EME · EMCOR Group

337 filings

EME SEC Filings

EMCOR Group - 337 total filings

Filing record · 2016–202610-K1110-Q338-K77

Showing 1–50 of 337 filings

EMCOR Group 8-K Report, Financial Results (Oct 29, 2026)

EMCOR Group, Inc. has reported exceptionally strong results for its fiscal 2026 third quarter, driven by a significant increase in revenues and improved operating margins. Revenues surged by 28.8% year-over-year to a quarterly record of $5.54 billion, with organic growth also demonstrating robust performance. This top-line expansion, coupled with effective cost management and enhanced SG&A leverage, led to a substantial increase in profitability. Key financial metrics showcase this growth, with diluted Earnings Per Share (EPS) rising by 37.6% to $9.04 and Non-GAAP Diluted EPS increasing by 46.1% to $9.60. The company also reported a record backlog of $18.57 billion in Remaining Performance Obligations (RPOs), up 47.2% year-over-year, indicating strong future revenue visibility across various sectors, particularly in Network and Communications, Healthcare, and Manufacturing. Based on this momentum, EMCOR has raised its full-year 2026 guidance for both revenue and Non-GAAP Diluted EPS, reflecting management's confidence in continued strong performance. Additionally, the company announced a $500 million increase to its share repurchase program, signaling a commitment to returning capital to shareholders.

Oct 29, 2026 10-Q

EMCOR Group Quarterly Report for Q3 Ended Sep 30, 2026

EMCOR Group, Inc. reported a strong third quarter and nine-month period ending September 30, 2026, with significant year-over-year growth in revenues and operating income. Revenues for the quarter reached a record $5.54 billion, up 28.8% from the prior year, driven by broad-based demand across its market sectors and contributions from recent acquisitions. The company's operating income also set a new record for a third quarter at $545.8 million, an increase of 34.5% year-over-year, with operating margin improving to 9.8% from 9.4% in the prior year. This performance was bolstered by increased gross profit margins and improved SG&A leverage. For the nine-month period, revenues increased by 22.9% to $15.32 billion, and operating income grew by 31.3% to $1.50 billion, with operating margin expanding to 9.8% from 9.1%. Net income for the quarter and nine months saw substantial increases, reflecting the strong operational performance. The company also ended the period with a record backlog of remaining performance obligations at $18.57 billion, indicating robust future revenue potential. Acquisitions played a significant role in growth, contributing substantially to revenues and backlog, while share repurchases continued to support earnings per share. Despite a $34.0 million impairment charge on identifiable intangible assets in the building services segment, the overall financial health appears strong. EMCOR's balance sheet remains solid, with significant cash and cash equivalents, and ample capacity under its revolving credit facility, positioning the company well for continued growth and operational execution.

Oct 29, 2026 8-K

EMCOR Group 8-K Report, Mine Safety Disclosure (Jul 31, 2026)

EMCOR Group, Inc. (EME) is reporting an operational event concerning its wholly-owned, indirect subsidiary, MOR PPM, Inc. On July 28, 2026, MOR PPM received an imminent danger order from the Mine Safety and Health Administration (MSHA) related to its Sivells Bend mine in Texas. The order was issued following an observation by an MSHA inspector of a worker performing welding at a significant height, supported by a forklift, which was deemed an unsafe practice. Importantly, no injuries were reported in connection with this incident. While the order signifies a regulatory action and potential operational disruption at the Sivells Bend mine, the lack of injuries is a positive aspect for the company. Investors should monitor any further developments from MSHA and EMCOR regarding corrective actions and the resolution of this imminent danger order, as it could potentially impact the operational status or expenses at the affected mine.

Jul 31, 2026 10-Q

EMCOR Group Quarterly Report for Q2 Ended Jun 30, 2026

EMCOR Group, Inc. reported strong financial performance for the second quarter and first half of fiscal year 2026. Revenues surged by approximately 20% year-over-year for the quarter, reaching a record $5.15 billion. This growth was driven by broad-based demand across all reporting segments, particularly in the United States electrical and mechanical construction and facilities services divisions, fueled by strong activity in the network and communications sector, including data center construction. Profitability also saw significant improvement. Operating income for the quarter increased by 32% to $547.3 million, with an improved operating margin of 10.6% compared to 9.6% in the prior year period. This was supported by a higher gross profit margin and a more efficient SG&A expense ratio. Diluted earnings per share rose substantially to $9.06 from $6.72, reflecting both the operational performance and a reduced share count due to ongoing share repurchases. The company's backlog of remaining performance obligations also reached a record $17.14 billion, indicating a strong demand pipeline for future work.

Jul 30, 2026 8-K

EMCOR Group 8-K Report, Financial Results (Jul 30, 2026)

EMCOR Group (NYSE: EME) reported a strong fiscal 2026 second quarter ended June 30, 2026, with record quarterly revenues of $5.15 billion, up 19.8% year-over-year (organic growth of 19.6% after adjusting for acquisitions and the sale of its UK operations). Operating income rose to $547.3 million, a record second-quarter operating margin of 10.6% versus 9.6% a year ago, and diluted EPS reached $9.06, up 34.8%. Remaining performance obligations (RPOs) hit a record $17.14 billion, up 43.9% year-over-year, providing substantial revenue visibility. Growth was broad-based across the U.S. electrical, mechanical, building services, and industrial segments, with the largest RPO gains in Network and Communications, Water and Wastewater, Institutional, and Healthcare. Management raised full-year 2026 guidance meaningfully: revenues to $20.00–$20.50 billion (from $18.50–$19.25 billion), operating margin to 9.5%–9.8% (from 9.0%–9.4%), and diluted EPS to $32.00–$33.25 (from $28.25–$29.75). The guidance raise reflects year-to-date momentum and visibility into the second half, and management emphasized pricing discipline and selective project selection. Balance sheet and cash flow show a more mixed picture. Operating cash flow for the first half was $289.9 million, down from $302.2 million, as working capital consumed $525.9 million, driven largely by a $0.9 billion increase in accounts receivable and a $0.3 billion rise in contract liabilities. Cash fell to $924.4 million from $1.11 billion at year-end, reflecting $268.5 million in buybacks, $94.2 million of acquisition payments, and $35.6 million in dividends. Quarterly dividends were increased to $0.40 per share from $0.25 a year earlier.

Jul 30, 2026 8-K

EMCOR Group 8-K Report, Shareholder Vote Results (Jun 4, 2026)

EMCOR Group, Inc. (EME) filed an 8-K on June 4, 2026, reporting the outcomes of its 2026 Annual Meeting of Stockholders. The primary focus of this filing is the voting results on three key proposals presented to shareholders. All incumbent directors standing for election were overwhelmingly re-elected, indicating strong shareholder confidence in the current board leadership. Additionally, the compensation of the company's named executive officers was approved on a non-binding advisory basis, and the appointment of Ernst & Young LLP as the independent auditor for 2026 was ratified with substantial support.

Jun 4, 2026 8-K

EMCOR Group 8-K Report, Financial Results (Apr 29, 2026)

EMCOR Group (NYSE: EME) reported record first-quarter 2026 results on April 29, 2026, with revenues of $4.63 billion, up 19.7% year-over-year (16.8% organic). Diluted EPS was $6.84, up 30.0% from $5.26 in the prior-year quarter, which included Miller Electric acquisition transaction costs (non-GAAP Q1 2025 diluted EPS was $5.41, so underlying growth is roughly 26%). Operating margin expanded to 8.7% from 8.2% GAAP (8.5% non-GAAP), and SG&A fell to 9.9% of revenue from 10.4%, indicating operating leverage. Net income was $305.5 million. The most notable forward-looking signal is backlog: remaining performance obligations reached a record $15.62 billion, up 32.9% year-over-year and up roughly $2.4 billion from December 31, 2025, with growth led by Network and Communications, Water and Wastewater, Institutional, and Healthcare. Management raised full-year 2026 revenue guidance to $18.50–$19.25 billion (from $17.75–$18.50 billion) and diluted EPS guidance to $28.25–$29.75 (from $27.25–$29.25), while holding operating margin guidance at 9.0%–9.4%. Investors should note some balance-sheet and cash-flow considerations. Operating cash flow was essentially breakeven at $0.6 million versus $108.5 million a year earlier, driven by a $354.8 million working capital outflow, including a rise in receivables to $4.55 billion. Cash fell to $916.4 million, though the company paid higher dividends ($0.40 declared per share versus $0.25) and repurchased $87.1 million of stock. The filing is furnished rather than filed under Item 2.02, so the press release is not subject to Section 18 liability unless specifically incorporated by reference.

