Emcor reports Q1 EPS 5.41, consensus $4.62

Reports Q1 revenue $3.87B, consensus $3.78B. Tony Guzzi, CEO, commented, “Our first quarter results-which include 12.7% year-over-year revenue growth, a 22.6% increase in operating income, and $11.75 billion in remaining performance obligations-demonstrate the continued strength of our business. Once again, results were driven by our U.S. Electrical Construction and U.S. Mechanical Construction segments, which had year-over-year revenue growth of 42.3% and 10.2%, respectively, and operating margins of 12.5% and 11.9%, respectively. Our performance reflects our customers’ confidence in our ability to execute complex projects across diverse end markets, as well as our proactive expansion into new geographies, and our productivity resulting from the use of virtual design and construction technologies and prefabrication capabilities. Coupled with sustained excellence in labor planning, large project coordination, and the sharing of best practices, we delivered exceptional results for our customers. The integration of Miller Electric is on track and the acquisition contributed $183 million in revenues to our U.S. Electrical Construction segment during the quarter. Despite the headwinds in our site-based business, our U.S. Building Services segment performed well as demand remains robust for mechanical services, and our U.K. Building Services segment continued to perform as expected. While the results of our U.S. Industrial Services segment were impacted by a slower start to the turnaround season, we anticipate this segment’s performance will improve throughout the year.”