EMCOR Group reported 2007 year-to-date revenues of $2.72 billion, and record levels in its second-quarter contract backlog of $4.26 billion.
EMCOR Groupreported results for six months ended
June 30, 2007. Year-to-date revenues in 2007 totaled $2.72 billion vs.
revenues of $2.37 billion in the same period last year, an increase of 14.9
percent. Income from continuing operations was $38.1 million, or $0.57 per
diluted share, an increase of 55.7 percent over income from continuing
operations of $24.5 million, or $0.38 per diluted share, for the first six
months of 2006.
For the 2007 second quarter,
revenues increased 15.2 percent to $1.41 billion from $1.22 billion in the same
period last year. Net income increased 55.1 percent to $26.2 million, or $0.39
per diluted share, compared to net income of $16.9 million, or $0.26 per
diluted share, in the 2006 second quarter.
EMCOR achieved record levels in
its contract backlog for the second quarter. At June 30, 2007, contract backlog
was $4.26 billion, a 32.3 percent increase over $3.22 billion at June 30, 2006,
and 10.9 percent higher than the previous record of $3.84 billion at March 31,
2007. Private sector commercial and hospitality/gaming contracts
represented 56 percent of total backlog at the end of the second quarter of
2007 compared to 53 percent and 54 percent, respectively, at March 31, 2007 and
June 30, 2006.
record second-quarter results … were driven by strong performance across our
domestic operations, including excellent results within our U.S. mechanical and
electrical segments, and continued strong performance in our facilities
services segment, which grew in line with our expected rate for this business,”
said Chairman and CEOFrank T. MacInnis. “While we are very pleased with our financial
performance, we are also encouraged by the trajectory of our backlog in recent
quarters in terms of both amount and composition.
“EMCOR has focused its efforts
on leveraging the private sector commercial and hospitality/gaming markets as
well as other markets such as healthcare. Not only have these efforts
generated strong financial results, they have also served to increase the
proportion of our backlog consisting of larger and more complex projects, which
tend to have longer durations and increasing profit opportunities.”
stated the company is increasing its anticipated year-end 2007 diluted earnings
per share to $1.48 - $1.60, while increasing and narrowing its 2007 revenues
guidance to $5.6 billion - $5.7 billion.
EMCOR’s financial results for
prior year periods have been adjusted to reflect its 2-for-1 stock split,
effective July 9, 2007.