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, \"Our team continued to perform exceptionally well and delivered another great quarter, maintaining our momentum and again setting new records across key financial and operational metrics. Record RPOs of $9.8 billion, along with a robust and diverse pipeline of future opportunities, demonstrates the continued demand for our services. Our record operating cash flow and strong and liquid balance sheet enable us to compete and win on sophisticated projects, and support our organic growth and balanced capital allocation strategy.\"\nFirst Nine Months 2024 Results of Operations\nRevenues for the first nine months of 2024 totaled $10.80 billion, an increase of 18.1%, compared to $9.14 billion for the first nine months of 2023. Net income for the first nine months of 2024 was $715.0 million, or $15.21 per diluted share, compared to net income of $421.5 million, or $8.85 per diluted share, for the first nine months of 2023. 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.\nOperating income for the first nine months of 2024 was $956.3 million, or 8.9% of revenues, compared to operating income of $586.6 million, or 6.4% of revenues, for the first nine months of 2023. 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 $98.4 million and $87.8 million for the first nine months of 2024 and 2023, respectively.\nRefer 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.\nSelling, general and administrative expenses totaled $1.05 billion, or 9.7% of revenues, for the first nine months of 2024, compared to $882.7 million, or 9.7% of revenues, for the first nine months of 2023.\nMr. Guzzi continued, \"Our Electrical and Mechanical Construction segments continued their very strong performance, with combined third quarter revenue growth of nearly 24% and a combined operating margin of 13.3%. With quarterly and year-to-date revenue growth of 25% and 32%, respectively, our Mechanical Construction segment again generated record revenues, and achieved record operating margins of 12.9% in the quarter and 12.2% year-to-date. Our Electrical Construction segment also posted record revenues, with growth of 21% on a quarterly basis and 19% for the year-to-date period, and achieved record operating margins of 14.1% in the quarter and 12.4% year-to-date. Our impressive execution and performance were driven by excellent field leadership and a commitment to continuous innovation, coupled with a favorable mix of work including data centers and semi-conductor plants, other high-tech and traditional manufacturing projects, and growing demand within the institutional, healthcare, and water and wastewater sectors. Our U.S. Building Services segment performed as expected, with our mechanical services business benefiting from strong performance across its portfolio of work, including HVAC retrofits, repair service, building controls upgrades, and service maintenance agreements. This segment continues to experience quality aftermarket opportunities across most sectors. Our Industrial Services segment continues to experience a gradual resumption of demand, performing well in both the field and our shops as we execute against a more typical fall turnaround season. Our U.K. Building Services segment also continues to perform well in a difficult market, winning new work and poised to secure additional opportunities with customers that demand a strong technical solution for their facilities.\"\nFull Year 2024 Guidance\nBased on year-to-date 2024 performance, current operating conditions, and near-term visibility, the Company is:\n\nAdjusting its full-year 2024 revenue guidance to at least $14.5 billion, from the prior guidance range of $14.5 billion - $15.0 billion.\nIncreasing its full-year 2024 diluted earnings per share guidance range to $20.50 - $21.00, from the prior guidance range of $19.00 - $20.00.