News Column

United States : Emcor Group, Inc. Reports second quarter 2014 results

July 30, 2014



EMCOR Group, Inc. today reported results for the second quarter ended June 30, 2014. For the second quarter of 2014, net income attributable to EMCOR was $39.9 million, or $0.59 per diluted share, compared to net income of $21.0 million, or $0.31 per diluted share, in the second quarter of 2013. Excluding one-time charges discussed below, non-GAAP net income for the quarter increased by 25.8% to $41.4 million, or $0.61 per diluted share, compared to non-GAAP net income of $32.9 million, or $0.48 per diluted share, in the second quarter of 2013. Revenues in the second quarter of 2014 totaled $1.56 billion, approximately the same as revenues in the year ago period.

Operating income for the second quarter of 2014 was $67.7 million, or 4.3% of revenues, which included UK operating losses and expenses aggregating approximately $1.9 million (including UK restructuring expenses of $0.3 million) relating to the Company's decision to withdraw from the UK construction market. Excluding those losses and expense items, the Company's non-GAAP operating income for the second quarter of 2014 increased by 35.8% to $69.7 million, or 4.5% of revenues, compared to non-GAAP operating income in the 2013 second quarter of $51.3 million, or 3.3% of revenues, which also excluded UK operating losses and expenses relating to the withdrawal from the UK construction market, as well as transaction costs associated with the 2013 acquisition of RepconStrickland, Inc.

Selling, general and administrative expenses for the 2014 second quarter were $151.5 million, or 9.7% of revenues, compared to $139.6 million, or 9.0% of revenues, in the year ago period. The Company's income tax rate in the 2014 second quarter was 38.0%, compared to an income tax rate of 38.5% in the year ago period.

Backlog as of June 30, 2014 was $3.64 billion, an increase of 3.6% from $3.51 billion at the end of the 2013 second quarter and an increase of 8.2% from $3.36 billion as of December 31, 2013. Domestic backlog grew by $138 million, which included backlog growth in the U.S. Electrical and Mechanical Construction segments and in the U.S. Industrial Services segment, offset by expected declines in the U.S. Building Services segment due to our 2013 service contract portfolio reshaping. Backlog growth in the commercial, transportation, healthcare and water/wastewater sectors was offset by declines in the industrial, institutional and hospitality/gaming sectors. Tony Guzzi, President and Chief Executive Officer of EMCOR Group commented, Our performance for the second quarter highlights the diverse strength of our businesses and resulted in overall improved profitability in a choppy environment. We are pleased with the mix of projects we are working on today and the strength of our backlog, despite the pace of the non-residential construction recovery being somewhat slower than originally expected.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: TendersInfo (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters