Emcor posts record third-quarter revenues

By Kevin Zimmerman

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Emcor Group Inc. posted record third-quarter revenues of $1.92 billion, a 13.2 percent increase year-over-year.

Net income for the quarter ended Sept. 30 at the Norwalk-based mechanical and electrical construction company was $51.9 million or $0.85 per diluted share, compared with $41.8 million or $0.66 per diluted share in the third quarter of 2015.

Operating income for the third quarter of 2016 was $86.1 million or 4.5 percent of revenues, compared to operating income of $70.0 million or 4.1 percent of revenues, for the third quarter of 2015. Backlog as of Sept. 30 was $3.90 billion, a 3.7 percent increase compared to a backlog of $3.77 billion at the end of the previous year’s third quarter.

Revenues for the first nine months of 2016 totaled $5.6 billion, up 13.4 percent from the $4.94 billion Emcor reported for the first nine months of 2015. Net income through Sept. 2016 was $142.8 million or $2.33 per diluted share, compared to $122.0 million or $1.92 per diluted share through Sept. 2015. Operating income for the first nine months of 2016 was $234.0 million or 4.2 percent of revenues, compared to $203.0 million or 4.1 percent of revenues in the first nine months of 2015. Included in operating income for the first nine months of 2016 were pre-tax transaction expenses of $3.8 million related to the acquisition of industrial and refinery electrical and instrumentation services company Ardent.

Emcor President and CEO Tony Guzzi said that the latest results should support growth into the fourth quarter and next year, noting that for the third time this year the company is raising its full-year 2016 guidance for revenue and earnings.

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