EMCOR Group, Inc. Reports Fourth Quarter and Full-Year 2018 Results
- Record Quarterly and Full-Year Revenues of $2.23 billion and $8.13 billion, respectively
-
- Record Quarterly Diluted EPS from Cont. Operations of $1.38, 53.3% Increase Year-over-Year -
- Record Full-Year Diluted EPS from Cont. Operations of $4.89, 27.7% Increase Year-over-Year -
- Announces 2019 Revenues and Diluted EPS Guidance -
EMCOR Group, Inc. (NYSE: EME) today reported results for the fourth quarter ended December 31, 2018.
For the fourth quarter of 2018, net income from continuing operations attributable to EMCOR was $79.3 million, or $1.38 per
diluted share, compared to $53.3 million, or $0.90 per diluted share, for the fourth quarter of 2017. Net income from
continuing operations attributable to EMCOR for the fourth quarter of 2017 included after-tax goodwill and identifiable intangible
asset impairment charges, primarily related to the U.S. Industrial Services segment, partially offset by a tax benefit resulting
from the revaluation of the Company’s U.S. net deferred tax liabilities due to the enactment of the Tax Cuts and Jobs Act (the “Tax
Act”). Excluding these items, non-GAAP net income from continuing operations attributable to EMCOR for the fourth quarter of 2017
was $67.0 million or $1.13 per diluted share. Revenues for the fourth quarter of 2018 totaled $2.23 billion, an increase
of 10.8%, compared to $2.01 billion for the fourth quarter of 2017.
Operating income for the fourth quarter of 2018 was $113.6 million or 5.1% of revenues. This compares to
$48.1 million, or 2.4% of revenues, for the fourth quarter of 2017, which included pre-tax impairment charges of
$57.8 million. Excluding such pre-tax impairment charges, non-GAAP operating income for the fourth quarter of 2017 was
$105.9 million or 5.3% of revenues.
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.
Selling, general and administrative expenses for the fourth quarter of 2018 totaled $220.9 million, or 9.9% of revenues,
compared to $204.6 million, or 10.2% of revenues, for the fourth quarter of 2017.
The Company's income tax rate in the fourth quarter of 2018 was 28.9%. This compares to an income tax benefit of 17.1% in the
year ago period, which included a non-cash tax benefit of $39.3 million, or $0.66 per diluted share, resulting from the revaluation
of the Company’s U.S. net deferred tax liabilities due to the enactment of the Tax Act.
Remaining performance obligations as of December 31, 2018 were $3.96 billion compared to $3.60 billion as of March 31,
2018. Domestic remaining performance obligations increased $388.9 million from the first quarter of 2018, while remaining
performance obligations of our U.K. Building Services segment fell $28.4 million.
Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company closed out another terrific year
achieving record quarterly revenues, operating income, net income and diluted earnings per share from continuing operations. We
delivered a 10.8% increase in revenues during the fourth quarter and a 5.8% increase for the year, the majority of which was
organic, underscored by broad-based strength across our segments. Our exceptional execution coupled with disciplined cost control
drove strong operating margins of 5.1% and 5.0% for the fourth quarter and full year, respectively. Despite posting impressive
revenue growth, our remaining performance obligations continue to be solid and diverse across end market sectors, and we remain
well-positioned to capitalize on the sustained non-residential construction growth expected throughout 2019.”
Mr. Guzzi added, “Our U.S. Construction segments continue to deliver robust revenue performance, with combined revenue growth of
5.7% and 3.8% for the fourth quarter and full year, respectively, reflecting sustained market demand for our services. Solid
operating margins of 7.1% in our U.S. Electrical Construction segment and 7.3% in our U.S. Mechanical Construction segment for the
full-year period reflect strong execution across our portfolio of construction projects. Our U.S. Building Services segment
continued its strong operational performance, posting double-digit revenue and operating income growth for the fourth quarter,
primarily driven by our mechanical, energy and commercial site-based services operations. As expected, we saw a recovery in demand
in our U.S. Industrial Services segment during the fourth quarter, with improvement in both our shop and field services operations,
including turnaround project activity. Finally, our U.K. Building Services segment had a strong 2018, delivering revenue and
operating income growth of 21.8% and 23.4%, respectively, for the full-year period, as we continue to execute on specialty project
opportunities and new service contract awards.”
