Emcor Q3 2020 Earnings Report
Key Takeaways
EMCOR Group, Inc. reported a decrease in third-quarter revenues by 3.8% year-over-year, but delivered record non-GAAP diluted earnings per share of $1.76. The company's operating income also reached a record $135.9 million. EMCOR raised its full-year 2020 revenue guidance to approximately $8.7 billion and increased its non-GAAP diluted EPS guidance range to $5.90-$6.10.
Third quarter revenues decreased by 3.8% year-over-year to $2.20 billion.
Third quarter diluted EPS was $1.11, while non-GAAP diluted EPS reached $1.76.
Record third quarter operating cash flow of $270.1 million, a 23.3% increase year-over-year.
Full-year 2020 revenue guidance increased to approximately $8.7 billion, and non-GAAP diluted EPS guidance range increased to $5.90-$6.10.
Emcor
Emcor
Emcor Revenue by Segment
Forward Guidance
EMCOR is raising its full-year 2020 revenue guidance to approximately $8.7 billion, an increase from the prior guidance range of $8.6 billion to $8.7 billion. The Company now also expects full-year 2020 non-GAAP diluted earnings per share in the range of $5.90 to $6.10, an increase from the prior guidance range of $5.00 to $5.50.
Positive Outlook
- Full-year 2020 revenue guidance increased to approximately $8.7 billion.
- Full-year 2020 non-GAAP diluted earnings per share is expected in the range of $5.90 to $6.10.
- Company is focused on elements of business in their control, following strict safety protocols.
- Expectations for strong and productive execution throughout the remainder of the year.
- Encouraged by the growth of remaining performance obligations.
Challenges Ahead
- Visibility remains low.
- Impacts related to the COVID-19 pandemic are ongoing.
- Uncertain environment.
- Adverse effects of general economic conditions.
- Changes in the political environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income