\n\nMr. Guzzi concluded, \"Given our momentum and execution to date, in addition to our record RPOs and strong and diverse project pipeline, we are again raising our 2024 diluted earnings per share guidance. We remain confident in our strategic positioning within growth-oriented sectors and geographies and believe our dedication to operational excellence and prudent capital allocation will deliver continued value for our customers and shareholders.\"\nThird Quarter Earnings Conference Call Information\nEMCOR Group's third quarter conference call will be broadcast live via internet today, Thursday, October 31, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com.\nAbout EMCOR\nEMCOR 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.\nForward Looking Statements:\nThis release and related presentation contain forward-looking statements. Such statements speak only as of October 31, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements 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 and timing of future projects; our ability to support organic growth and balanced capital allocation; market opportunities; market growth prospects; customer trends; and project mix. 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; 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 impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; 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 2023 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.\nNon-GAAP Measures:\nThis release and related presentation also include 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.\nEMCOR GROUP, INC.FINANCIAL HIGHLIGHTS\n\n\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n\n(In thousands, except share and per share information)\n\n\n(Unaudited)\n\n\n\n\n\n\n \n\n\n\n\nFor the quarters endedSeptember 30,\n\nFor the nine months endedSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\nRevenues\n\n$\n3,696,924\n\n$\n3,207,598\n\n$\n10,796,097\n\n$\n9,143,652\n\n\nCost of sales\n\n\n2,962,198\n\n\n2,662,126\n\n\n8,788,061\n\n\n7,672,058\n\n\nGross profit\n\n\n734,726\n\n\n545,472\n\n\n2,008,036\n\n\n1,471,594\n\n\nSelling, general and administrative expenses\n\n\n371,188\n\n\n308,139\n\n\n1,051,737\n\n\n882,684\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n2,350\n\n\n—\n\n\n2,350\n\n\nOperating income\n\n\n363,538\n\n\n234,983\n\n\n956,299\n\n\n586,560\n\n\nNet periodic pension income (cost)\n\n\n227\n\n\n(284)\n\n\n670\n\n\n(840)\n\n\nInterest income (expense), net\n\n\n8,312\n\n\n(90)\n\n\n21,959\n\n\n(4,614)\n\n\nIncome before income taxes\n\n\n372,077\n\n\n234,609\n\n\n978,928\n\n\n581,106\n\n\nIncome tax provision\n\n\n101,814\n\n\n64,863\n\n\n263,944\n\n\n159,292\n\n\nNet income including noncontrolling interests\n\n\n270,263\n\n\n169,746\n\n\n714,984\n\n\n421,814\n\n\nNet income attributable to noncontrolling interests\n\n\n—\n\n\n337\n\n\n—\n\n\n337\n\n\nNet income attributable to EMCOR Group, Inc.\n\n$\n270,263\n\n$\n169,409\n\n$\n714,984\n\n$\n421,477\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic earnings per common share\n\n$\n5.83\n\n$\n3.59\n\n$\n15.27\n\n$\n8.88\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted earnings per common share\n\n$\n5.80\n\n$\n3.57\n\n$\n15.21\n\n$\n8.85\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average shares of common stock outstanding:\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n46,394,857\n\n\n47,173,974\n\n\n46,829,458\n\n\n47,446,298\n\n\nDiluted\n\n\n46,588,760\n\n\n47,398,197\n\n\n47,016,072\n\n\n47,642,763\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividends declared per common share\n\n$\n0.25\n\n$\n0.18\n\n$\n0.68\n\n$\n0.51\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEMCOR GROUP, INC.