EMCOR Group, Inc. Reports Third Quarter 2018 Results
- Record Quarterly Revenues of $2.05 Billion, 8.5% Increase Year-over-Year -
- Record Quarterly Diluted EPS from Cont. Operations of $1.36, 24.8% Increase Year-over-Year -
- Increases Full-Year Revenue Guidance and Diluted EPS Guidance Range -
- Board Authorizes an Additional $200 Million Share Repurchase Program -
EMCOR Group, Inc. (NYSE:EME) today reported results for the third quarter ended September 30, 2018.
For the third quarter of 2018, net income from continuing operations attributable to EMCOR was $79.9 million, or $1.36 per
diluted share, compared to $64.8 million, or $1.09 per diluted share, for the third quarter of 2017. Revenues for the third
quarter of 2018 totaled $2.05 billion, an increase of 8.5%, compared to $1.89 billion for the third quarter 2017.
Operating income for the third quarter of 2018 was $111.8 million, or 5.5% of revenues, compared to $106.0 million, or
5.6% of revenues, in the prior year period.
Selling, general and administrative expenses for the third quarter of 2018 totaled $197.3 million, or 9.6% of revenues,
compared to $189.0 million, or 10.0% of revenues, in the year ago period.
The Company's income tax rate in the third quarter of 2018 was 27.1%, compared to an income tax rate of 37.3% in the year ago
period.
Remaining performance obligations as of September 30, 2018 were $3.97 billion, compared to $3.67 billion at June 30, 2018.
Domestic remaining performance obligations increased $300.1 million from the second quarter of 2018, while remaining performance
obligations in the U.K. Building Services segment fell $3.6 million.
Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company had another excellent quarter,
achieving record quarterly revenues, operating income and diluted earnings per share. We delivered an 8.5% increase in revenues,
7.5% of which was organic, driven by year-over-year growth in each of our segments. With this increase in revenues, operating
income grew 5.4% year-over-year. Additionally, we continue to capitalize on the broad-based strength that we are seeing across our
end markets, as demonstrated by our 8.1% sequential increase in remaining performance obligations.”
Mr. Guzzi added, “Our U.S. Electrical and Mechanical Construction segments delivered revenue growth of 6.1% and 1.6%
year-over-year, respectively. Their combined operating margin of 7.4% reflects strong execution that continues to drive impressive
results. In our U.S. Building Services segment, we saw sustained momentum with the business generating 6.4% organic revenue growth
and 12.6% operating income growth year-over-year led by solid performance in the mechanical, energy and government site-based
services businesses. While the positive comparison in our U.S. Industrial Services segment resulted from the impact of Hurricane
Harvey in the year-ago period, we are pleased to report that we have begun to see a resumption in normal demand and anticipate
further improvement in the seasonally strong fourth quarter. Finally, we remain pleased by our strength in the U.K. Building
Services segment as we continue to capitalize on increased project activity which drove revenue growth of 17.1% and operating
margin expansion of 40 basis points.”
Revenues for the first nine months of 2018 totaled $5.90 billion, an increase of 4.0%, compared to $5.67 billion for the first
nine months of 2017. Net income from continuing operations attributable to EMCOR for the first nine months of 2018 was $206.6
million, or $3.52 per diluted share, compared to $174.7 million, or $2.93 per diluted share, for the first nine months of 2017.
Excluding an impairment charge recorded in the second quarter of 2018, non-GAAP net income from continuing operations attributable
to EMCOR for the first nine months of 2018 was $207.5 million, or $3.54 per diluted share.
Operating income for the first nine months of 2018 was $289.4 million, or 4.9% of revenues, compared to $280.8 million, or 4.9%
of revenues, for the first nine months of 2017. Included in operating income for the first nine months of 2018 was a $0.9 million
impairment charge. Excluding this charge, non-GAAP operating income for the first nine months of 2018 was $290.3 million, or 4.9%
of revenues. SG&A totaled $578.3 million, or 9.8% of revenues, for the first nine months of 2018 compared to $554.1 million, or
9.8% of revenues, for the first nine months of 2017.
Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income from continuing operations
and non-GAAP diluted earnings per share from continuing operations to the comparable GAAP figures.
Based on favorable project mix and market conditions, EMCOR is raising its full year 2018 revenue guidance to approximately $7.9
billion, an increase from the prior guidance of approximately $7.8 billion. The Company now also expects its full year 2018 diluted
earnings per share from continuing operations to be in the range of $4.75 to $4.90, an increase from the prior range of $4.40 to
$4.80.
Mr. Guzzi concluded, “We have had exceptional performance thus far in 2018 and are optimistic about continued growth
opportunities across our business. Our updated guidance reflects our record year-to-date results and our expectation for continued
solid execution in the fourth quarter. Our confidence in the business is underscored by today’s announcement that the Board has
authorized an additional share repurchase program. Our solid balance sheet and recurring operating cash flow allows us to optimize
shareholder value through organic investments, acquisition opportunities and capital returns.”
Additional Share Repurchase Program
The Company announced today that its Board of Directors has authorized a new share repurchase program for the Company to
repurchase up to an additional $200 million of its outstanding common stock.
As of September 30, 2018, the Company had repurchased $20.9 million of its outstanding common stock under its current $100
million share repurchase program launched in October 2017. The new share repurchase program will be funded by the Company’s
operations. The shares will be repurchased from time to time on 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 25, at 10:30
AM Eastern Daylight Savings Time. The live call may be accessed through the Company's website at
www.emcorgroup.com.
Forward Looking Statements:
This release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any
such comments speak only as of this date and EMCOR assumes no obligation to update any such forward-looking statements. These
forward-looking statements may include statements regarding anticipated future operating and financial performance, the nature and
impact of our backlog, our ability to pursue acquisitions, our ability to return capital to shareholders, market opportunities, and
market growth. 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 Part I, Item 1A “Risk Factors,” of the Company’s 2017 Form 10-K and in other reports
filed from time to time with the Securities and Exchange Commission and available at
www.sec.gov and
www.emcorgroup.com. Such risk factors should be taken into account in evaluating any
forward-looking statements.
Non-GAAP Measures:
This release also includes certain financial measures that were not prepared in accordance with U.S. generally accepted
accounting principles (GAAP). The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating
performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our
historical operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial
measures required by GAAP, have no standardized meaning prescribed by GAAP and may not be comparable to the calculation of similar
measures of other companies.
| |
|
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,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenues |
|
$ |
2,047,049 |
|
|
$ |
1,886,691 |
|
|
$ |
5,901,323 |
|
|
$ |
5,674,360 |
|
| Cost of sales |
|
1,737,710 |
|
|
1,591,621 |
|
|
5,032,021 |
|
|
4,838,449 |
|
| Gross profit |
|
309,339 |
|
|
295,070 |
|
|
869,302 |
|
|
835,911 |
|
| Selling, general and administrative expenses |
|
197,334 |
|
|
188,980 |
|
|
578,266 |
|
|
554,112 |
|
| Restructuring expenses |
|
229 |
|
|
46 |
|
|
693 |
|
|
954 |
|
| Impairment loss on identifiable intangible assets |
|
— |
|
|
— |
|
|
907 |
|
|
— |
|
| Operating income |
|
111,776 |
|
|
106,044 |
|
|
289,436 |
|
|
280,845 |
|
| Net periodic pension (cost) income |
|
615 |
|
|
415 |
|
|
2,069 |
|
|
1,209 |
|
| Interest expense |
|
(3,588 |
) |
|
(3,324 |
) |
|
(10,041 |
) |
|
(9,464 |
) |
| Interest income |
|
852 |
|
|
277 |
|
|
2,030 |
|
|
607 |
|
| Income from continuing operations before income taxes |
|
109,655 |
|
|
103,412 |
|
|
283,494 |
|
|
273,197 |
|
| Income tax provision |
|
29,711 |
|
|
38,608 |
|
|
76,873 |
|
|
98,473 |
|
| Income from continuing operations |
|
79,944 |
|
|
64,804 |
|
|
206,621 |
|
|
174,724 |
|
| Loss from discontinued operation, net of income taxes |
|
(523 |
) |
|
(207 |
) |
|
(1,010 |
) |
|
(729 |
) |
| Net income including noncontrolling interests |
|
79,421 |
|
|
64,597 |
|
|
205,611 |
|
|
173,995 |
|
