EMCOR Group, Inc. Reports Third Quarter 2017 Results
- Record Quarterly Diluted EPS from Continuing Operations of $1.09 -
- Total Backlog of $3.96 Billion; 1.5% Increase Year-over-Year -
- Maintains 2017 Revenue Guidance and Raises 2017 Diluted EPS Guidance Range -
- Board Authorizes an Additional $100 Million Share Repurchase Program -
EMCOR Group, Inc. (NYSE:EME) today reported results for the third quarter ended September 30, 2017.
For the third quarter of 2017, net income from continuing operations attributable to EMCOR was $64.8 million, or $1.09 per
diluted share, compared to $51.9 million, or $0.85 per diluted share, for the third quarter of 2016. Revenues for the third
quarter of 2017 were $1.89 billion compared to $1.92 billion for the third quarter of 2016.
Operating income for the third quarter of 2017 was $106.5 million, or 5.6% of revenues, compared to $86.1 million, or
4.5% of revenues, in the year ago period.
Selling, general and administrative expenses for the third quarter of 2017 totaled $188.6 million, or 10.0% of revenues,
compared to $181.4 million, or 9.4% of revenues, in the third quarter of 2016.
The Company's income tax rate for the third quarter of 2017 was 37.3%, compared to an income tax rate of 37.2% in the year ago
period.
Backlog as of September 30, 2017 was $3.96 billion, an increase of 1.5% from $3.90 billion at the end of the third
quarter of 2016. Total domestic backlog grew $48.6 million year-over-year and backlog in the U.K. segment increased
$11.9 million. Backlog growth in the U.S. Electrical Construction, U.K. Building Services and U.S. Industrial Services
segments more than offset declines in the U.S. Mechanical Construction and U.S. Building Services segments. From an end-market
perspective, backlog growth in the commercial, healthcare, hospitality and institutional sectors was partially offset by declines
in the industrial, transportation and water & wastewater sectors.
Tony Guzzi, President and Chief Executive Officer of EMCOR, commented, “The Company delivered record quarterly diluted earnings
per share, achieving nearly 30% growth year-over-year. This was driven by broad-based strength across end-markets and geographies.
We also saw record quarterly operating income, driven by higher levels of profitability and margin expansion in every segment
except U.S. Industrial Services, which was impacted by Hurricane Harvey. We also continued to generate solid operating cash flow,
delivering $238 million in the first nine months of 2017, up 84.8% year-over-year.”
Mr. Guzzi added, “Our strong profitability in the quarter was led by our U.S. Electrical Construction and U.S. Mechanical
Construction segments, which posted operating income growth of 50.6% and 47.8% year-over-year, respectively. Their combined
operating margin of 8.5% represents an expansion of 240 basis points, primarily as a result of strong project execution.
Additionally, our U.S. Building Services segment delivered double-digit operating income growth, driven by solid performance in the
mobile mechanical services and commercial site-based services businesses within this segment. In our U.S. Industrial Services
segment, we faced a difficult comparison due to a large specialty services project in the year ago quarter. This segment was
further impacted by the recent hurricane, which led to a delay in our fall turnaround work and the under absorption of overhead
costs for projects that we were unable to execute on, resulting in an unusual segment operating loss in the third quarter of 2017.
Our U.K. segment saw revenue growth of 17.6% and a 51.8% increase in operating income. This strong performance was driven by
profitable new contracts, solid execution in our base business and the absence of negative foreign exchange fluctuations.”
Revenues for the first nine months of 2017 totaled $5.67 billion, an increase of 1.3% compared to $5.60 billion for the first
nine months of 2016. Net income from continuing operations attributable to EMCOR for the first nine months of 2017 was $174.7
million, or $2.93 per diluted share, compared to $142.8 million, or $2.33 per diluted share, for the first nine months of 2016.
