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Mar 31
Emcor Q1 2025 Earnings Report
EMCOR posted record Q1 2025 results with strong revenue growth and higher EPS.
Key Takeaways
EMCOR Group delivered strong first-quarter results driven by record revenue and EPS, alongside solid contributions from its recent acquisition of Miller Electric.
Revenue reached a record $3.87 billion, up from $3.43 billion last year.
Net income rose to $240.7 million, with adjusted EPS at $5.41.
Remaining performance obligations hit a record $11.75 billion.
Miller Electric contributed $183 million in revenue to the Electrical segment.
Emcor
Emcor
Emcor Revenue by Segment
Emcor Revenue by Geographic Location
Forward Guidance
EMCOR reaffirmed its full-year revenue guidance and narrowed its non-GAAP EPS range, citing continued strength in project backlog and execution capability.
Positive Outlook
- Revenue guidance maintained at $16.1B to $16.9B.
- Non-GAAP EPS guidance raised to $22.65–$24.00.
- Strong RPO growth year-over-year (+$2.57B).
- Miller Electric integration is progressing well.
- Continued strength in U.S. Electrical and Mechanical segments.
Challenges Ahead
- U.S. Industrial Services impacted by a slower turnaround season.
- Headwinds in site-based services.
- RPOs declined in High-Tech Manufacturing and Commercial sectors.
- Elevated SG&A expenses affected operating margins.
- Potential impact of tariffs and macroeconomic factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income