Emcor Q1 2023 Earnings Report
Key Takeaways
EMCOR Group, Inc. reported record first quarter revenues of $2.89 billion, an 11.5% increase year-over-year. Diluted EPS also reached a record $2.32, a 66.9% increase year-over-year. The company increased its full-year 2023 diluted earnings per share guidance range to $9.25 - $10.00.
Record first quarter revenues of $2.89 billion, an 11.5% increase year-over-year.
Record first quarter diluted EPS of $2.32, a 66.9% increase year-over-year.
Record remaining performance obligations of $7.87 billion, a 32.3% increase year-over-year.
Increased 2023 diluted EPS guidance range to $9.25 - $10.00 from $8.75 - $9.50.
Emcor
Emcor
Emcor Revenue by Segment
Forward Guidance
EMCOR is increasing its full-year 2023 diluted earnings per share guidance range to $9.25 to $10.00 and maintaining its full-year 2023 revenue guidance of $12.0 billion to $12.5 billion.
Positive Outlook
- Strong near-term visibility with a healthy project pipeline.
- Expect to generate strong operating cash flow.
- Committed to a balanced capital allocation strategy.
- Pursuing both organic investments and strategic acquisitions.
- Returning capital to shareholders through share repurchases and dividends.
Challenges Ahead
- Supply chain challenges still exist.
- Inflationary pressures still exist.
- U.K. Building Services segment faced recessionary pressure.
- U.K. Building Services segment faced foreign exchange headwinds.
- Challenging operating environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income