Apr 29, 2026 10-Q

EMCOR Group Quarterly Report for Q1 Ended Mar 31, 2026

EMCOR Group, Inc. (EME) reported a strong first quarter for 2026, demonstrating significant revenue growth and improved profitability. Revenues surged by 19.7% year-over-year to $4.63 billion, driven by broad-based demand across its service segments, particularly in electrical and mechanical construction, supported by strong performance in data center construction and institutional projects. This robust revenue increase, coupled with effective cost management, led to a record operating income of $403.8 million, representing an 8.7% margin, up from 8.2% in the prior year period. Diluted earnings per share also saw a substantial increase, reflecting the operational improvements and a reduced share count from ongoing share repurchase programs. The company's substantial backlog of remaining performance obligations, which reached a record $15.62 billion, indicates strong future revenue potential. Acquisitions continued to contribute to growth, with recent additions bolstering capabilities in key markets. Despite a decrease in cash and cash equivalents due to increased accounts receivable and strategic investments, EMCOR maintains a strong liquidity position with ample availability under its credit facility, positioning it well to fund future growth and return value to shareholders.

Apr 29, 2026 10-K

EMCOR Group Annual Report, Year Ended Dec 31, 2025

EMCOR Group, Inc. reported a strong fiscal year 2025, with revenues reaching a record $16.99 billion, a 16.6% increase over 2024. This growth was driven by broad-based demand across most market sectors served, with significant contributions from acquisitions, particularly Miller Electric Company. The company's operating income also saw a substantial increase to $1.71 billion, marking an improvement in operating margin to 10.1%. A notable event during the year was the sale of its United Kingdom operations, which contributed a gain of $144.9 million. EMCOR's backlog, or remaining performance obligations, also grew significantly to $13.25 billion, indicating strong future revenue potential, especially in the network and communications (data centers) and institutional sectors. The company's continued investment in strategic acquisitions and strong project execution, coupled with a robust balance sheet and a planned increase in its quarterly dividend, position it well for continued growth. Investors should note the company's ongoing focus on operational efficiency, skilled labor retention, and its ability to navigate market and economic uncertainties.

Feb 26, 2026 8-K

EMCOR Group 8-K Report, Financial Results (Feb 26, 2026)

EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2025 results on February 26, 2026. Q4 revenue rose 19.7% to $4.51 billion (9.5% organic), and full-year revenue rose 16.6% to $16.99 billion (7.9% organic). GAAP diluted EPS was $9.68 for Q4 and $28.19 for the year, but these figures include a $144.9 million pre-tax gain on the sale of the company's United Kingdom operations. Excluding that gain and related transaction expenses, non-GAAP diluted EPS was $7.19 for Q4 and $25.87 for the year, compared with $6.32 and $21.52 in the prior-year periods on a GAAP basis. Investors should focus on the non-GAAP figures when comparing underlying performance, since the GAAP EPS growth is inflated by the one-time divestiture gain. Underlying operating performance was strong. Full-year non-GAAP operating margin was 9.4% versus 9.2% in 2024, and Q4 non-GAAP operating margin was 9.7%, down from 10.3% a year earlier, largely due to a higher mix of lower-margin activity and a sharp increase in corporate administration expense. Remaining performance obligations (RPOs) reached a record $13.25 billion, up 31.2% year-over-year, providing strong forward visibility. Growth was driven by the Electrical and Mechanical Construction segments, while Industrial Services margins declined. Acquisitions, including Miller Electric, contributed significantly to revenue growth, with acquisitions accounting for roughly 8.7 points of full-year growth. Management guided 2026 revenue to $17.75 billion to $18.50 billion, operating margin to 9.0% to 9.4%, and diluted EPS to $27.25 to $29.25. The guidance implies continued top-line growth, but the midpoint EPS is roughly in line with 2025 GAAP EPS and above 2025 non-GAAP EPS, and the margin range sits at or slightly below 2025 non-GAAP margin. Cash generation was solid, with operating cash flow of $1.30 billion, though it declined from $1.41 billion in 2024, and the company spent $1.02 billion on acquisitions and $586 million on share repurchases during the year.

Feb 26, 2026 8-K

EMCOR Group 8-K Report, Financial Results (Oct 30, 2025)

EMCOR Group (NYSE: EME) reported fiscal Q3 2025 results on October 30, 2025 that were strong on the top line and margins. Revenue rose 16.4% year-over-year to a record $4.30 billion, operating margin was 9.4% (versus 9.8% a year earlier), and diluted EPS grew 13.3% to a record $6.57. Remaining performance obligations (RPOs) reached a record $12.61 billion, up nearly 29% year-over-year, which provides strong visibility into future revenue. Growth was led by the Electrical and Mechanical segments, while the U.S. industrial services segment margin compressed sharply to 2.2%. For the first nine months, revenue grew 15.5% to $12.47 billion and GAAP diluted EPS was $18.53, or $18.68 excluding Miller Electric transaction costs. Organic revenue growth was 8.1% in the quarter and 7.3% year-to-date, so acquisitions (notably Miller Electric, closed in Q1 2025) contributed a significant share of growth. Cash flow was weaker: operating cash flow was $778 million year-to-date versus $938 million a year earlier, and roughly $900 million was spent on acquisitions, which pushed cash down to about $655 million from $1.34 billion at year-end 2024. Management narrowed full-year 2025 guidance to revenue of $16.7–$16.8 billion (from $16.4–$16.9 billion), a non-GAAP operating margin of 9.2%–9.4%, and non-GAAP diluted EPS of $25.00–$25.75 (low end raised from $24.50). The guidance reflects the pending sale of the U.K. Building Services business in Q4. Investors should weigh the strong backlog and earnings growth against the lower cash balance, higher working capital needs, and the execution risk tied to large, complex projects.

Oct 30, 2025 10-Q

EMCOR Group Quarterly Report for Q3 Ended Sep 30, 2025

EMCOR Group, Inc. (EME) reported a strong third quarter for fiscal year 2025, with revenues reaching a record $4.30 billion, an increase of 16.4% year-over-year, driven by robust demand across its service sectors and significant contributions from recent acquisitions. Operating income also saw a healthy increase to $405.7 million, although operating margin slightly compressed to 9.4% from 9.8% in the prior year's quarter, primarily due to factors in the electrical construction segment and amortization from acquisitions. Net income rose to $295.4 million, or $6.57 per diluted share, up from $270.3 million, or $5.80 per diluted share, in the same period last year. The company highlighted strong performance in its United States construction segments, particularly in network and communications driven by data center demand. EMCOR also continues to execute its strategic growth initiatives through acquisitions, with the significant acquisition of Miller Electric bolstering its electrical construction capabilities. The company's backlog of remaining performance obligations stands strong at $12.61 billion, providing good visibility into future revenue.

