First Quarter Earnings Decline For EMCOR
EMCOR Group announced that net income for the first quarter of 2003 was $3.3 million, or 21 cents per diluted share, compared with net income of $7.3 million, or 47 cents per diluted share, in the first quarter of 2002. This is due in part to integration costs related to the Consolidated Engineering Services acquisition. Revenues were $1.1 billion, an increase of 30.9 percent over 2002 first-quarter revenues of $810.3 million.
In other news, the company announced that British Airways awarded EMCOR’s United Kingdom facilities services operation a three-year contract valued at $40 million a year as the airline’s single-source provider of facilities management services for the majority of its United Kingdom property.
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