| Less: Net income attributable to noncontrolling interests |
|
(48 |
) |
|
— |
|
|
(48 |
) |
|
— |
|
| Net income attributable to EMCOR Group, Inc. |
|
$ |
79,373 |
|
|
$ |
64,597 |
|
|
$ |
205,563 |
|
|
$ |
173,995 |
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
| From continuing operations |
|
$ |
1.37 |
|
|
$ |
1.10 |
|
|
$ |
3.54 |
|
|
$ |
2.94 |
|
| From discontinued operation |
|
$ |
(0.01 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
| From continuing operations |
|
$ |
1.36 |
|
|
$ |
1.09 |
|
|
$ |
3.52 |
|
|
$ |
2.93 |
|
| From discontinued operation |
|
$ |
(0.01 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
| Amounts attributable to EMCOR Group, Inc. common stockholders: |
|
|
|
|
|
|
|
|
| Net income from continuing operations attributable to EMCOR Group, Inc. |
|
$ |
79,896 |
|
|
$ |
64,804 |
|
|
$ |
206,573 |
|
|
$ |
174,724 |
|
| Loss from discontinued operation, net of income taxes |
|
(523 |
) |
|
(207 |
) |
|
(1,010 |
) |
|
(729 |
) |
| Net income attributable to EMCOR Group, Inc. |
|
$ |
79,373 |
|
|
$ |
64,597 |
|
|
$ |
205,563 |
|
|
$ |
173,995 |
|
|
|
|
|
|
|
|
|
|
| Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
| Basic |
|
58,208,203 |
|
|
59,061,768 |
|
|
58,422,928 |
|
|
59,371,672 |
|
| Diluted |
|
58,541,310 |
|
|
59,419,200 |
|
|
58,754,867 |
|
|
59,721,185 |
|
|
|
|
|
|
|
|
|
|
| Dividends declared per common share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.24 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
| |
|
|
September 30,
2018
(Unaudited)
|
|
December 31,
2017
|
| ASSETS |
|
|
|
|
| Current assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
353,912 |
|
|
$ |
467,430 |
| Accounts receivable, net |
|
1,715,462 |
|
|
1,607,922 |
| Contract assets |
|
168,665 |
|
|
122,621 |
| Inventories |
|
41,932 |
|
|
42,724 |
| Prepaid expenses and other |
|
44,221 |
|
|
43,812 |
| Total current assets |
|
2,324,192 |
|
|
2,284,509 |
| Investments, notes and other long-term receivables |
|
3,542 |
|
|
2,309 |
| Property, plant & equipment, net |
|
128,765 |
|
|
127,156 |
| Goodwill |
|
978,243 |
|
|
964,893 |
| Identifiable intangible assets, net |
|
471,447 |
|
|
495,036 |
| Other assets |
|
89,704 |
|
|
92,001 |
| Total assets |
|
$ |
3,995,893 |
|
|
$ |
3,965,904 |
| LIABILITIES AND EQUITY |
|
|
|
|
| Current liabilities: |
|
|
|
|
| Current maturities of long-term debt and capital lease obligations |
|
$ |
15,769 |
|
|
$ |
15,364 |
| Accounts payable |
|
529,618 |
|
|
567,840 |
| Contract liabilities |
|
531,284 |
|
|
524,156 |
| Accrued payroll and benefits |
|
343,797 |
|
|
322,865 |
| Other accrued expenses and liabilities |
|
169,100 |
|
|
220,727 |
| Total current liabilities |
|
1,589,568 |
|
|
1,650,952 |
| Borrowings under revolving credit facility |
|
25,000 |
|
|
25,000 |
| Long-term debt and capital lease obligations |
|
258,569 |
|
|
269,786 |
| Other long-term obligations |
|
343,630 |
|
|
346,049 |
| Total liabilities |
|
2,216,767 |
|
|
2,291,787 |
| Equity: |
|
|
|
|
| Total EMCOR Group, Inc. stockholders’ equity |
|
1,778,228 |
|
|
1,673,267 |
| Noncontrolling interests |
|
898 |
|
|
850 |
| Total equity |
|
1,779,126 |
|
|
1,674,117 |
| Total liabilities and equity |
|
$ |
3,995,893 |
|
|
$ |
3,965,904 |
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the Nine Months Ended September 30, 2018 and 2017
|
|
(In thousands) (Unaudited)
|
| |
|
|
2018 |
|
2017 |
| Cash flows - operating activities: |
|
|
|
|
| Net income including noncontrolling interests |
|
$ |
205,611 |
|
|
$ |
173,995 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
| Depreciation and amortization |
|
28,685 |
|
|
30,235 |
|
| Amortization of identifiable intangible assets |
|
31,482 |
|
|
36,320 |
|
| Provision for doubtful accounts |
|
261 |
|
|
6,027 |
|
| Deferred income taxes |
|
4,685 |
|
|
(5,991 |
) |
| Excess tax benefits from share-based compensation |
|
(1,065 |
) |
|
(1,565 |
) |
| Equity income from unconsolidated entities |
|
(247 |
) |
|
(1,132 |
) |
| Non-cash expense for impairment of identifiable intangible assets |
|
907 |
|
|
— |
|
| Non-cash share-based compensation expense |
|
8,502 |
|
|
7,565 |
|
