Emcor Q2 2020 Earnings Report
Key Takeaways
EMCOR Group, Inc. reported a decrease in revenues for the second quarter of 2020, totaling $2.01 billion, a 13.3% decrease year-over-year. The company reported a net loss of $83.7 million, or $(1.52) per diluted share, but a non-GAAP diluted EPS of $1.44. Remaining performance obligations grew 8.6% year-over-year to $4.59 billion.
Second quarter revenues decreased by 13.3% year-over-year to $2.01 billion.
Diluted loss per share was $(1.52), while non-GAAP diluted EPS was $1.44.
Record second quarter operating cash flow of $355.6 million was achieved.
Total remaining performance obligations increased by 8.6% year-over-year to $4.59 billion.
Emcor
Emcor
Emcor Revenue by Segment
Forward Guidance
EMCOR expects full-year 2020 revenues to be between $8.6 billion and $8.7 billion, and full-year 2020 non-GAAP diluted earnings per share in the range of $5.00 to $5.50.
Positive Outlook
- Focus on elements of business in control.
- Protecting the health and safety of employees.
- Adjusting operations as necessary in a disciplined and process-oriented manner.
- Growing remaining performance obligations.
- Solid financial position.
Challenges Ahead
- Guidance contingent on the environment remaining relatively consistent.
- No widespread shutdowns, such as those experienced earlier this year.
- Uncertainty surrounding the COVID-19 pandemic.
- Impact on the economy.
- Challenging environment in the U.S. Industrial Services segment due to COVID-19 and volatility in the oil and gas market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income