Included in net income from continuing operations attributable to EMCOR for the first nine months of 2016 were after-tax
transaction expenses of $2.3 million, or $0.04 per diluted share, related to the acquisition of Ardent. Excluding these transaction
expenses, non-GAAP net income from continuing operations attributable to EMCOR for the first nine months of 2016 was $145.2
million, or $2.37 per diluted share.
Operating income for the first nine months of 2017 was $282.1 million, or 5.0% of revenues, compared to $234.0 million, or 4.2%
of revenues, for the first nine months of 2016. Included in operating income for the first nine months of 2016 were pre-tax
transaction expenses of $3.8 million related to the acquisition of Ardent. Excluding these transaction expenses, non-GAAP operating
income for the first nine months of 2016 was $237.8 million, or 4.2% of revenues. SG&A totaled $552.9 million, or 9.7% of
revenues, for the first nine months of 2017 compared to $530.7 million, or 9.5% of revenues, for the first nine months of 2016.
Mr. Guzzi concluded, “We are very pleased with our third quarter performance and encouraged by the year-over-year growth in
backlog. Our updated guidance reflects our year-to-date results and the expectation for sustained strength in our U.S. Construction
segments, as well as our limited visibility with respect to the timing of turnaround work in our U.S. Industrial Services segment.
Our confidence in our long term outlook is underscored by today’s announcement that the Board has authorized a new repurchase
program. This is a reflection of our strong cash flow and healthy balance sheet, which provide us with the flexibility to continue
to return capital to shareholders through share buybacks and dividends, while pursuing incremental growth through strategic
acquisitions.”
Based on the current size and mix of backlog and current market conditions, EMCOR maintains its full year 2017 revenue guidance
of approximately $7.6 billion. The Company now expects full year 2017 diluted earnings per share from continuing operations to
be in the range of $3.70 to $3.80, up from the previous range of $3.40 to $3.60.
Additional Share Repurchase Program
The Company also announced today that its Board of Directors has authorized a new share repurchase program for the Company to
repurchase up to an additional $100 million of its outstanding common stock.
As of September 30, 2017, the Company has already repurchased $123 million of its outstanding common stock of its current $200
million share repurchase program launched in October 2015. The new share repurchase program will be funded from the Company’s
operations. The shares will be repurchased from time to time in the open market or through privately negotiated transactions at the
Company’s discretion, subject to market conditions, and in accordance with applicable regulatory requirements. The repurchase
program has no expiration date and does not obligate the Company to acquire any particular amount of common stock and may be
suspended, recommenced or discontinued at any time or from time to time without prior notice.
EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy
infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at
www.emcorgroup.com .
EMCOR Group's third quarter conference call will be available live via internet broadcast today, Thursday, October 26, at 10:30
AM Eastern Daylight Time. The live call may be accessed through the Company's website at www.emcorgroup.com .
This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995.
Any such comments are based upon information available to EMCOR management and its perception thereof, as of this date, and EMCOR
assumes no obligation to update any such forward-looking growth, gross profit, backlog mix, projects with varying profit margins,
and selling, general and administrative expenses. These forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future
performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes
in the political environment, changes in the specific markets for EMCOR’s services, adverse business conditions, availability of
adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business. Certain of the risk
factors associated with EMCOR's business are also discussed in the Company's 2016 Form 10-K and in other reports filed from time to
time with the Securities and Exchange Commission. All these risk factors should be taken into account in evaluating any
forward-looking statements.