Revenues for the 2018 full-year period increased 5.8% to $8.13 billion compared to $7.69 billion for the 2017
full-year period. Net income from continuing operations attributable to EMCOR for the 2018 full-year period was
$285.9 million, or $4.89 per diluted share, compared to $228.1 million, or $3.83 per diluted share, for the 2017
full-year period. Excluding a $0.9 million impairment charge recorded in the second quarter of 2018, non-GAAP net income from
continuing operations attributable to EMCOR for the 2018 full-year period was $286.8 million or $4.91 per diluted share. This
compares to non-GAAP net income from continuing operations attributable to EMCOR for the 2017 full-year period of
$241.8 million, or $4.06 per diluted share, excluding the previously referenced after-tax impairment charges and the tax
benefit resulting from the revaluation of the Company’s U.S. net deferred tax liabilities in 2017.
Operating income for the 2018 full-year period was $403.1 million, or 5.0% of revenues, compared to $328.9 million, or
4.3% of revenues, for the 2017 full-year period. Excluding the $0.9 million impairment charge in 2018, non-GAAP operating income
for the 2018 full-year period was $404.0 million or 5.0% of revenues. This compares to non-GAAP operating income for the 2017
full-year period of $386.7 million, or 5.0% of revenues, excluding the $57.8 million pre-tax impairment charges recorded in
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.
For the 2018 full-year period, selling, general and administrative expenses totaled $799.2 million, or 9.8% of revenues,
compared to $758.7 million, or 9.9% of revenues, for the 2017 full-year period.
Based on favorable project mix and assuming the continuation of current market conditions, EMCOR expects full-year 2019 revenues
to be between $8.3 billion and $8.4 billion, and full-year 2019 diluted earnings per share from continuing operations to
be in the range of $4.70 to $5.40.
Mr. Guzzi concluded, “Following a record year, we are optimistic about our opportunities to drive sustained growth across our
business. Our guidance for 2019 reflects our expanding customer base and diverse pipeline of project activity, while also
considering the limited visibility we have into the second half of the year. Looking ahead, we will continue to leverage our
flexible balance sheet to invest in our business, consistent with our strategy, and return capital to shareholders through share
buybacks and dividends.”
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 fourth quarter conference call will be available live via internet broadcast today, Thursday, February 21, at
10:30 AM Eastern Standard 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 remaining performance obligations, our ability to pursue acquisitions, our ability to return capital to shareholders,
market opportunities, market growth and customer trends. 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 risks 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 2018 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). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial
measures are included in this release. 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)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
For the three months ended
December 31,
|
|
For the twelve months ended
December 31,
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenues |
|
|
$ |
2,229,308 |
|
|
$ |
2,012,639 |
|
|
$ |
8,130,631 |
|
|
$ |
7,686,999 |
|
| Cost of sales |
|
|
1,893,157 |
|
|
1,701,538 |
|
|
6,925,178 |
|
|
6,539,987 |
|
| Gross profit |
|
|
336,151 |
|
|
311,101 |
|
|
1,205,453 |
|
|
1,147,012 |
|
| Selling, general and administrative expenses |
|
|
220,891 |
|
|
204,602 |
|
|
799,157 |
|
|
758,714 |
|
| Restructuring expenses |
|
|
1,613 |
|
|
623 |
|
|
2,306 |
|
|
1,577 |
|
| Impairment loss on goodwill and identifiable intangible assets |