Oct 30, 2025 8-K

EMCOR Group 8-K Report, Executive Changes (Oct 29, 2025)

EMCOR Group, Inc. (NYSE: EME) filed an 8-K on October 29, 2025 to disclose the election of Pat Roche to its Board of Directors, effective October 27, 2025. Roche, 62, is President and CEO of Moog Inc. (NYSE: MOG.A, MOG.B) and also sits on Moog's board, bringing industrial sector and operational leadership experience to EMCOR's board. The filing is governance-focused and contains no financial results, guidance, or material operational updates. Under the Company's Director Award Program, Roche received a prorated grant of 158 restricted stock units valued at approximately $119,266 based on the closing share price on the effective date. He will be compensated under the Company's standard non-employee director policy described in its 2025 proxy statement, and he and EMCOR entered into a standard indemnification agreement (Exhibit 10.1). These terms are routine and consistent with typical director onboarding. For investors, the appointment is a modest board addition with limited immediate financial impact. The main considerations are whether Roche's industrial and engineering background adds useful oversight for EMCOR's mechanical and electrical construction, industrial, and energy infrastructure businesses, and whether his Moog role creates any time-commitment or conflict questions, none of which the filing addresses.

Oct 29, 2025 8-K

EMCOR Group 8-K Report, Financial Results (Jul 31, 2025)

EMCOR Group reported record second-quarter 2025 results, with revenue of $4.30 billion, up 17.4% year over year, and diluted EPS of $6.72, up 28.0%. Operating margin was 9.6% versus 9.1% a year earlier. Electrical Construction drove much of the growth, with segment revenue up 67.5% to $1.34 billion and an 11.8% operating margin. Mechanical Construction posted a record 13.6% margin. Remaining performance obligations reached a record $11.91 billion, up 32.4%, which gives good visibility into future revenue. Growth was supported in part by the Miller Electric acquisition, which closed in Q1 2025. Organic revenue growth was 8.4% for the quarter. Management raised full-year 2025 guidance. Revenue is now expected at $16.4 to $16.9 billion, with the low end raised from $16.1 billion. Operating margin guidance rose to 9.0% to 9.4% from 8.5% to 9.2%. Non-GAAP diluted EPS guidance increased to $24.50 to $25.75 from $22.65 to $24.00, excluding acquisition-related transaction costs. The filing also shows some balance sheet and cash flow pressure. Cash fell to $486 million from $1.34 billion at year-end 2024, reflecting $887 million of acquisition payments and $432 million of share repurchases in the first half. Operating cash flow dropped to $302 million from $412 million, mainly due to working capital build, and the company drew $250 million on its revolver. Industrial Services was a weak spot, with Q2 operating income slightly negative and revenue down about 13% year over year, and RPOs in High-Tech Manufacturing declined.

Jul 31, 2025 10-Q

EMCOR Group Quarterly Report for Q2 Ended Jun 30, 2025

EMCOR Group, Inc. reported robust financial results for the second quarter and the first half of 2025, demonstrating significant year-over-year growth in both revenue and profitability. Revenues surged by 17.4% to a record $4.30 billion for the quarter, driven by strong demand across most served market sectors and substantial contributions from recent acquisitions, most notably Miller Electric. Operating income also reached a new quarterly high of $415.2 million, expanding the operating margin to 9.6%, up from 9.1% in the prior year. This improvement was largely attributed to enhanced performance in the United States construction segments, benefiting from an improved revenue mix and strong project execution. Net income and diluted earnings per share saw substantial increases, reflecting the operational improvements and a reduced share count due to ongoing share repurchases. The company's backlog of remaining performance obligations grew significantly to $11.91 billion, indicating strong future revenue visibility. Despite increased borrowing under its revolving credit facility to fund strategic initiatives, EMCOR maintains a solid liquidity position, with ample available capacity and strong cash generation from operations expected to cover its future obligations.

Jul 31, 2025 8-K

EMCOR Group 8-K Report, Executive Changes (Jun 5, 2025)

EMCOR Group, Inc. (EME) filed an 8-K on June 5, 2025, detailing the outcomes of its 2025 Annual Meeting of Stockholders. The most significant information for investors concerns the approval of the First Amendment to the Amended & Restated 2010 Incentive Plan. This amendment extends the plan's term by five years, to June 5, 2030, without increasing the number of shares available for grant. This extension is crucial for the company's ability to retain and incentivize key personnel, which is a positive indicator for long-term operational stability and growth. Additionally, the meeting saw the re-election of all nine incumbent directors, indicating strong shareholder confidence in the current board's leadership. The compensation of named executive officers was also approved on a non-binding advisory basis, and Ernst & Young LLP was ratified as the company's independent auditor for 2025. These outcomes generally suggest continuity and a stable governance structure, which are favorable for investors.

Jun 5, 2025 8-K

EMCOR Group 8-K Report, Financial Results (Apr 30, 2025)

EMCOR Group (NYSE: EME) reported a strong first quarter 2025, with record revenues of $3.87 billion, up 12.7% year-over-year, and GAAP diluted EPS of $5.26 (non-GAAP $5.41, excluding $9.4 million of Miller Electric acquisition transaction costs). Operating income rose 22.6% to $318.8 million (8.2% margin; 8.5% non-GAAP). Growth was led by the U.S. Electrical Construction segment, where revenue rose 42.3% and operating margin reached 12.5%, aided by the Miller Electric acquisition, which contributed $183 million of revenue during the quarter. Organic revenue growth was a more modest 5.4%. Remaining performance obligations (RPOs) reached a record $11.75 billion, up 28.1% year-over-year, including $1.0 billion from Miller Electric. The quarter also showed some pressure points. U.S. Industrial Services operating margin fell to 1.9% from 5.1% due to a slow start to the turnaround season, and U.S. Building Services margin improved only modestly. Operating cash flow was $108.5 million, down from $132.3 million, and cash fell sharply to $576.7 million from $1.34 billion at year-end because of the $850.6 million acquisition outlay and $224.8 million in share repurchases. The company also drew $250 million on its revolving credit facility. Management reaffirmed 2025 revenue guidance of $16.1–$16.9 billion and maintained the 8.5%–9.2% operating margin range. It narrowed non-GAAP diluted EPS guidance to $22.65–$24.00 from $22.25–$24.00, citing its view of tariffs and other macroeconomic factors. For investors, the key takeaways are strong top-line momentum and a record backlog, offset by a leveraged balance sheet following the Miller Electric deal, weaker industrial services performance, and a cautious macro outlook that management described as dynamic and uncertain.

Apr 30, 2025 10-Q

EMCOR Group Quarterly Report for Q1 Ended Mar 31, 2025

EMCOR Group, Inc. reported a strong first quarter of 2025, with revenues reaching a new quarterly record of $3.87 billion, an increase of 12.7% year-over-year. This growth was driven by robust demand across most market sectors, particularly within the United States construction segments, and was further bolstered by recent acquisitions, notably Miller Electric. Profitability also saw significant improvement, with operating income reaching $318.8 million (8.2% of revenues), up from $260.0 million (7.6% of revenues) in the prior year. This expansion in operating margin reflects improved performance, favorable revenue mix, and enhanced project execution. Diluted earnings per share also rose to $5.26, benefiting from operational improvements and a reduced share count due to ongoing share repurchases. The company's robust backlog of $11.75 billion provides a solid foundation for future revenue and earnings.

Apr 30, 2025 8-K

EMCOR Group 8-K Report, Financial Results (Feb 26, 2025)

EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2024 results, with Q4 revenues of $3.77 billion (up 9.6% year-over-year) and full-year revenues of $14.57 billion (up 15.8%, or 13.8% organic). Q4 diluted EPS was $6.32 versus $4.47 a year earlier, and full-year diluted EPS was $21.52 versus $13.31 (flat on a non-GAAP basis, as 2023 included a minor $2.4 million impairment). Full-year operating income rose 53.6% to $1.34 billion, a 9.2% operating margin, up from 7.0%. Growth was led by U.S. Electrical Construction (revenue up 20.1%, 13.4% margin, driven by data centers) and U.S. Mechanical Construction (revenue up 26.2%, mostly organic, 12.5% margin). U.S. Building Services was roughly flat and U.K. Building Services earned a 5.0% margin. Remaining performance obligations (backlog) reached a record $10.10 billion, up 14.2% year-over-year, which management cites as solid visibility into 2025. Full-year 2025 guidance calls for revenues of $16.1 to $16.9 billion, operating margins of 8.5% to 9.2%, and diluted EPS of $22.25 to $24.00. Operating cash flow was $1.41 billion in 2024, versus $900 million in 2023. The company also authorized an additional $500 million for share repurchases and completed the Miller Electric Company acquisition on February 3, 2025. For investors, the key takeaways are strong demand in data center, high-tech, and industrial end markets, and a large backlog supporting growth. The 2025 guidance implies revenue growth of roughly 11% to 16% at the midpoint, but the margin guidance range is at or below 2024 levels, so investors will want to watch for margin pressure from project mix, labor scarcity, tariffs, and the weaker U.S. Building Services and U.K. businesses.