| |
| EMCOR GROUP, INC. |
| FINANCIAL HIGHLIGHTS |
|
(In thousands, except share and per share information)
|
|
(Unaudited)
|
| |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| |
|
|
For the three months ended
September 30,
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| Revenues |
|
$ |
1,886,691 |
|
|
$ |
1,923,174 |
|
|
$ |
5,674,360 |
|
|
$ |
5,601,560 |
|
| Cost of sales |
|
1,591,621 |
|
|
1,655,130 |
|
|
4,838,449 |
|
|
4,835,667 |
|
| Gross profit |
|
295,070 |
|
|
268,044 |
|
|
835,911 |
|
|
765,893 |
|
| Selling, general and administrative expenses |
|
188,565 |
|
|
181,441 |
|
|
552,903 |
|
|
530,654 |
|
| Restructuring expenses |
|
46 |
|
|
539 |
|
|
954 |
|
|
1,271 |
|
| Operating income |
|
106,459 |
|
|
86,064 |
|
|
282,054 |
|
|
233,968 |
|
| Interest expense |
|
(3,324 |
) |
|
(3,479 |
) |
|
(9,464 |
) |
|
(8,973 |
) |
| Interest income |
|
277 |
|
|
161 |
|
|
607 |
|
|
518 |
|
| Income from continuing operations before income taxes |
|
103,412 |
|
|
82,746 |
|
|
273,197 |
|
|
225,513 |
|
| Income tax provision |
|
38,608 |
|
|
30,783 |
|
|
98,473 |
|
|
82,663 |
|
| Income from continuing operations |
|
64,804 |
|
|
51,963 |
|
|
174,724 |
|
|
142,850 |
|
| Loss from discontinued operation, net of income taxes |
|
(207 |
) |
|
(406 |
) |
|
(729 |
) |
|
(1,584 |
) |
| Net income including noncontrolling interests |
|
64,597 |
|
|
51,557 |
|
|
173,995 |
|
|
141,266 |
|
| Less: Net income attributable to noncontrolling interests |
|
— |
|
|
(26 |
) |
|
— |
|
|
(7 |
) |
| Net income attributable to EMCOR Group, Inc. |
|
$ |
64,597 |
|
|
$ |
51,531 |
|
|
$ |
173,995 |
|
|
$ |
141,259 |
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
| From continuing operations |
|
$ |
1.10 |
|
|
$ |
0.85 |
|
|
$ |
2.94 |
|
|
$ |
2.35 |
|
| From discontinued operation |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
| From continuing operations |
|
$ |
1.09 |
|
|
$ |
0.85 |
|
|
$ |
2.93 |
|
|
$ |
2.33 |
|
| From discontinued operation |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
| Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
| Basic |
|
59,061,768 |
|
|
60,889,484 |
|
|
59,371,672 |
|
|
60,866,532 |
|
| Diluted |
|
59,419,200 |
|
|
61,318,057 |
|
|
59,721,185 |
|
|
61,290,388 |
|
|
|
|
|
|
|
|
|
|
| Dividends declared per common share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.24 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| EMCOR GROUP, INC. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In thousands)
|
| |
|
|
September 30,
2017
(Unaudited)
|
|
December 31,
2016
|
| ASSETS |
|
|
|
|
| Current assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
480,496 |
|
|
$ |
464,617 |
| Accounts receivable, net |
|
1,537,819 |
|
|
1,495,431 |
| Costs and estimated earnings in excess of billings on uncompleted contracts |
|
135,602 |
|
|
130,697 |
| Inventories |
|
43,653 |
|
|
37,426 |
| Prepaid expenses and other |
|
34,402 |
|
|
40,944 |
| Total current assets |
|
2,231,972 |
|
|
2,169,115 |
| Investments, notes and other long-term receivables |
|
7,604 |
|
|
8,792 |
| Property, plant & equipment, net |
|
126,563 |
|
|
127,951 |
| Goodwill |
|
1,010,399 |
|
|
979,628 |
| Identifiable intangible assets, net |
|
497,278 |
|
|
487,398 |
| Other assets |
|
92,505 |
|
|
79,554 |
| Total assets |
|
$ |
3,966,321 |
|
|
$ |
3,852,438 |
| LIABILITIES AND EQUITY |
|
|
|
|
| Current liabilities: |
|
|
|
|
| Current maturities of long-term debt and capital lease obligations |
|
$ |
15,364 |
|
|
$ |
15,030 |
| Accounts payable |
|
485,701 |
|
|
501,213 |