|
|
— |
|
|
57,819 |
|
|
907 |
|
|
57,819 |
|
| Operating income |
|
|
113,647 |
|
|
48,057 |
|
|
403,083 |
|
|
328,902 |
|
| Net periodic pension (cost) income |
|
|
674 |
|
|
443 |
|
|
2,743 |
|
|
1,652 |
|
| Interest expense, net |
|
|
(2,787 |
) |
|
(2,948 |
) |
|
(10,798 |
) |
|
(11,805 |
) |
| Income from continuing operations before income taxes |
|
|
111,534 |
|
|
45,552 |
|
|
395,028 |
|
|
318,749 |
|
| Income tax provision (benefit) |
|
|
32,233 |
|
|
(7,774 |
) |
|
109,106 |
|
|
90,699 |
|
| Income from continuing operations |
|
|
79,301 |
|
|
53,326 |
|
|
285,922 |
|
|
228,050 |
|
| Loss from discontinued operation, net of income taxes |
|
|
(1,335 |
) |
|
(128 |
) |
|
(2,345 |
) |
|
(857 |
) |
| Net income including noncontrolling interests |
|
|
77,966 |
|
|
53,198 |
|
|
283,577 |
|
|
227,193 |
|
| Less: Net loss (income) attributable to noncontrolling interests |
|
|
2 |
|
|
3 |
|
|
(46 |
) |
|
3 |
|
| Net income attributable to EMCOR Group, Inc. |
|
|
$ |
77,968 |
|
|
$ |
53,201 |
|
|
$ |
283,531 |
|
|
$ |
227,196 |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| From continuing operations |
|
|
$ |
1.39 |
|
|
$ |
0.91 |
|
|
$ |
4.92 |
|
|
$ |
3.85 |
|
| From discontinued operation |
|
|
$ |
(0.02 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| From continuing operations |
|
|
$ |
1.38 |
|
|
$ |
0.90 |
|
|
$ |
4.89 |
|
|
$ |
3.83 |
|
| From discontinued operation |
|
|
$ |
(0.02 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
| Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
| Basic |
|
|
57,187,490 |
|
|
58,903,875 |
|
|
58,112,838 |
|
|
59,254,256 |
|
| Diluted |
|
|
57,514,189 |
|
|
59,314,187 |
|
|
58,443,467 |
|
|
59,618,969 |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared per common share |
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.32 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
| ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
$ |
363,907 |
|
|
$ |
467,430 |
| Accounts receivable, net |
|
|
|
1,773,620 |
|
|
1,607,922 |
| Contract assets |
|
|
|
158,243 |
|
|
122,621 |
| Inventories |
|
|
|
42,321 |
|
|
42,724 |
| Prepaid expenses and other |
|
|
|
48,116 |
|
|
43,812 |
| Total current assets |
|
|
|
2,386,207 |
|
|
2,284,509 |
| Investments, notes and other long-term receivables |
|
|
|
2,899 |
|
|
2,309 |
| Property, plant & equipment, net |
|
|
|
134,351 |
|
|
127,156 |
| Goodwill |
|
|
|
990,887 |
|
|
964,893 |
| Identifiable intangible assets, net |
|
|
|
488,286 |
|
|
495,036 |
| Other assets |
|
|
|
86,177 |
|
|
92,001 |
| Total assets |
|
|
|
$ |
4,088,807 |
|
|
$ |
3,965,904 |
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
| Current maturities of long-term debt and capital lease obligations |
|
|
|
$ |
16,013 |
|
|
$ |
15,364 |
| Accounts payable |
|
|
|
652,091 |
|
|
567,840 |
| Contract liabilities |
|
|
|
552,290 |
|
|
524,156 |
| Accrued payroll and benefits |
|
|
|
343,069 |
|
|
322,865 |
| Other accrued expenses and liabilities |
|
|
|
170,935 |
|
|
220,727 |
| Total current liabilities |
|
|
|
1,734,398 |
|
|
1,650,952 |
| Borrowings under revolving credit facility |
|
|
|
25,000 |
|
|
25,000 |
| Long-term debt and capital lease obligations |
|
|
|
254,764 |
|
|
269,786 |
| Other long-term obligations |
|
|
|
333,204 |
|
|
346,049 |
| Total liabilities |
|
|
|
2,347,366 |
|
|
2,291,787 |
| Equity: |
|
|
|
|
|
|
| Total EMCOR Group, Inc. stockholders’ equity |
|
|
|
1,740,545 |
|
|
1,673,267 |
| Noncontrolling interests |
|
|
|
896 |
|
|
850 |
| Total equity |
|
|
|
1,741,441 |
|
|
1,674,117 |
| Total liabilities and equity |
|
|
|
$ |
4,088,807 |
|
|
$ |
3,965,904 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twelve Months Ended December 31, 2018 and 2017
(In thousands)
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
| Cash flows - operating activities: |
|
|
|
|
|