| Distributions from unconsolidated entities |
|
2,442 |
|
|
2,308 |
|
| Other reconciling items |
|
632 |
|
|
(2,830 |
) |
| Changes in operating assets and liabilities, excluding the effect of
businesses acquired |
|
(216,003 |
) |
|
(6,609 |
) |
| Net cash provided by operating activities |
|
65,892 |
|
|
238,323 |
|
| Cash flows - investing activities: |
|
|
|
|
| Payments for acquisitions of businesses, net of cash acquired |
|
(25,710 |
) |
|
(82,724 |
) |
| Proceeds from sale of property, plant and equipment |
|
915 |
|
|
2,125 |
|
| Purchase of property, plant and equipment |
|
(28,674 |
) |
|
(26,113 |
) |
| Investments in and advances to unconsolidated entities |
|
(3,484 |
) |
|
— |
|
| Distributions from unconsolidated entities |
|
82 |
|
|
— |
|
| Net cash used in investing activities |
|
(56,871 |
) |
|
(106,712 |
) |
| Cash flows - financing activities: |
|
|
|
|
| Repayments of long-term debt and debt issuance costs |
|
(11,434 |
) |
|
(11,401 |
) |
| Repayments of capital lease obligations |
|
(1,050 |
) |
|
(1,079 |
) |
| Dividends paid to stockholders |
|
(14,036 |
) |
|
(14,266 |
) |
| Repurchase of common stock |
|
(90,804 |
) |
|
(90,944 |
) |
| Taxes paid related to net share settlements of equity awards |
|
(3,745 |
) |
|
(3,376 |
) |
| Issuance of common stock under employee stock purchase plan |
|
4,286 |
|
|
3,459 |
|
| Payments for contingent consideration arrangements |
|
(3,300 |
) |
|
(1,017 |
) |
| Net cash used in financing activities |
|
(120,083 |
) |
|
(118,624 |
) |
| Effect of exchange rate changes on cash, cash equivalents and restricted
cash |
|
(1,985 |
) |
|
2,931 |
|
| (Decrease) increase in cash, cash equivalents and restricted cash |
|
(113,047 |
) |
|
15,918 |
|
| Cash, cash equivalents and restricted cash at beginning of year |
|
469,388 |
|
|
466,660 |
|
| Cash, cash equivalents and restricted cash at end of period |
|
$ |
356,341 |
|
|
$ |
482,578 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
SEGMENT INFORMATION
|
|
(In thousands) (Unaudited)
|
| |
|
|
For the three months ended
September 30,
|
|
|
2018 |
|
2017 |
| Revenues from unrelated entities: |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
485,974 |
|
|
$ |
457,919 |
| United States mechanical construction and facilities services |
|
772,332 |
|
|
760,084 |
| United States building services |
|
473,701 |
|
|
437,107 |
| United States industrial services |
|
214,476 |
|
|
145,679 |
| Total United States operations |
|
1,946,483 |
|
|
1,800,789 |
| United Kingdom building services |
|
100,566 |
|
|
85,902 |
| Total worldwide operations |
|
$ |
2,047,049 |
|
|
$ |
1,886,691 |
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
2018 |
|
2017 |
| Revenues from unrelated entities: |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
1,420,268 |
|
|
$ |
1,350,157 |
| United States mechanical construction and facilities services |
|
2,211,836 |
|
|
2,173,030 |
| United States building services |
|
1,389,486 |
|
|
1,315,401 |
| United States industrial services |
|
566,770 |
|
|
591,694 |
| Total United States operations |
|
5,588,360 |
|
|
5,430,282 |
| United Kingdom building services |
|
312,963 |
|
|
244,078 |
| Total worldwide operations |
|
$ |
5,901,323 |
|
|
$ |
5,674,360 |
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
SEGMENT INFORMATION
|
|
(In thousands) (Unaudited)
|
| |
|
|
For the three months ended
September 30,
|
|
|
2018 |
|
2017 |
| Operating income (loss): |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
34,473 |
|
|
$ |
46,583 |
|
| United States mechanical construction and facilities services |
|
58,689 |
|
|
57,503 |
|
| United States building services |
|
29,315 |
|
|
26,035 |
|
| United States industrial services |
|
8,184 |
|
|
(4,844 |
) |
| Total United States operations |
|
130,661 |
|
|
125,277 |
|
| United Kingdom building services |
|
4,457 |
|
|
3,445 |
|
| Corporate administration |
|
(23,113 |
) |
|
(22,632 |
) |
| Restructuring expenses |
|
(229 |
) |
|
(46 |
) |
| Total worldwide operations |
|
111,776 |
|
|
106,044 |
|
| Other corporate items: |
|
|
|
|
| Net periodic pension (cost) income |
|
615 |
|
|
415 |
|