| Billings in excess of costs and estimated earnings on uncompleted contracts |
|
532,386 |
|
|
489,242 |
| Accrued payroll and benefits |
|
309,237 |
|
|
310,514 |
| Other accrued expenses and liabilities |
|
209,591 |
|
|
195,775 |
| Total current liabilities |
|
1,552,279 |
|
|
1,511,774 |
| Borrowings under revolving credit facility |
|
125,000 |
|
|
125,000 |
| Long-term debt and capital lease obligations |
|
273,506 |
|
|
283,296 |
| Other long-term obligations |
|
397,671 |
|
|
394,426 |
| Total liabilities |
|
2,348,456 |
|
|
2,314,496 |
| Equity: |
|
|
|
|
| Total EMCOR Group, Inc. stockholders’ equity |
|
1,617,012 |
|
|
1,537,089 |
| Noncontrolling interests |
|
853 |
|
|
853 |
| Total equity |
|
1,617,865 |
|
|
1,537,942 |
| Total liabilities and equity |
|
$ |
3,966,321 |
|
|
$ |
3,852,438 |
|
|
|
|
|
|
|
|
| |
| EMCOR GROUP, INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
For the Nine Months Ended September 30, 2017 and 2016
|
|
(In thousands) (Unaudited)
|
| |
|
|
2017 |
|
2016 |
| Cash flows - operating activities: |
|
|
|
|
| Net income including noncontrolling interests |
|
$ |
173,995 |
|
|
$ |
141,266 |
|
| Depreciation and amortization |
|
30,235 |
|
|
29,117 |
|
| Amortization of identifiable intangible assets |
|
36,320 |
|
|
30,678 |
|
| Provision for doubtful accounts |
|
6,027 |
|
|
3,962 |
|
| Deferred income taxes |
|
(5,991 |
) |
|
(830 |
) |
| Excess tax benefits from share-based compensation |
|
(1,565 |
) |
|
(2,062 |
) |
| Equity income from unconsolidated entities |
|
(1,132 |
) |
|
(719 |
) |
| Other non-cash items |
|
4,735 |
|
|
6,844 |
|
| Distributions from unconsolidated entities |
|
2,308 |
|
|
863 |
|
| Changes in operating assets and liabilities, excluding the effect of
businesses acquired |
|
(6,648 |
) |
|
(80,195 |
) |
| Net cash provided by operating activities |
|
238,284 |
|
|
128,924 |
|
| Cash flows - investing activities: |
|
|
|
|
| Payments for acquisitions of businesses, net of cash acquired |
|
(82,724 |
) |
|
(232,883 |
) |
| Proceeds from sale of property, plant and equipment |
|
2,125 |
|
|
1,850 |
|
| Purchase of property, plant and equipment |
|
(26,113 |
) |
|
(29,306 |
) |
| Net cash used in investing activities |
|
(106,712 |
) |
|
(260,339 |
) |
| Cash flows - financing activities: |
|
|
|
|
| Proceeds from revolving credit facility |
|
— |
|
|
220,000 |
|
| Repayments of revolving credit facility |
|
— |
|
|
(95,000 |
) |
| Borrowings from long-term debt |
|
— |
|
|
400,000 |
|
| Repayments of long-term debt and debt issuance costs |
|
(11,401 |
) |
|
(317,987 |
) |
| Repayments of capital lease obligations |
|
(1,079 |
) |
|
(1,144 |
) |
| Dividends paid to stockholders |
|
(14,266 |
) |
|
(14,598 |
) |
| Repurchase of common stock |
|
(90,944 |
) |
|
(34,805 |
) |
| Proceeds from exercise of stock options |
|
— |
|
|
508 |
|
| Payments to satisfy minimum tax withholding |
|
(3,376 |
) |
|
(4,166 |
) |
| Issuance of common stock under employee stock purchase plan |
|
3,459 |
|
|
3,583 |
|
| Payments for contingent consideration arrangements |
|
(1,017 |
) |
|
— |
|
| Distributions to noncontrolling interests |
|
— |
|
|
(2,050 |
) |
| Net cash (used in) provided by financing activities |
|
(118,624 |
) |
|
154,341 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
2,931 |
|
|
(5,199 |
) |
| Increase in cash and cash equivalents |
|
15,879 |
|
|
17,727 |
|
| Cash and cash equivalents at beginning of year |
|
464,617 |
|
|
486,831 |
|
| Cash and cash equivalents at end of period |
|
$ |
480,496 |
|
|
$ |
504,558 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
