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Sep 30, 2020
Emcor Q3 2020 Earnings Report
EMCOR reported third quarter earnings with revenues decreasing year-over-year but non-GAAP EPS increasing, and raised full-year revenue and non-GAAP EPS guidance.
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
Revenue by Segment
U.S. Electrical Const. Revenue
CapyFin.comU.S. Mechanical Const. Revenue
CapyFin.comU.S. Building Services Revenue
CapyFin.comU.S. Industrial Services Revenue
CapyFin.comUK Building Services Revenue
CapyFin.com 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