| Net income including noncontrolling interests |
|
|
$ |
283,577 |
|
|
$ |
227,193 |
|
| Depreciation and amortization |
|
|
38,472 |
|
|
39,915 |
|
| Amortization of identifiable intangible assets |
|
|
42,443 |
|
|
48,594 |
|
| Deferred income taxes |
|
|
4,249 |
|
|
(53,358 |
) |
| Excess tax benefits from share-based compensation |
|
|
(1,646 |
) |
|
(1,616 |
) |
| Equity income from unconsolidated entities |
|
|
(347 |
) |
|
(864 |
) |
| Non-cash expense for impairment of goodwill and identifiable intangible assets |
|
|
907 |
|
|
57,819 |
|
| Non-cash share-based compensation expense |
|
|
11,030 |
|
|
9,939 |
|
| Distributions from unconsolidated entities |
|
|
3,110 |
|
|
5,506 |
|
| Other reconciling items |
|
|
2,906 |
|
|
1,280 |
|
| Changes in operating assets and liabilities, excluding the effect of
businesses acquired |
|
|
(113,690 |
) |
|
31,641 |
|
| Net cash provided by operating activities |
|
|
271,011 |
|
|
366,049 |
|
| Cash flows - investing activities: |
|
|
|
|
|
| Payments for acquisitions of businesses, net of cash acquired |
|
|
(72,080 |
) |
|
(107,223 |
) |
| Proceeds from sale of property, plant and equipment |
|
|
1,237 |
|
|
4,014 |
|
| Purchase of property, plant and equipment |
|
|
(43,479 |
) |
|
(34,684 |
) |
| Investments in and advances to unconsolidated entities |
|
|
(3,484 |
) |
|
(675 |
) |
| Distributions from unconsolidated entities |
|
|
84 |
|
|
475 |
|
| Net cash used in investing activities |
|
|
(117,722 |
) |
|
(138,093 |
) |
| Cash flows - financing activities: |
|
|
|
|
|
| Repayments of revolving credit facility |
|
|
— |
|
|
(100,000 |
) |
| Repayments of long-term debt and debt issuance costs |
|
|
(15,235 |
) |
|
(15,202 |
) |
| Repayments of capital lease obligations |
|
|
(1,501 |
) |
|
(1,445 |
) |
| Dividends paid to stockholders |
|
|
(18,640 |
) |
|
(18,971 |
) |
| Repurchase of common stock |
|
|
(216,244 |
) |
|
(93,166 |
) |
| Taxes paid related to net share settlements of equity awards |
|
|
(3,848 |
) |
|
(3,462 |
) |
| Issuance of common stock under employee stock purchase plan |
|
|
5,765 |
|
|
4,793 |
|
| Payments for contingent consideration arrangements |
|
|
(3,339 |
) |
|
(1,017 |
) |
| Net cash used in financing activities |
|
|
(253,042 |
) |
|
(228,470 |
) |
| Effect of exchange rate changes on cash, cash equivalents and restricted
cash |
|
|
(3,421 |
) |
|
3,242 |
|
| (Decrease) increase in cash, cash equivalents and restricted cash |
|
|
(103,174 |
) |
|
2,728 |
|
| Cash, cash equivalents and restricted cash at beginning of year |
|
|
469,388 |
|
|
466,660 |
|
| Cash, cash equivalents and restricted cash at end of period |
|
|
$ |
366,214 |
|
|
$ |
469,388 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands)
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
For the three months ended
December 31,
|
|
|
|
|
2018 |
|
2017 |
| Revenues from unrelated entities: |
|
|
|
|
|
|
| United States electrical construction and facilities services |
|
|
|
$ |
534,055 |
|
|
$ |
479,410 |
| United States mechanical construction and facilities services |
|
|
|
808,471 |
|
|
790,785 |
| United States building services |
|
|
|
485,999 |
|
|
438,302 |
| United States industrial services |
|
|
|
298,875 |
|
|
207,475 |
| Total United States operations |
|
|
|
2,127,400 |
|
|
1,915,972 |
| United Kingdom building services |
|
|
|
101,908 |
|
|
96,667 |
| Total worldwide operations |
|
|
|
$ |
2,229,308 |
|
|
$ |
2,012,639 |
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended
December 31,
|
|
|
|
|
2018 |
|
2017 |
| Revenues from unrelated entities: |
|
|
|
|
|
|
| United States electrical construction and facilities services |
|
|
|
$ |
1,954,323 |
|
|
$ |
1,829,567 |
| United States mechanical construction and facilities services |
|
|
|
3,020,307 |
|
|
2,963,815 |
| United States building services |
|
|
|
1,875,485 |
|
|
1,753,703 |
| United States industrial services |