\n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n(In thousands)\n\n\n\n\n\n\n \n\n\n\n\n(Unaudited)September 30,2024\n\nDecember 31,2023\n\n\nASSETS\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n1,035,534\n\n$\n789,750\n\n\nAccounts receivable, net\n\n\n3,509,202\n\n\n3,203,490\n\n\nContract assets\n\n\n296,523\n\n\n269,885\n\n\nInventories\n\n\n94,475\n\n\n110,774\n\n\nPrepaid expenses and other\n\n\n70,681\n\n\n73,072\n\n\nTotal current assets\n\n\n5,006,415\n\n\n4,446,971\n\n\nProperty, plant, and equipment, net\n\n\n204,547\n\n\n179,378\n\n\nOperating lease right-of-use assets\n\n\n322,912\n\n\n310,498\n\n\nGoodwill\n\n\n1,002,218\n\n\n956,549\n\n\nIdentifiable intangible assets, net\n\n\n648,123\n\n\n586,032\n\n\nOther assets\n\n\n137,737\n\n\n130,293\n\n\nTotal assets\n\n$\n7,321,952\n\n$\n6,609,721\n\n\nLIABILITIES AND EQUITY\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\nAccounts payable\n\n$\n897,059\n\n$\n935,967\n\n\nContract liabilities\n\n\n1,881,444\n\n\n1,595,109\n\n\nAccrued payroll and benefits\n\n\n753,680\n\n\n596,936\n\n\nOther accrued expenses and liabilities\n\n\n312,799\n\n\n315,107\n\n\nOperating lease liabilities, current\n\n\n80,245\n\n\n75,236\n\n\nTotal current liabilities\n\n\n3,925,227\n\n\n3,518,355\n\n\nOperating lease liabilities, long-term\n\n\n269,517\n\n\n259,430\n\n\nOther long-term obligations\n\n\n368,089\n\n\n361,121\n\n\nTotal liabilities\n\n\n4,562,833\n\n\n4,138,906\n\n\nEquity:\n\n\n\n\n\n\nTotal EMCOR Group, Inc. stockholders’ equity\n\n\n2,758,082\n\n\n2,469,778\n\n\nNoncontrolling interests\n\n\n1,037\n\n\n1,037\n\n\nTotal equity\n\n\n2,759,119\n\n\n2,470,815\n\n\nTotal liabilities and equity\n\n$\n7,321,952\n\n$\n6,609,721\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nEMCOR GROUP, INC.\n\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n\n\nFor the Nine Months Ended September 30, 2024 and 2023\n\n\n(In thousands) (Unaudited)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n2024\n\n\n2023\n\n\nCash flows - operating activities:\n\n\n\n\n\n\nNet income including noncontrolling interests\n\n$\n714,984\n\n$\n421,814\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\n\nDepreciation and amortization\n\n\n41,799\n\n\n38,444\n\n\nAmortization of identifiable intangible assets\n\n\n56,559\n\n\n49,335\n\n\nProvision for credit losses\n\n\n12,585\n\n\n5,256\n\n\nNon-cash expense for impairment of long-lived assets\n\n\n—\n\n\n2,350\n\n\nNon-cash share-based compensation expense\n\n\n16,170\n\n\n10,703\n\n\nOther reconciling items\n\n\n(7,893)\n\n\n(9,121)\n\n\nChanges in operating assets and liabilities, excluding the effect of businesses acquired\n\n\n104,198\n\n\n(42,884)\n\n\nNet cash provided by operating activities\n\n\n938,402\n\n\n475,897\n\n\nCash flows - investing activities:\n\n\n\n\n\n\nPayments for acquisitions of businesses, net of cash acquired\n\n\n(189,208)\n\n\n(89,741)\n\n\nProceeds from sale or disposal of property, plant, and equipment\n\n\n2,765\n\n\n12,015\n\n\nPurchases of property, plant, and equipment\n\n\n(57,244)\n\n\n(56,306)\n\n\nNet cash used in investing activities\n\n\n(243,687)\n\n\n(134,032)\n\n\nCash flows - financing activities:\n\n\n\n\n\n\nProceeds from revolving credit facility\n\n\n—\n\n\n100,000\n\n\nRepayments of revolving credit facility\n\n\n—\n\n\n(100,000)\n\n\nRepayments of long-term debt\n\n\n—\n\n\n(142,813)\n\n\nRepayments of finance lease liabilities\n\n\n(2,144)\n\n\n(2,138)\n\n\nDividends paid to stockholders\n\n\n(31,884)\n\n\n(24,198)\n\n\nRepurchases of common stock\n\n\n(405,425)\n\n\n(105,299)\n\n\nTaxes paid related to net share settlements of equity awards\n\n\n(12,095)\n\n\n(5,365)\n\n\nIssuances of common stock under employee stock purchase plan\n\n\n943\n\n\n6,769\n\n\nPayments for contingent consideration arrangements\n\n\n(4,427)\n\n\n(3,113)\n\n\nNet cash used in financing activities\n\n\n(455,032)\n\n\n(276,157)\n\n\nEffect of exchange rate changes on cash, cash equivalents, and restricted cash\n\n\n7,377\n\n\n856\n\n\nIncrease in cash, cash equivalents, and restricted cash\n\n\n247,060\n\n\n66,564\n\n\nCash, cash equivalents, and restricted cash at beginning of year (1)\n\n\n789,750\n\n\n457,068\n\n\nCash, cash equivalents, and restricted cash at end of period (2)\n\n$\n1,036,810\n\n$\n523,632\n\n\n_____________\n\n\n\n\n\n\n\n\n(1) Includes $0.6 million of restricted cash classified as \"Prepaid expenses and other\" in the Consolidated Balance Sheet as of December 31, 2022.