Feb 26, 2025 10-K

EMCOR Group Annual Report, Year Ended Dec 31, 2024

EMCOR Group, Inc. reported a strong financial performance for the fiscal year ended December 31, 2024, with record revenues of $14.57 billion, a 15.8% increase year-over-year. This growth was broad-based, driven by robust demand across most of its market sectors, particularly in data center construction and high-tech manufacturing. The company also achieved record operating income of $1.34 billion, with an operating margin of 9.2%, a significant improvement from the prior year. This performance reflects improved project execution, a favorable revenue mix, and strategic investments in technology. Acquisitions contributed approximately $251.5 million to revenues in 2024, demonstrating the company's continued inorganic growth strategy. EMCOR's backlog, or remaining performance obligations, stands at $10.10 billion, indicating continued strong future revenue potential, especially within its construction segments, driven by data center and healthcare projects. The company also maintained a strong liquidity position with $1.34 billion in cash and cash equivalents and ample availability under its credit facility. EMCOR's commitment to shareholder returns is evident through its consistent quarterly dividend and ongoing share repurchase program. The company's focus on operational excellence, safety, and strategic acquisitions positions it well for continued growth.

Feb 26, 2025 8-K

EMCOR Group 8-K Report, Acquisition Completed (Feb 3, 2025)

On February 3, 2025, EMCOR Group (NYSE: EME) completed its acquisition of Miller Electric Company, a Jacksonville, Florida-based electrical contractor serving high-growth areas across the Southeastern U.S., for $865 million in cash, subject to customary adjustments. The transaction was funded from cash on hand, and Miller Electric became a wholly-owned subsidiary. The filing discloses the purchase price and the stock purchase agreement dated January 13, 2025, with the sellers being the Miller Electric ESOP trust and several Brown and Walden family trusts. According to the company, Miller Electric is expected to generate approximately $805 million in revenue and approximately $80 million in Adjusted EBITDA in calendar 2024. Management expects the deal to be modestly accretive to EPS in 2025, with further accretion in later years. The acquisition will be integrated into the Electrical Construction Services segment under Dan Fitzgibbons, and Miller's leadership team will remain in place. Management plans to discuss the deal in detail on its Q4 and full-year 2024 earnings call on February 26, 2025. For investors, the key considerations are the size of the purchase relative to EMCOR's balance sheet (the cash outlay reduces liquidity, though the filing does not disclose post-deal leverage), the implied valuation of roughly 10.8x trailing Adjusted EBITDA, and whether management can deliver the projected accretion and integrate the business. The Form 8-K itself provides limited detail on purchase accounting, financing, or synergies, so the February 26 earnings commentary will be the primary source for those.

Feb 3, 2025 8-K

EMCOR Group 8-K Report, Executive Changes (Dec 19, 2024)

EMCOR Group, Inc. (NYSE: EME) filed an 8-K on December 19, 2024 to report the election of Amy E. Dahl to its Board of Directors, effective December 18, 2024. The filing is a governance update rather than a financial disclosure: it contains no earnings, guidance, or balance sheet information, and the filing itself does not indicate any change in the company's operating outlook or capital position. Dahl, 50, currently serves as Vice President, International Business & Strategy at The Toro Company (NYSE: TTC), where she oversees an international division spanning more than 125 countries. Her background includes roles as Toro's General Counsel and Corporate Secretary, Vice President of Human Resources, and Managing Director of Corporate Communications and Investor Relations, along with earlier securities and corporate governance law practice at Norton Rose Fulbright and Lathrop GPM. CEO Anthony J. Guzzi cited her experience in operations, M&A, legal compliance, and human resources as valuable as EMCOR continues its strategic growth. From a compensation standpoint, Dahl received 193 prorated restricted stock units under the Company's Director Award Program, valued at approximately $89,633.06 based on the closing price on the effective date. She will be compensated under the standard non-employee director policy and has entered into the Company's standard indemnification agreement. For investors, the appointment is a routine board addition with modest financial impact, though it may be viewed as a signal of added operational and governance expertise.

Dec 19, 2024 8-K

EMCOR Group 8-K Report, Financial Results (Oct 31, 2024)

EMCOR Group (NYSE: EME) reported record fiscal Q3 2024 results on October 31, 2024. Revenue rose 15.3% year-over-year to $3.70 billion, and GAAP diluted EPS reached a record $5.80, up 62.5% from $3.57 in Q3 2023 (which included a small $2.4 million impairment; non-GAAP EPS was $3.61, so underlying growth was about 61%). Operating income was $363.5 million, a 9.8% margin versus 7.4% non-GAAP a year earlier. Remaining performance obligations hit a record $9.79 billion, up 13.4%, giving good visibility into future revenue. Growth was led by the Mechanical Construction segment (revenue up about 25%, 12.9% segment margin) and the Electrical Construction segment (revenue up about 21%, 14.1% margin), driven by data centers, semiconductor plants, and other high-tech and institutional work. Management raised full-year 2024 diluted EPS guidance to $20.50-$21.00 from $19.00-$20.00, and narrowed revenue guidance to at least $14.5 billion, the low end of the prior $14.5-$15.0 billion range. The revenue change is effectively a lowering of the top end, while the EPS raise is a clear positive signal. Year-to-date, operating cash flow was a record $938.4 million, and the company returned capital through $405.4 million of share repurchases and $31.9 million of dividends. Cash rose to $1.04 billion, though total current liabilities also increased, and the balance sheet remains liquid. The main watch items for investors are the lower revenue guidance ceiling, rising working capital needs (accounts receivable up about $306 million since year-end), and exposure to concentrated end markets such as data centers. Industrial Services and U.K. Building Services remain weaker, with U.K. revenue down about 4% year-over-year. This filing is an earnings release furnished under Item 2.02, so its content is not treated as filed under Section 18 of the Exchange Act.

Oct 31, 2024 10-Q

EMCOR Group Quarterly Report for Q3 Ended Sep 30, 2024

EMCOR Group, Inc. (EME) reported a strong third quarter for 2024, showcasing robust revenue growth and significant improvements in profitability. Revenues surged by 15.3% year-over-year to $3.70 billion, setting a new quarterly record. This growth was driven by broad-based demand across its service segments, particularly in U.S. electrical and mechanical construction, fueled by strong performance in data center projects and the high-tech manufacturing sector. The company also achieved record operating income of $363.5 million, with an operating margin of 9.8%, a substantial increase from 7.3% in the prior year period. The company's financial health appears solid, supported by a substantial cash balance of over $1 billion and a strong operating cash flow generation of $938.4 million for the first nine months of the year. EMCOR continues to execute its growth strategy through strategic acquisitions, having completed five acquisitions in the first nine months of 2024. The company also demonstrated a commitment to shareholder returns through significant share repurchases totaling $409.2 million for the nine-month period and maintaining its quarterly dividend. The company's backlog of remaining performance obligations stands strong at $9.79 billion, providing a good visibility into future revenue streams.