| Interest expense |
|
(3,588 |
) |
|
(3,324 |
) |
| Interest income |
|
852 |
|
|
277 |
|
| Income from continuing operations before income taxes |
|
$ |
109,655 |
|
|
$ |
103,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
2018 |
|
2017 |
| Operating income (loss): |
|
|
|
|
| United States electrical construction and facilities services |
|
$ |
106,309 |
|
|
$ |
109,735 |
|
| United States mechanical construction and facilities services |
|
155,864 |
|
|
151,028 |
|
| United States building services |
|
68,822 |
|
|
60,537 |
|
| United States industrial services |
|
12,721 |
|
|
16,573 |
|
| Total United States operations |
|
343,716 |
|
|
337,873 |
|
| United Kingdom building services |
|
12,828 |
|
|
7,681 |
|
| Corporate administration |
|
(65,508 |
) |
|
(63,755 |
) |
| Restructuring expenses |
|
(693 |
) |
|
(954 |
) |
| Impairment loss on identifiable intangible assets |
|
(907 |
) |
|
— |
|
| Total worldwide operations |
|
289,436 |
|
|
280,845 |
|
| Other corporate items: |
|
|
|
|
| Net periodic pension (cost) income |
|
2,069 |
|
|
1,209 |
|
| Interest expense |
|
(10,041 |
) |
|
(9,464 |
) |
| Interest income |
|
2,030 |
|
|
607 |
|
| Income from continuing operations before income taxes |
|
$ |
283,494 |
|
|
$ |
273,197 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 OPERATING INCOME
|
| (In thousands) (Unaudited) |
In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 operating income. The following
table provides a reconciliation between 2018 and 2017 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,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP operating income |
|
$ |
111,776 |
|
|
$ |
106,044 |
|
|
$ |
289,436 |
|
|
$ |
280,845 |
| Impairment loss on identifiable intangible assets |
|
— |
|
|
— |
|
|
907 |
|
|
— |
|
Non-GAAP operating income, excluding impairment
loss on identifiable intangible assets
|
|
$ |
111,776 |
|
|
$ |
106,044 |
|
|
$ |
290,343 |
|
|
$ |
280,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 NET INCOME
|
| (In thousands) (Unaudited) |
In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 net income from continuing
operations attributable to EMCOR Group, Inc. The following table provides a reconciliation between 2018 and 2017 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,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
GAAP net income from continuing operations
attributable to EMCOR Group, Inc. (1)
|
|
$ |
79,896 |
|
|
$ |
64,804 |
|
|
$ |
206,573 |
|
|
$ |
174,724 |
| Impairment loss on identifiable intangible assets (2) |
|
— |
|
|
— |
|
|
907 |
|
|
— |
|
Non-GAAP net income from continuing operations
attributable to EMCOR Group, Inc., excluding
impairment loss on identifiable intangible assets
|
|
$ |
79,896 |
|
|
$ |
64,804 |
|
|
$ |
207,480 |
|
|
$ |
174,724 |
| (1) |
|
Amount is income from continuing operations less net income attributable to
noncontrolling interest. |
| (2) |
|
Amount excludes de minimus income tax benefit. |
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 DILUTED EARNINGS PER SHARE FIGURES
|
| (Unaudited) |
In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 diluted earnings per common
share from continuing operations. The following table provides a reconciliation between 2018 and 2017 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,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
GAAP diluted earnings per common share from
continuing operations
|
|
$ |
1.36 |
|
|
$ |
1.09 |
|
|
$ |
3.52 |
|
|
$ |
2.93 |
| Impairment loss on identifiable intangible assets (1) |
|
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
Non-GAAP diluted earnings per common share from
continuing operations, excluding impairment loss on
identifiable intangible assets
|
|
$ |
1.36 |
|
|
$ |
1.09 |
|
|
$ |
3.54 |
|
|
$ |
2.93 |
| (1) |
|
Amount excludes de minimus income tax benefit. |
|
|
|
EMCOR Group, Inc.
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938
or
FTI Consulting, Inc.
Investors: Jamie Baird
(212) 850-5600
or
LAK Public Relations, Inc.
Media: Lisa Linden / David Simpson
(212) 575-4545
View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005115/en/