Emcor Group Inc. reported record fourth-quarter revenues of $1.95 billion, a 9.7 percent year-over-year increase from $1.78 billion in the fourth quarter of 2015.
Net income for the quarter ended Dec. 31 at the Norwalk-based mechanical and electrical construction company was $42.2 million or 69 cents per diluted share, compared with $50.4 million or 80 cents per diluted share in the fourth quarter of 2015. Operating income for the fourth quarter of 2016 was $74.5 million or 3.8 percent of revenues, compared to operating income of $84.1 million or 4.7 percent of revenues in the fourth quarter of 2015.
Included in the operating income for the fourth quarter of 2016 was an impairment charge of $2.4 million.
For the full year of 2016, revenues increased 12.4 percent to $7.55 billion, compared with $6.72 billion for the 2015 full-year period. Net income was $185.1 million or $3.02 per diluted share, compared with $172.3 million or $2.72 per diluted share in the prior year. Operating income was $308.5 million or 4.1 percent of revenues, compared with $287.1 million or 4.3 percent of revenues in the 2015 full-year period.
Included in operating income for the 2016 full-year period were $3.8 million of transaction expenses related to the acquisition of industrial and refinery electrical and instrumentation services company Ardent, and a $2.4 million impairment charge.
Emcor said it expects full-year 2017 revenues to be in the $7.5-7.6 billion range, and full-year 2017 diluted earnings per share from continuing operations to be in the range of $3.10-3.50.