Oct 31, 2024 10-Q

EMCOR Group Quarterly Report for Q2 Ended Jun 30, 2024

EMCOR Group, Inc. (EME) reported a strong second quarter for 2024, demonstrating robust growth and improved profitability. Revenues surged by 20.4% year-over-year to a new quarterly record of $3.67 billion, driven by broad-based strength across its service segments, particularly in its U.S. construction operations. This top-line growth, combined with enhanced project execution and a favorable mix of work, led to significant improvements in gross profit and operating income. Operating income reached a new quarterly record of $332.8 million, representing 9.1% of revenues, a substantial increase from 6.5% in the prior year period. This margin expansion highlights the company's operational efficiency and pricing power. Diluted earnings per share also saw a significant jump to $5.25 from $2.95 in the prior year's quarter, benefiting from both increased operating income and a reduced share count due to ongoing share repurchases. The company also reported a healthy backlog of $9.0 billion in remaining performance obligations, indicating strong future revenue potential.

Jul 25, 2024 8-K

EMCOR Group 8-K Report, Financial Results (Jul 25, 2024)

EMCOR Group (NYSE: EME) reported record second-quarter 2024 results, with revenues of $3.67 billion, up 20.4% year-over-year, and diluted EPS of $5.25, up 78.0% from $2.95. Operating income rose to $332.8 million, or 9.1% of revenues, versus 6.5% a year earlier, and the company's income tax rate was 27.0%. Remaining performance obligations (RPO) reached a near-record $9.0 billion, up 8.6% year-over-year, which supports visibility into future revenue. Organic revenue growth was 17.7% for the quarter, so acquisitions contributed only about 2.7 points of the 20.4% headline growth. The Mechanical Construction segment was the main driver, with U.S. mechanical revenue up roughly 39% to $1.66 billion and a record 12.9% segment operating margin. The Electrical Construction segment grew about 18% with an 11.1% margin. U.S. Building Services and UK Building Services were roughly flat in revenue, and the Industrial Services segment showed improving demand. Cash flow from operations for the first half was $412 million, up from $215 million, though working capital absorbed cash and first-half acquisitions cost $173 million. Management raised full-year 2024 guidance: revenue to $14.5–$15.0 billion (from $14.0–$14.5 billion) and diluted EPS to $19.00–$20.00 (from $15.50–$16.50). Investors should note that the release is furnished under Item 2.02 and not filed, and that the forward-looking statements carry standard risks, including labor tightness, project execution, supply chain, and interest rates.

Jul 25, 2024 8-K

EMCOR Group 8-K Report, Shareholder Vote Results (Jun 10, 2024)

EMCOR Group, Inc. (EME) has filed an 8-K report detailing the results of its 2024 Annual Meeting of Stockholders held on June 6, 2024. The primary focus of this filing is the outcome of three key shareholder votes. All incumbent directors standing for election were re-elected, indicating continued shareholder confidence in the board's leadership and strategic direction. The compensation of named executive officers was also approved on a non-binding advisory basis, signaling shareholder support for the company's executive pay structure. Furthermore, the appointment of Ernst & Young LLP as the company's independent auditor for 2024 was ratified by shareholders. This decision underscores the market's trust in the company's financial reporting and oversight. Overall, the voting outcomes suggest a stable and supportive shareholder base for EMCOR Group's current governance and financial practices.

Jun 10, 2024 8-K

EMCOR Group 8-K/A Report, Executive Changes (May 9, 2024)

EMCOR Group, Inc. (EME) has filed an 8-K detailing significant employment agreements for its Senior Vice President, Chief Financial Officer, and Chief Accounting Officer, Jason R. Nalbandian, executed on May 8, 2024. These agreements, a Continuity Agreement and a Severance Agreement, are designed to provide financial security and incentives to Mr. Nalbandian under specific circumstances, primarily related to a change of control or termination of employment. The Continuity Agreement offers enhanced protections in the event of a change of control, ensuring Mr. Nalbandian's employment continues for two years with at least his current salary, responsibilities, and bonus opportunities. It also outlines substantial severance payments, including a lump sum equal to three times his base salary and bonus payments, if his employment is terminated without cause or if he resigns for good reason within two years following a change of control. The Severance Agreement provides additional, though generally less extensive, severance benefits if Mr. Nalbandian's employment is terminated by the Company without cause or by him for good reason, outside of a change of control scenario. Investors should note these agreements aim to retain key executive talent by providing clear compensation and severance structures during potential transition periods.

May 9, 2024 10-Q

EMCOR Group Quarterly Report for Q1 Ended Mar 31, 2024

EMCOR Group, Inc. reported a strong first quarter for 2024, with revenues reaching a record $3.43 billion, an 18.7% increase year-over-year. This growth was driven by robust demand across most of its market sectors, particularly in its U.S. construction segments, which saw significant revenue increases. The company also achieved record operating income and operating margin, with operating income surging by $105 million to $260 million, representing 7.6% of revenues, up from 5.4% in the prior year period. Net income also saw substantial improvement, reaching $197.1 million, or $4.17 per diluted share, compared to $111.5 million, or $2.32 per diluted share, in the first quarter of 2023. This enhanced profitability is attributed to better project execution, a favorable revenue mix, and operational efficiencies. The company continues to execute its growth strategy through strategic acquisitions, with four new companies expected to close in the coming months, further bolstering its service offerings in key segments. EMCOR's strong financial performance and strategic initiatives position it well for continued growth and value creation for shareholders.

Apr 25, 2024 8-K

EMCOR Group 8-K Report, Financial Results (Apr 25, 2024)

EMCOR Group reported a strong first quarter of fiscal 2024, ended March 31, 2024. Revenues rose 18.7% year over year to $3.43 billion, and net income more than doubled to $197.1 million, or $4.17 per diluted share, up from $2.32. Operating income increased to $260.0 million, a 7.6% margin versus 5.4% a year earlier. Growth was led by the Electrical Construction segment, with revenue up 18.6% and a 12.0% operating margin, and the Mechanical Construction segment, with 32.4% organic growth and a record first-quarter operating margin of 10.6%. Industrial Services also reported its best quarter since the pandemic. Remaining performance obligations reached a record $9.18 billion, up 16.5%, which management cites as support for near-term visibility. Based on these results, management raised full-year 2024 guidance. Revenue is now expected at $14.0 to $14.5 billion, up from $13.5 to $14.0 billion, and diluted EPS at $15.50 to $16.50, up from $14.00 to $15.00. Operating cash flow turned positive at $132.3 million, compared with an outflow of $84.6 million in the prior-year quarter, though this was partly a function of working-capital timing. Management also highlighted capital returns, including $39.0 million of share repurchases, a higher quarterly dividend of $0.18 per share versus $0.15, and four acquisitions disclosed year to date. The results are furnished under Item 2.02, so they are not deemed filed under Section 18 of the Exchange Act. Key risks flagged in the release include labor market tightness, productivity challenges, supply chain and material price volatility, interest rate changes, surety bonding availability, and competition. Investors should weigh the strong earnings momentum and raised guidance against the concentration of growth in a few segments and the sensitivity of margins to project mix and execution.

Apr 25, 2024 10-K

EMCOR Group Annual Report, Year Ended Dec 31, 2023

EMCOR Group, Inc. reported a strong fiscal year 2023, marked by record revenues of $12.6 billion, a 13.6% increase year-over-year. This growth was driven by robust demand across most of its service sectors, particularly in its United States construction segments (electrical and mechanical), which account for the majority of its revenue. The company demonstrated improved profitability, with operating income reaching $875.8 million (7.0% operating margin), up significantly from $564.9 million (5.1% operating margin) in 2022, attributed to better project execution, a favorable work mix, and reduced commodity price pressures. The company's backlog, represented by remaining performance obligations, grew to $8.85 billion, signaling continued demand for its services in the near term. EMCOR also continues its growth strategy through targeted acquisitions, having acquired eight companies in 2023. The company maintained a strong balance sheet, ending the year with $789.8 million in cash and cash equivalents, and has a $1.3 billion revolving credit facility with substantial available capacity. Management announced an intention to increase its quarterly dividend, reflecting confidence in its financial stability and future performance.