SEGMENT INFORMATION
|
|
(In thousands) (Unaudited)
|
| |
|
|
For the three months ended
September 30,
|
|
|
2017 |
|
2016 |
| Revenues from unrelated entities: |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
457,919 |
|
|
$ |
458,553 |
| United States mechanical construction and facilities services |
|
760,084 |
|
|
691,818 |
| United States building services |
|
437,107 |
|
|
460,715 |
| United States industrial services |
|
145,679 |
|
|
239,052 |
| Total United States operations |
|
1,800,789 |
|
|
1,850,138 |
| United Kingdom building services |
|
85,902 |
|
|
73,036 |
| Total worldwide operations |
|
$ |
1,886,691 |
|
|
$ |
1,923,174 |
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
| Revenues from unrelated entities: |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
1,350,157 |
|
|
$ |
1,227,474 |
| United States mechanical construction and facilities services |
|
2,173,030 |
|
|
1,925,793 |
| United States building services |
|
1,315,401 |
|
|
1,366,973 |
| United States industrial services |
|
591,694 |
|
|
830,064 |
| Total United States operations |
|
5,430,282 |
|
|
5,350,304 |
| United Kingdom building services |
|
244,078 |
|
|
251,256 |
| Total worldwide operations |
|
$ |
5,674,360 |
|
|
$ |
5,601,560 |
|
|
|
|
|
|
|
|
| |
| EMCOR GROUP, INC. |
| SEGMENT INFORMATION |
|
(In thousands) (Unaudited)
|
| |
|
|
For the three months ended
September 30,
|
|
|
2017 |
|
2016 |
| Operating income (loss): |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
46,583 |
|
|
$ |
30,927 |
|
| United States mechanical construction and facilities services |
|
57,484 |
|
|
38,890 |
|
| United States building services |
|
25,981 |
|
|
23,125 |
|
| United States industrial services |
|
(4,844 |
) |
|
14,586 |
|
| Total United States operations |
|
125,204 |
|
|
107,528 |
|
| United Kingdom building services |
|
3,933 |
|
|
2,591 |
|
| Corporate administration |
|
(22,632 |
) |
|
(23,516 |
) |
| Restructuring expenses |
|
(46 |
) |
|
(539 |
) |
| Total worldwide operations |
|
106,459 |
|
|
86,064 |
|
| Other corporate items: |
|
|
|
|
| Interest expense |
|
(3,324 |
) |
|
(3,479 |
) |
| Interest income |
|
277 |
|
|
161 |
|
| Income from continuing operations before income taxes |
|
$ |
103,412 |
|
|
$ |
82,746 |
|
|
|
|
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
| Operating income (loss): |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
109,735 |
|
|
$ |
70,645 |
|
| United States mechanical construction and facilities services |
|
150,971 |
|
|
100,607 |
|
| United States building services |
|
60,375 |
|
|
55,658 |
|
| United States industrial services |
|
16,573 |
|
|
66,600 |
|
| Total United States operations |
|
337,654 |
|
|
293,510 |
|
| United Kingdom building services |
|
9,109 |
|
|
9,160 |
|
| Corporate administration |
|
(63,755 |
) |
|
(67,431 |
) |
| Restructuring expenses |
|
(954 |
) |
|
(1,271 |
) |
| Total worldwide operations |
|
282,054 |
|
|
233,968 |
|
| Other corporate items: |
|
|
|
|
| Interest expense |
|
(9,464 |
) |
|
(8,973 |
) |
| Interest income |
|
607 |
|
|
518 |
|
| Income from continuing operations before income taxes |
|
$ |
273,197 |
|
|
$ |
225,513 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2017 AND 2016 OPERATING INCOME
|
|
(In thousands) (Unaudited)
|
| |
In our press release, we provide actual 2017 and 2016 third quarter September 30, 2017 and 2016 operating income. The following
table provides a reconciliation between 2017 and 2016 operating income based on non-GAAP measures to the most directly comparable
GAAP measures.
