EMCOR Group, Inc. reported strong Q2 earnings and revenue exceed expectations, raising financial guidance

From Nasdaq: 2024-07-26 10:35:00

EMCOR Group, Inc. reported strong Q2 results, surpassing earnings and revenue expectations. Specialty contracting services saw high demand, leading to increased earnings per share of $5.25 and revenues of $3.67 billion. The company raised its financial guidance for 2024, despite shares dropping 2.8% after the news.

Segment details show significant revenue growth in U.S. Construction Services, with operating income and margins expanding across various segments. The company’s gross margin increased by 260 bps, with operating margin up by 260 bps. Liquidity remains strong, with cash and equivalents of $807.3 million and RPOs reaching $9 billion.

EMCOR adjusted its 2024 outlook, expecting revenues between $14.5 billion and $15 billion, and EPS between $19.00-$20.00. The company also saw a significant increase in cash flow provided by operating activities in the first half of 2024. Despite the positive results and revised guidance, the stock currently holds a Zacks Rank #3 (Hold).



Read more at Nasdaq: EMCOR (EME) Q2 Earnings & Revenues Beat Estimates, Up Y/Y