Feb 28, 2024 8-K

EMCOR Group 8-K Report, Financial Results (Feb 28, 2024)

EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2023 results, with revenues of $3.44 billion for the quarter (up 16.6% year-over-year) and $12.58 billion for the year (up 13.6%). Full-year diluted EPS was $13.31 on a GAAP basis and $13.34 non-GAAP, excluding a minor $2.4 million long-lived asset impairment. Operating income rose to $875.8 million, a 7.0% margin versus 5.1% in 2022, driven primarily by the U.S. Mechanical Construction segment, which grew revenue 18.2% organically with a 10.5% full-year operating margin. Remaining performance obligations reached a record $8.85 billion, up 18.6%, which management cites as visibility into 2024. Management guided 2024 revenues of $13.5 billion to $14.0 billion and diluted EPS of $14.00 to $15.00, implying continued growth. The company also approved a quarterly dividend increase to $0.25 per share from $0.18, starting in the second quarter of 2024, a roughly 39% raise. Cash flow from operations was strong at $899.7 million, up from $497.9 million, and year-end cash rose to $789.8 million while long-term debt was largely repaid. Investors should weigh the strong growth and margin expansion against the working capital build: contract liabilities and receivables both rose sharply, and the company noted macroeconomic headwinds and execution risks. Management also signaled several pending acquisitions, which could add to capital deployment and integration risk in 2024.

Feb 28, 2024 8-K

EMCOR Group 8-K Report, Material Agreement (Dec 21, 2023)

EMCOR Group, Inc. (EME) announced on December 21, 2023, that it has entered into a Seventh Amended and Restated Credit Agreement, effective December 20, 2023. This agreement restates and amends their previous credit facility, establishing a new $1.30 billion five-year revolving credit facility. This updated facility provides increased financial flexibility, allowing for potential expansion up to an additional $900 million or a percentage of Adjusted EBITDA, depending on lender participation. The maturity date for borrowings under this new agreement is December 20, 2028. The restated credit agreement includes customary financial covenants and is secured by substantially all of the Company's and its U.S. subsidiaries' assets. The interest rates are variable, depending on the Company's Leverage Ratio, ranging from 1.125% to 1.875% over SOFR or 0.125% to 0.875% over the base rate. This refinancing enhances EMCOR's borrowing capacity and financial structure, supporting its ongoing operations and strategic initiatives.

Dec 21, 2023 8-K

EMCOR Group 8-K Report, Executive Changes (Dec 15, 2023)

EMCOR Group (NYSE: EME) disclosed a planned leadership realignment in this 8-K filed December 15, 2023. CFO Mark A. Pompa, who has served as EVP and CFO since 2006 and has been with the company roughly 30 years, will step down effective April 1, 2024. He will be succeeded by Jason R. Nalbandian, currently SVP and Chief Accounting Officer, who will also keep his CAO responsibilities. Separately, R. Kevin Matz, EVP-Shared Services, will depart on the same date, and his responsibilities will be reallocated across the executive team, including new Investor Relations VP Andrew G. Backman. For investors, this is primarily an orderly succession rather than a signal of operational trouble. The filing states that Pompa's departure involves no disagreement with auditors or management on accounting, reporting, or internal controls. Nalbandian is an internal promotion with roughly a decade at EMCOR and a background in accounting and assurance, and the CEO framed the move as part of a planned succession process. The filing itself contains no financial results or guidance changes. The main items to monitor are execution risk during the roughly 3.5-month transition window, continuity in capital allocation and financial reporting (areas Pompa is credited with building), and whether Nalbandian's combined CFO and CAO role creates bandwidth or internal-control considerations that the company addresses in future filings. The filing does not disclose new compensation arrangements for the incoming CFO.

Dec 15, 2023 10-Q

EMCOR Group Quarterly Report for Q3 Ended Sep 30, 2023

EMCOR Group, Inc. reported a strong third quarter and a robust first nine months of 2023, demonstrating significant revenue and operating income growth across most segments. Total revenues for Q3 2023 reached a new quarterly record of $3.21 billion, a 13.5% increase year-over-year, driven by strong demand for their specialty construction and facilities services. The company also achieved record operating income of $235.0 million and an improved operating margin of 7.3%, up from 5.3% in the prior year period. This performance reflects better project execution, a favorable mix of work, and successful project close-outs. The nine-month performance was equally impressive, with revenues up 12.5% to $9.14 billion and operating income soaring by 51.3% to $586.6 million, with operating margins expanding significantly. The company's robust backlog of remaining performance obligations, standing at $8.64 billion as of September 30, 2023, indicates continued strength and provides good visibility into future revenue streams. Despite ongoing macroeconomic challenges such as inflation and supply chain disruptions, EMCOR's strategic initiatives and operational efficiencies have enabled them to navigate these complexities effectively.

Oct 26, 2023 8-K

EMCOR Group 8-K Report, Financial Results (Oct 26, 2023)

EMCOR Group (NYSE: EME) reported record third-quarter 2023 results, with revenues of $3.21 billion, up 13.5% year over year (12.8% organic), and record remaining performance obligations (RPO) of $8.64 billion, up 21.6%. GAAP diluted EPS was $3.57 and non-GAAP diluted EPS was $3.61 after excluding a $2.4 million ($1.7 million after-tax) long-lived asset impairment charge. Operating income was $235.0 million (7.3% margin), or $237.3 million (7.4%) excluding the impairment. Growth was led by double-digit gains in the U.S. Mechanical Construction (+19.9%), U.S. Building Services (+13.7%), and U.S. Electrical Construction (+10.1%) segments, with demand cited from semiconductors, data centers, manufacturing re-shoring, healthcare, EV supply chains, and fire and life safety projects. Based on year-to-date performance, management raised full-year 2023 guidance. Revenue is now expected at approximately $12.5 billion, the top of the prior $12.0–$12.5 billion range, and non-GAAP diluted EPS guidance rose to $12.25–$12.65 from $10.75–$11.25. For the first nine months, revenue was $9.14 billion (up 12.5%), and GAAP diluted EPS was $8.85. Operating cash flow was $475.9 million, up from $238.4 million a year earlier, and the balance sheet showed cash of $523.6 million and long-term debt and finance lease liabilities of roughly $97.5 million after $142.8 million of debt repayments. Management also highlighted ongoing share repurchases ($105.3 million in the nine months) and dividends, while noting macroeconomic uncertainty from geopolitical tensions and tighter financing conditions. This 8-K was furnished under Item 2.02 (Results of Operations and Financial Condition) and attaches the earnings press release as Exhibit 99.1. Because the information is furnished rather than filed, it is not subject to Section 18 liability unless specifically incorporated by reference. The quarter's results were broadly strong, but investors should note that the impairment charge was small, the working capital build (receivables and contract liabilities) is significant, and the guidance raise depends on sustaining momentum in the fourth quarter.

Oct 26, 2023 10-Q

EMCOR Group Quarterly Report for Q2 Ended Jun 30, 2023

EMCOR Group, Inc. reported a strong second quarter and first half of 2023, demonstrating robust financial performance and operational execution. Revenues reached a quarterly record of $3.05 billion, up 12.5% year-over-year, driven by growth across most segments, particularly United States electrical and mechanical construction and facilities services, and United States building services. This revenue growth, coupled with improved project execution and a more favorable mix of work, led to record operating income of $196.7 million (6.5% of revenue) for the quarter and $351.6 million (5.9% of revenue) for the first half, significantly exceeding prior year periods. The company's strong backlog of remaining performance obligations, which grew to $8.29 billion, indicates continued demand for its services and provides visibility into future revenue streams. EMCOR also successfully managed cost pressures, with gross profit margins improving to 16.1% for the quarter and 15.6% for the first half. Despite rising interest rates, the company's liquidity remains strong, with $503.1 million in cash and cash equivalents and significant available capacity under its revolving credit facility. Shareholder returns were supported by a $0.18 quarterly dividend and continued, albeit reduced, share repurchases. While challenges such as supply chain disruptions and inflationary pressures persist, EMCOR's management has effectively navigated these complexities through diligent contract negotiation, pricing adjustments, and enhanced operational planning. The company appears well-positioned to capitalize on ongoing demand in key markets, including data centers, high-tech manufacturing, and renewable energy projects.