|
|
|
865,645 |
|
|
799,169 |
| Total United States operations |
|
|
|
7,715,760 |
|
|
7,346,254 |
| United Kingdom building services |
|
|
|
414,871 |
|
|
340,745 |
| Total worldwide operations |
|
|
|
$ |
8,130,631 |
|
|
$ |
7,686,999 |
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands)
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
For the three months ended
December 31,
|
|
|
|
|
2018 |
|
2017 |
| Operating income (loss): |
|
|
|
|
|
|
| United States electrical construction and facilities services |
|
|
|
$ |
33,121 |
|
|
$ |
40,266 |
|
| United States mechanical construction and facilities services |
|
|
|
63,488 |
|
|
61,368 |
|
| United States building services |
|
|
|
25,005 |
|
|
21,183 |
|
| United States industrial services |
|
|
|
15,451 |
|
|
2,511 |
|
| Total United States operations |
|
|
|
137,065 |
|
|
125,328 |
|
| United Kingdom building services |
|
|
|
3,102 |
|
|
5,224 |
|
| Corporate administration |
|
|
|
(24,907 |
) |
|
(24,053 |
) |
| Restructuring expenses |
|
|
|
(1,613 |
) |
|
(623 |
) |
| Impairment loss on goodwill and identifiable intangible assets |
|
|
|
— |
|
|
(57,819 |
) |
| Total worldwide operations |
|
|
|
113,647 |
|
|
48,057 |
|
| Other corporate items: |
|
|
|
|
|
|
| Net periodic pension (cost) income |
|
|
|
674 |
|
|
443 |
|
| Interest expense |
|
|
|
(3,503 |
) |
|
(3,306 |
) |
| Interest income |
|
|
|
716 |
|
|
358 |
|
| Income from continuing operations before income taxes |
|
|
|
$ |
111,534 |
|
|
$ |
45,552 |
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended
December 31,
|
|
|
|
|
2018 |
|
2017 |
| Operating income (loss): |
|
|
|
|
|
|
| United States electrical construction and facilities services |
|
|
|
$ |
139,430 |
|
|
$ |
150,001 |
|
| United States mechanical construction and facilities services |
|
|
|
219,352 |
|
|
212,396 |
|
| United States building services |
|
|
|
93,827 |
|
|
81,720 |
|
| United States industrial services |
|
|
|
28,172 |
|
|
19,084 |
|
| Total United States operations |
|
|
|
480,781 |
|
|
463,201 |
|
| United Kingdom building services |
|
|
|
15,930 |
|
|
12,905 |
|
| Corporate administration |
|
|
|
(90,415 |
) |
|
(87,808 |
) |
| Restructuring expenses |
|
|
|
(2,306 |
) |
|
(1,577 |
) |
| Impairment loss on goodwill and identifiable intangible assets |
|
|
|
(907 |
) |
|
(57,819 |
) |
| Total worldwide operations |
|
|
|
403,083 |
|
|
328,902 |
|
| Other corporate items: |
|
|
|
|
|
|
| Net periodic pension (cost) income |
|
|
|
2,743 |
|
|
1,652 |
|
| Interest expense |
|
|
|
(13,544 |
) |
|
(12,770 |
) |
| Interest income |
|
|
|
2,746 |
|
|
965 |
|
| Income from continuing operations before income taxes |
|
|
|
$ |
395,028 |
|
|
$ |
318,749 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 OPERATING INCOME
|
| (In thousands) (Unaudited) |
| |
In our press release, we provide non-GAAP 2018 and 2017 fourth quarter and year-to-date December 31, 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
December 31,
|
|
For the twelve months ended
December 31,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP operating income |
|
$ |
113,647 |
|
|
$ |
48,057 |
|
|
$ |
403,083 |
|
|
$ |
328,902 |
| Impairment loss on goodwill and identifiable intangible assets |
|
— |
|
|
57,819 |
|
|
907 |
|
|
57,819 |
| Non-GAAP operating income, excluding the impairment loss on goodwill and
identifiable intangible assets |
|
$ |
113,647 |
|
|
$ |
105,876 |
|
|
$ |
403,990 |
|
|
$ |
386,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 NET INCOME
|
| (In thousands) (Unaudited) |
| |
In our press release, we provide non-GAAP 2018 and 2017 fourth quarter and year-to-date December 31, 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
December 31,
|
|
For the twelve months ended
December 31,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP net income from continuing operations attributable to EMCOR Group, Inc.