|
|
|
|
|
|
|
For the three months ended
September 30,
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| GAAP operating income |
|
$ |
106,459 |
|
|
$ |
86,064 |
|
|
$ |
282,054 |
|
|
$ |
233,968 |
| Transaction expenses related to the acquisition of Ardent |
|
— |
|
|
— |
|
|
— |
|
|
3,838 |
| Non-GAAP operating income, excluding Ardent transaction expenses |
|
$ |
106,459 |
|
|
$ |
86,064 |
|
|
$ |
282,054 |
|
|
$ |
237,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2017 AND 2016 NET INCOME
|
| (In thousands) (Unaudited) |
| |
In our press release, we provide actual 2017 and 2016 third quarter September 30, 2017 and 2016 net income from continuing
operations attributable to EMCOR Group, Inc. The following table provides a reconciliation between 2017 and 2016 net income from
continuing operations attributable to EMCOR Group, Inc. based on non-GAAP measures to the most directly comparable GAAP
measures.
|
|
|
|
|
|
|
For the three months ended
September 30,
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| GAAP net income from continuing operations attributable to EMCOR Group, Inc.
(1) |
|
$ |
64,804 |
|
|
$ |
51,937 |
|
|
$ |
174,724 |
|
|
$ |
142,843 |
| Transaction expenses related to the acquisition of Ardent (2) |
|
— |
|
|
— |
|
|
— |
|
|
2,328 |
|
Non-GAAP net income from continuing operations attributable to EMCOR Group, Inc.,
excluding Ardent transaction expenses
|
|
$ |
64,804 |
|
|
$ |
51,937 |
|
|
$ |
174,724 |
|
|
$ |
145,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
|
Amount is income from continuing operations less net income attributable to
noncontrolling interest. |
| (2) |
|
|
Amount is net of tax effect of $1.5 million in the 2016 nine-month period. |
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2017 AND 2016 DILUTED EARNINGS PER SHARE FIGURES
|
| (Unaudited) |
| |
In our press release, we provide actual 2017 and 2016 third quarter September 30, 2017 and 2016 diluted earnings per common
share from continuing operations. The following table provides a reconciliation between 2017 and 2016 diluted earnings per common
share based on non-GAAP measures to the most directly comparable GAAP measures.
|
|
|
|
|
|
|
|
For the three months ended
September 30,
|
|
For the nine months ended
September 30,
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| GAAP diluted earnings per common share from continuing operations |
|
$ |
1.09 |
|
|
$ |
0.85 |
|
|
$ |
2.93 |
|
|
$ |
2.33 |
| Transaction expenses related to the acquisition of Ardent (1) |
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
Non-GAAP diluted earnings per common share from continuing operations,
excluding Ardent transaction expenses
|
|
$ |
1.09 |
|
|
$ |
0.85 |
|
|
$ |
2.93 |
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
|
Amount is net of tax effect of $1.5 million in the 2016 nine-month period. |
|
|
|
|
EMCOR Group, Inc.
R. Kevin Matz, 203-849-7938
Executive Vice President
Shared Services
or
Investors:
FTI Consulting, Inc.
Effie Veres, 212-850-5600
or
Media:
LAK Public Relations, Inc.
Lisa Linden / David Simpson, 212-575-4545
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005297/en/