Jul 27, 2023 8-K

EMCOR Group 8-K Report, Financial Results (Jul 27, 2023)

EMCOR Group (NYSE: EME) reported record second-quarter 2023 results, with revenue of $3.05 billion, up 12.5% year-over-year (11.0% organic), and diluted EPS of $2.95, up 48.2% from $1.99. Operating income rose to $196.7 million, a 6.5% operating margin versus 5.1% a year earlier, a 140 basis point expansion. Net income was $140.6 million. Growth was broad-based, led by U.S. Electrical Construction (revenue up 20.2%) and U.S. Mechanical Construction (organic revenue up 12.9%, operating margin of 10.0%), with U.S. Building Services also strong (revenue up 12.9%, margin 6.0%). The U.K. Building Services segment remained a weak spot, with revenue down about 7% year-over-year. Remaining performance obligations (RPO) reached a record $8.29 billion, up 28.2% year-over-year, driven mainly by high-tech manufacturing, semiconductor, data center, network and communications, and EV-related projects. This backlog growth gives visibility into future revenue. Management raised full-year 2023 diluted EPS guidance to $10.75–$11.25 from $9.25–$10.00, while keeping revenue guidance at $12.0–$12.5 billion. Capital returned to shareholders was significant in the first half, with $105.3 million in share repurchases and $15.7 million in dividends, and cash rose to $503.1 million. Investors should note that working capital absorbed cash, with operating cash flow of $214.9 million for the six months, and that the company continues to face supply chain and inflationary pressures.

Jul 27, 2023 8-K

EMCOR Group 8-K Report, Rights Modification (Jun 9, 2023)

EMCOR Group, Inc. (EME) filed an 8-K on June 9, 2023, detailing key outcomes from its 2023 Annual Meeting of Stockholders. The primary focus of the filing is the approval of several amendments to the Company's Restated Certificate of Incorporation. These amendments, recommended by the Board of Directors and approved by stockholders, grant the Board greater authority in determining its size, provide exculpation for certain officers as permitted by Delaware law, and establish an exclusive forum for specific legal claims against the company. These changes are designed to enhance corporate governance and protect the company and its officers from certain liabilities. Additionally, the filing reports the results of various shareholder votes. All incumbent directors standing for election were re-elected, indicating continued shareholder confidence in the current leadership. The compensation of named executive officers received a non-binding advisory approval, and shareholders overwhelmingly supported holding this "say-on-pay" vote annually. The appointment of Ernst & Young LLP as the independent auditor was also ratified. Notably, a shareholder proposal advocating for a separate Chair of the Board and CEO was not approved, suggesting shareholder support for the current leadership structure.

Jun 9, 2023 8-K

EMCOR Group 8-K Report, Material Agreement (Apr 28, 2023)

EMCOR Group (NYSE: EME) reported record first-quarter 2023 results on April 27, 2023, with revenues of $2.89 billion, up 11.5% year-over-year, of which 10.1% was organic. Diluted EPS rose 66.9% to $2.32 from $1.39, and net income was $111.5 million. Operating income increased to $154.9 million, or 5.4% of revenues, up from 3.9% a year earlier, a 150 basis point margin expansion. Growth was led by U.S. Electrical Construction (revenue up 23.5%) and U.S. Building Services (up 14.1%), while the U.K. Building Services segment declined on recessionary pressure and foreign exchange headwinds. Remaining performance obligations (RPO) reached a record $7.87 billion, up 32.3% year-over-year, which management cited as evidence of strong near-term visibility. Based on year-to-date performance and current conditions, EMCOR raised its full-year 2023 diluted EPS guidance to $9.25–$10.00 from $8.75–$9.50, and maintained its revenue guidance of $12.0–$12.5 billion. On the balance sheet side, the company entered into a First Amendment to its Sixth Amended and Restated Credit Agreement with Bank of Montreal as agent. The amendment transitions the interest rate basis from LIBOR to Term SOFR plus a 0.10% credit spread adjustment, with margins of 1.00% to 1.75% based on financial tests. Operating cash flow was negative $84.6 million in the quarter, driven by working capital investment, and the company drew $100 million on its revolver. Investors should monitor whether the working capital build reverses in coming quarters.

Apr 28, 2023 10-Q

EMCOR Group Quarterly Report for Q1 Ended Mar 31, 2023

EMCOR Group, Inc. reported strong financial performance for the first quarter of 2023, demonstrating significant year-over-year growth in revenue and operating income. Revenue increased by 11.5% to $2.89 billion, driven by broad-based growth across most of its segments, including notable contributions from data center, healthcare, and high-tech manufacturing projects. Profitability saw a substantial improvement, with operating income rising by 55% to $154.9 million, translating to a 150 basis point increase in operating margin to 5.4%. This was attributed to better project execution, a more favorable project mix, and a decrease in the impact of supply chain disruptions compared to the prior year. Diluted EPS also saw a strong increase to $2.32. The company's backlog of remaining performance obligations reached $7.87 billion, indicating robust future revenue potential. EMCOR also announced an increase in its quarterly dividend, signaling confidence in its financial health.

Apr 27, 2023 8-K

EMCOR Group 8-K Report, Financial Results (Feb 23, 2023)

EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2022 results, with Q4 revenue of $2.95 billion (up 11.7% year-over-year) and full-year revenue of $11.08 billion (up 11.8%). Q4 diluted EPS was $2.63 versus $1.89 a year earlier, and full-year diluted EPS was $8.10 versus $7.06. Operating margin was 6.0% in Q4 and 5.1% for the full year, the latter down from 5.4% in 2021, reflecting supply chain disruption and inflationary pressure. Remaining performance obligations (RPO) reached a record $7.46 billion, up 33.2% year-over-year, which gives management good visibility into 2023 activity. Management guided 2023 revenue to $12.0-$12.5 billion and diluted EPS to $8.75-$9.50, implying continued top-line growth and higher earnings. The Board also raised the quarterly dividend 20% to $0.18 from $0.15 per share, starting in Q2 2023. Full-year 2022 cash flow from operations was $497.9 million, but share repurchases of $660.6 million drew cash down to $456.4 million, a figure investors should weigh against the company's capital allocation priorities. Organic revenue growth was 10.3% for the full year, so most of the growth came from the core business rather than acquisitions. Segment performance was uneven: U.S. Mechanical and U.S. Building Services delivered strong margins, U.S. Electrical improved through the year, and U.S. Industrial Services returned to growth after a weak 2021. Overall, the filing points to strong demand and a solid balance sheet, with margin pressure and working capital growth as the main items to monitor.

Feb 23, 2023 10-K

EMCOR Group Annual Report, Year Ended Dec 31, 2022

EMCOR Group, Inc. reported strong revenue growth in 2022, reaching a new annual record of $11.1 billion, an increase of 11.8% from the prior year. This growth was driven by broad-based demand across most of its service segments, particularly in United States construction and building services. Despite this top-line expansion, the company experienced a slight decrease in its gross profit margin to 14.5% from 15.2% in the prior year, largely due to a less favorable project mix and specific project losses within its U.S. construction segments. These margin pressures were partly offset by improved operating leverage in selling, general, and administrative expenses. Looking ahead, EMCOR faces ongoing challenges including supply chain disruptions, inflation, and rising interest rates, which are impacting material costs, labor productivity, and project scheduling. The company is actively managing these challenges through enhanced planning, pricing adjustments, and supplier relationships. EMCOR's strong backlog, reflected in its remaining performance obligations of $7.46 billion, indicates continued demand for its services, providing a solid foundation for future revenue generation. The company also continues its commitment to shareholder returns through dividends and share repurchases.

