Emcor posts record second-quarter results

By Kevin Zimmerman

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Emcor Group Inc. posted record second-quarter revenues, operating income and diluted earnings per share, with net income of $56.5 million or $0.92 per diluted share, compared to $47.0 million or $0.74 per diluted share in the second quarter of 2015.

Included were transaction expenses of $1.7 million after tax, or $0.03 per diluted share, related to the acquisition of Ardent Services LLC and Rabalais Constructors LLC, completed on April 15.

The Norwalk-based mechanical and electrical construction services, industrial and energy infrastructure and building services company reported operating income for the second quarter of $92.3 million, or 4.8 percent of revenues, compared to operating income of $77.7 million, or 4.7 percent of revenues, for the second quarter last year.

Emcor president and CEO Tony Guzzi said the firm was “encouraged by our prospects for continued growth in 2016 and beyond. The second quarter marks the fourth consecutive quarter that we have grown our backlog year-over-year while delivering robust revenue.”

Backlog as of June 30 was $3.81 billion, a 5.1 percent increase compared to backlog of $3.62 billion at the end of the second quarter of 2015. Domestic backlog grew $201.7 million year-over-year, while backlog in its UK Building Services segment decreased $16.7 million year-over-year, driven primarily by the negative impact of foreign currency translation.

“Notwithstanding having completed two acquisitions in the first half of 2016, we continue to seek out opportunities that will expand the breadth of our service offerings and our geographic reach,” Guzzi remarked.

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