(2) Includes $1.3 million of restricted cash classified as \"Prepaid expenses and other\" in the Consolidated Balance Sheet as of September 30, 2024.\n\n\n\n\n\n\n\n\n\nEMCOR GROUP, INC.\n\n\nSEGMENT INFORMATION\n\n\n(In thousands, except for percentages) (Unaudited)\n\n\n\n\n \n\n\n\n\nFor the quarters ended September 30,\n\n\n\n\n\n2024\n\n\n% of Total\n\n\n2023\n\n\n% of Total\n\n\nRevenues from unrelated entities:\n\n\n\n\n\n\n\n\n\n\n\n\nUnited States electrical construction and facilities services\n\n$\n845,030\n\n\n23 %\n\n$\n697,406\n\n\n22 %\n\n\nUnited States mechanical construction and facilities services\n\n\n1,662,211\n\n\n45 %\n\n\n1,329,600\n\n\n41 %\n\n\nUnited States building services\n\n\n796,923\n\n\n21 %\n\n\n817,718\n\n\n26 %\n\n\nUnited States industrial services\n\n\n286,410\n\n\n8 %\n\n\n252,148\n\n\n8 %\n\n\nTotal United States operations\n\n\n3,590,574\n\n\n97 %\n\n\n3,096,872\n\n\n97 %\n\n\nUnited Kingdom building services\n\n\n106,350\n\n\n3 %\n\n\n110,726\n\n\n3 %\n\n\nTotal operations\n\n$\n3,696,924\n\n\n100 %\n\n$\n3,207,598\n\n\n100 %\n\n\n\n\n\n\n\n\nFor the nine months ended September 30,\n\n\n\n\n\n2024\n\n\n% of Total\n\n\n2023\n\n\n% of Total\n\n\nRevenues from unrelated entities:\n\n\n\n\n\n\n\n\n\n\n\n\nUnited States electrical construction and facilities services\n\n$\n2,409,735\n\n\n22 %\n\n$\n2,020,319\n\n\n22 %\n\n\nUnited States mechanical construction and facilities services\n\n\n4,745,057\n\n\n44 %\n\n\n3,602,271\n\n\n39 %\n\n\nUnited States building services\n\n\n2,359,191\n\n\n22 %\n\n\n2,318,105\n\n\n25 %\n\n\nUnited States industrial services\n\n\n964,510\n\n\n9 %\n\n\n875,314\n\n\n10 %\n\n\nTotal United States operations\n\n\n10,478,493\n\n\n97 %\n\n\n8,816,009\n\n\n96 %\n\n\nUnited Kingdom building services\n\n\n317,604\n\n\n3 %\n\n\n327,643\n\n\n4 %\n\n\nTotal operations\n\n$\n10,796,097\n\n\n100 %\n\n$\n9,143,652\n\n\n100 %\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nEMCOR GROUP, INC.\n\n\nSEGMENT INFORMATION\n\n\n(In thousands, except for percentages) (Unaudited)\n\n\n\n\n \n\n\n\n\nFor the quarters ended September 30,\n\n\n\n\n\n2024\n\n\n% ofSegmentRevenues\n\n\n2023\n\n\n% ofSegmentRevenues\n\n\nOperating income (loss):\n\n\n\n\n\n\n\n\n\n\n\n\nUnited States electrical construction and facilities services\n\n$\n119,118\n\n\n14.1 %\n\n$\n63,127\n\n\n9.1 %\n\n\nUnited States mechanical construction and facilities services\n\n\n214,831\n\n\n12.9 %\n\n\n138,476\n\n\n10.4 %\n\n\nUnited States building services\n\n\n55,562\n\n\n7.0 %\n\n\n57,156\n\n\n7.0 %\n\n\nUnited States industrial services\n\n\n3,292\n\n\n1.1 %\n\n\n(174)\n\n\n(0.1) %\n\n\nTotal United States operations\n\n\n392,803\n\n\n10.9 %\n\n\n258,585\n\n\n8.3 %\n\n\nUnited Kingdom building services\n\n\n5,497\n\n\n5.2 %\n\n\n8,869\n\n\n8.0 %\n\n\nCorporate administration\n\n\n(34,762)\n\n\n—\n\n\n(30,121)\n\n\n—\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n—\n\n\n(2,350)\n\n\n—\n\n\nTotal operations\n\n\n363,538\n\n\n9.8 %\n\n\n234,983\n\n\n7.3 %\n\n\nOther items:\n\n\n\n\n\n\n\n\n\n\n\n\nNet periodic pension income (cost)\n\n\n227\n\n\n\n\n\n(284)\n\n\n\n\n\nInterest income (expense), net\n\n\n8,312\n\n\n\n\n\n(90)\n\n\n\n\n\nIncome before income taxes\n\n$\n372,077\n\n\n\n\n$\n234,609\n\n\n\n\n\n\n\n\n\n\n\nFor the nine months ended September 30,\n\n\n\n\n\n2024\n\n\n% ofSegmentRevenues\n\n\n2023\n\n\n% ofSegmentRevenues\n\n\nOperating income (loss):\n\n\n\n\n\n\n\n\n\n\n\n\nUnited States electrical construction and facilities services\n\n$\n299,284\n\n\n12.4 %\n\n$\n154,365\n\n\n7.6 %\n\n\nUnited States mechanical construction and facilities services\n\n\n578,991\n\n\n12.2 %\n\n\n344,550\n\n\n9.6 %\n\n\nUnited States building services\n\n\n135,860\n\n\n5.8 %\n\n\n140,943\n\n\n6.1 %\n\n\nUnited States industrial services\n\n\n34,004\n\n\n3.5 %\n\n\n22,733\n\n\n2.6 %\n\n\nTotal United States operations\n\n\n1,048,139\n\n\n10.0 %\n\n\n662,591\n\n\n7.5 %\n\n\nUnited Kingdom building services\n\n\n16,651\n\n\n5.2 %\n\n\n20,220\n\n\n6.2 %\n\n\nCorporate administration\n\n\n(108,491)\n\n\n—\n\n\n(93,901)\n\n\n—\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n—\n\n\n(2,350)\n\n\n—\n\n\nTotal operations\n\n\n956,299\n\n\n8.9 %\n\n\n586,560\n\n\n6.4 %\n\n\nOther items:\n\n\n\n\n\n\n\n\n\n\n\n\nNet periodic pension income (cost)\n\n\n670\n\n\n\n\n\n(840)\n\n\n\n\n\nInterest income (expense), net\n\n\n21,959\n\n\n\n\n\n(4,614)\n\n\n\n\n\nIncome before income taxes\n\n$\n978,928\n\n\n\n\n$\n581,106\n\n\n\n\n\n\nEMCOR GROUP, INC.RECONCILIATION OF ORGANIC REVENUE GROWTH(In thousands, except for percentages) (Unaudited)\nThe following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and nine months ended September 30, 2024.\n\n\n\n\n\nFor the quarter endedSeptember 30, 2024\n\nFor the nine months endedSeptember 30, 2024\n\n\n\n\n$\n\n\n%\n\n$\n\n\n%\n\n\nGAAP revenue growth\n\n$\n489,326\n\n\n15.3 %\n\n$\n1,652,445\n\n\n18.1 %\n\n\nIncremental revenues from acquisitions\n\n\n(84,935)\n\n\n(2.7) %\n\n\n(173,738)\n\n\n(1.9) %\n\n\nOrganic revenue growth, a non-GAAP measure\n\n$\n404,391\n\n\n12.6 %\n\n$\n1,478,707\n\n\n16.2 %\n\n\n\nEMCOR GROUP, INC.RECONCILIATION OF 2024 AND 2023 NON-GAAP MEASURES(In thousands, except for percentages and per share data) (Unaudited)\nIn our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter and nine months ended September 30, 2023. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures.\n\n\n\n\n\nFor the quarter endedSeptember 30,\n\nFor the nine months endedSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\nGAAP operating income\n\n$\n363,538\n\n$\n234,983\n\n$\n956,299\n\n$\n586,560\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n2,350\n\n\n—\n\n\n2,350\n\n\nNon-GAAP operating income\n\n$\n363,538\n\n$\n237,333\n\n$\n956,299\n\n$\n588,910\n\n\n\n\n\n\n\n\nFor the quarter endedSeptember 30,\n\nFor the nine months endedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nGAAP operating margin\n\n9.8 %\n\n7.3 %\n\n8.9 %\n\n6.4 %\n\n\nImpairment loss on long-lived assets\n\n— %\n\n0.1 %\n\n— %\n\n0.0 %\n\n\nNon-GAAP operating margin\n\n9.8 %\n\n7.4 %\n\n8.9 %\n\n6.4 %\n\n\n\n\n\n\n\n\nFor the quarter endedSeptember 30,\n\nFor the nine months endedSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\nGAAP net income\n\n$\n270,263\n\n$\n169,409\n\n$\n714,984\n\n$\n421,477\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n2,350\n\n\n—\n\n\n2,350\n\n\nTax effect of impairment loss on long-lived assets\n\n\n—\n\n\n(651)\n\n\n—\n\n\n(651)\n\n\nNon-GAAP net income\n\n$\n270,263\n\n$\n171,108\n\n$\n714,984\n\n$\n423,176\n\n\n\n\n\n\n\n\nFor the quarter endedSeptember 30,\n\nFor the nine months endedSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\nGAAP diluted earnings per common share\n\n$\n5.80\n\n$\n3.57\n\n$\n15.21\n\n$\n8.85\n\n\nImpairment loss on long-lived assets\n\n\n—\n\n\n0.05\n\n\n—\n\n\n0.05\n\n\nTax effect of impairment loss on long-lived assets\n\n\n—\n\n\n(0.01)\n\n\n—\n\n\n(0.01)\n\n\nNon-GAAP diluted earnings per common share\n\n$\n5.80\n\n$\n3.61\n\n$\n15.21\n\n$\n8.88\n\n\n_________\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAmounts presented in this table may not foot due to rounding.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241031893772/en/\nContacts\nEMCOR GROUP, INC.\nAndrew G. BackmanVice PresidentInvestor Relations(203) 849-7938\nFTI Consulting, Inc.Investors: Blake Mueller(718) 578-3706","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479083861"}