Feb 23, 2023 8-K

EMCOR Group 8-K Report, Executive Changes (Dec 15, 2022)

EMCOR Group's December 2022 8-K reports two governance changes, neither of which signals a change in financial results, guidance, or strategy. On December 14, 2022, the Board elected Rebecca A. Weyenberg, 59, as a director, effective that day. She is the Chief Financial Officer of Astec Industries (NASDAQ: ASTE) and brings finance, manufacturing, and acquisition-evaluation experience. Her director compensation includes a prorated $85,000 restricted stock unit award under the Company's Director Award Program, and she has entered into the Company's standard indemnification agreement. The same day, the Board elected Jason R. Nalbandian, 35, as Senior Vice President and Chief Accounting Officer, effective January 1, 2023. He has served as Vice President and Chief Accounting Officer since January 1, 2022, and previously served as Controller from 2019 to 2021. The promotion reflects an internal succession within the finance organization, and the filing discloses no change to his compensation. The filing also furnishes a press release dated December 15, 2022 announcing Ms. Weyenberg's appointment, which is furnished under Item 7.01 and not deemed filed under Section 18 of the Exchange Act. For investors, the filing is largely routine. The main points to note are the expansion of the board with a finance executive from a peer-adjacent industrial company and the planned internal promotion of the Chief Accounting Officer.

Dec 15, 2022 8-K

EMCOR Group 8-K Report, Financial Results (Oct 27, 2022)

EMCOR Group (NYSE: EME) reported record third quarter 2022 results on October 27, 2022, with revenues of $2.83 billion, up 12.1% year-over-year (10.8% organic), and diluted EPS of $2.16 versus $1.85 a year earlier. Net income rose to $105.8 million, but operating margin was 5.3% versus 5.4% a year ago, as SG&A leverage (9.3% of revenue vs. 9.7%) only partly offset gross margin pressure. Management cited supply chain challenges and project mix as drags on U.S. Electrical Construction margins, while U.S. Building Services grew nearly 14% and expanded operating margin to 6.4%. The company raised its full-year 2022 guidance: revenue to approximately $11.0 billion (from $10.8 billion) and diluted EPS to $7.60–$7.85 (from $7.30–$7.80). Remaining performance obligations reached a record $7.10 billion, up 32.0% year-over-year, providing strong visibility into future revenue, with particular strength in data center, semiconductor, and fire protection awards. Capital allocation remained shareholder-focused, with approximately $677 million returned through buybacks and dividends year-to-date, and $91.1 million spent on acquisitions, including Gaston Electrical Co. For investors, the key watch items are margin execution in the electrical segment, working capital build (receivables and contract liabilities both rose sharply), and the reduction in cash balance to $404 million alongside a new $170 million revolver draw.

Oct 27, 2022 10-Q

EMCOR Group Quarterly Report for Q3 Ended Sep 30, 2022

EMCOR Group, Inc. reported a strong third quarter for fiscal year 2022, showcasing record revenues and increased profitability. Revenue growth was observed across most segments, driven by robust demand for specialty construction and facility services, though the UK Building Services segment saw a decline primarily due to unfavorable foreign exchange rates. Despite inflationary pressures and supply chain disruptions, the company managed to improve operating income through effective cost management and leveraging its overhead structure. Significant focus has been placed on managing working capital, evidenced by an increase in operating cash flow. The company also continued its aggressive share repurchase program and announced an increase in its quarterly dividend. While facing macroeconomic headwinds such as rising interest rates and continued supply chain issues, EMCOR's substantial backlog of remaining performance obligations ($7.1 billion) provides a solid foundation for future revenue generation and demonstrates the ongoing demand for its services.

Oct 27, 2022 8-K

EMCOR Group 8-K Report, Bylaw Amendment (Oct 26, 2022)

EMCOR Group, Inc. (EME) announced on October 26, 2022, that its Board of Directors has adopted Second Amended and Restated By-Laws, effective immediately. These changes primarily focus on modernizing corporate governance procedures, enhancing flexibility in shareholder communications and meetings, and refining the process for director nominations and shareholder proposals. Key amendments include allowing for virtual-only shareholder meetings, permitting electronic notice and proxy submissions, and expanding the disclosures required from shareholders seeking to nominate directors or propose business. The by-laws also update director qualifications, clarify the roles of the Chairman and Lead Director, and streamline officer removal processes. Investors should note these changes are largely procedural and aimed at aligning with current best practices and regulatory requirements, such as the Universal Proxy Rules, to ensure efficient and compliant corporate operations.

Oct 26, 2022 10-Q

EMCOR Group Quarterly Report for Q2 Ended Jun 30, 2022

EMCOR Group, Inc. reported strong revenue growth in the second quarter and first half of 2022, driven by its United States construction and building services segments, despite facing persistent supply chain disruptions and inflationary pressures. While overall revenues increased by 11.1% year-over-year for the quarter to $2.71 billion, gross profit margins saw a slight decline from 15.4% to 14.1% due to project mix changes and the impact of supply chain issues on labor productivity and project execution. These factors, coupled with specific project write-downs, led to a decrease in overall operating margin from 5.5% to 5.1% for the quarter. The company also demonstrated a significant commitment to returning capital to shareholders, with a substantial increase in share repurchases during the period, totaling $454.3 million for the first six months of the year. This aggressive buyback program, coupled with a planned increase in quarterly dividends, signals management's confidence in the company's financial health and future prospects. Despite the headwinds, EMCOR maintains a robust backlog of $6.46 billion in remaining performance obligations, providing good visibility for future revenue.

Jul 28, 2022 8-K

EMCOR Group 8-K Report, Financial Results (Jul 28, 2022)

EMCOR Group (NYSE: EME) reported record second-quarter 2022 results, with revenues of $2.71 billion, up 11.1% year-over-year (9.7% organic), and diluted EPS of $1.99 versus $1.78 a year earlier. Operating margin was 5.1%, down from 5.5% in the prior-year quarter, though management highlighted a sequential improvement from the first quarter. Remaining performance obligations (backlog) reached a record $6.46 billion, up 26.5% year-over-year, supporting visibility into future revenue. U.S. Construction and U.S. Building Services delivered double-digit growth, while U.S. Industrial Services benefited from high utilization among downstream customers. Management raised full-year 2022 revenue guidance to approximately $10.8 billion (from $10.4–$10.7 billion) and narrowed the diluted EPS range to $7.30–$7.80 (from $7.15–$7.85), with the EPS low end raised and the high end lowered. The company also signaled continued capital return: the board approved a new $500 million share repurchase authorization and raised the quarterly dividend to $0.15 from $0.13 per share, beginning in Q3 2022. Year-to-date, the company repurchased $454 million of stock versus $138 million in the prior-year period, which substantially reduced cash to $262 million at June 30, 2022 from $821 million at year-end 2021. Investors should weigh the strong top-line growth, record backlog, and shareholder returns against thinner operating margins, negative operating cash flow for the first half ($18.9 million used), and management's ongoing caution about supply chain disruptions, COVID-related risks, and the macroeconomic environment.

Jul 28, 2022 8-K

EMCOR Group 8-K Report, Shareholder Vote Results (Jun 3, 2022)

EMCOR Group, Inc. (EME) filed an 8-K on June 3, 2022, detailing the outcomes of its 2022 Annual Meeting of Stockholders held on June 2, 2022. The report indicates strong support from shareholders on key governance matters, including the re-election of all nine incumbent directors and the approval of executive compensation on an advisory basis. Additionally, the appointment of Ernst & Young LLP as the independent auditor for 2022 was ratified with overwhelming support, demonstrating continued confidence in the company's financial oversight and reporting practices. A notable outcome was the rejection of a stockholder proposal that sought to lower the threshold for calling special meetings to 10% of common stock. This proposal did not receive majority support, suggesting that the current governance structure and existing mechanisms for shareholder engagement are largely favored by the company's investors. Overall, the filing signals a stable and supportive shareholder base for EMCOR's leadership and established corporate governance procedures.

Jun 3, 2022