(1) |
|
$ |
79,303 |
|
|
$ |
53,329 |
|
|
$ |
285,876 |
|
|
$ |
228,053 |
|
| Impairment loss on goodwill and identifiable intangible assets (2) |
|
— |
|
|
53,054 |
|
|
907 |
|
|
53,054 |
|
| Impact of change in tax rate on net deferred tax liability balance |
|
— |
|
|
(39,343 |
) |
|
— |
|
|
(39,343 |
) |
| Non-GAAP net income from continuing operations attributable to EMCOR Group,
Inc., excluding the impairment loss on goodwill and identifiable intangible assets and impact of change in tax rate on net
deferred tax liability balance |
|
$ |
79,303 |
|
|
$ |
67,040 |
|
|
$ |
286,783 |
|
|
$ |
241,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
Amount is income from continuing operations less net income attributable to
noncontrolling interest. |
| (2) |
|
Amount is net of tax effect of $4.8 million in the 2017 quarter and year-to-date
periods. Amount excludes de minimus income tax benefit in the 2018 year-to-date period. |
|
|
|
| |
|
EMCOR GROUP, INC.
|
|
RECONCILIATION OF 2018 AND 2017 DILUTED EARNINGS PER SHARE FIGURES
|
| (Unaudited) |
| |
In our press release, we provide non-GAAP 2018 and 2017 fourth quarter and year-to-date December 31, 2018 and 2017 diluted
earnings per share from continuing operations. The following table provides a reconciliation between 2018 and 2017 EPS based on
non-GAAP measures to the most directly comparable GAAP measures.
|
|
|
|
|
|
|
For the three months ended
December 31,
|
|
For the twelve months ended
December 31,
|
|
|
2018
|
|
2017 |
|
2018 |
|
2017 |
| GAAP diluted earnings per common share from continuing operations |
|
$ |
1.38 |
|
|
$ |
0.90 |
|
|
$ |
4.89 |
|
|
$ |
3.83 |
|
| Impairment loss on goodwill and identifiable intangible assets (1) |
|
— |
|
|
0.89 |
|
|
0.02 |
|
|
0.89 |
|
| Impact of change in tax rate on net deferred tax liability balance |
|
— |
|
|
(0.66 |
) |
|
— |
|
|
(0.66 |
) |
| Non-GAAP diluted earnings per common share from continuing operations,
excluding the impairment loss on goodwill and identifiable intangible assets and impact of change in tax rate on net deferred
tax liability balance |
|
$ |
1.38 |
|
|
$ |
1.13 |
|
|
$ |
4.91 |
|
|
$ |
4.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
Amount is net of tax effect of $4.8 million in the 2017 quarter and year-to-date
periods. Amount excludes de minimus income tax benefit in the 2018 year-to-date period. |
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938
FTI Consulting, Inc.
Investors: Jamie Baird
(212) 850-5600
LAK Public Relations, Inc.
Media: Lisa Linden / David Simpson
(212) 575-4545
View source version on businesswire.com: https://www.businesswire.com/news/home/20190221005204/en/