EMCOR Reports Increased Revenues, Lower Earnings
September 2, 2003
EMCOR Group reported a revenue increase of 16 percent for the second quarter of 2003; $1.1 billion compared to 2002’s second-quarter figures of $986.4 million. However, earnings fell to $8.3 million from $14.8 million a year earlier. The company said the earnings decreases resulted from a decline in its mechanical business because of tough economic conditions and a slow start to summer in the Midwest, as well as operating losses from its United Kingdom operations.
Projected profit for 2003 was reduced from $4.25-$4.60 per share to $2.90-$3.10 per share.