- Record Third Quarter Revenues of $2.29 billion, 11.8% Increase Year-over-Year -
- Record Third Quarter Diluted EPS from Cont. Operations of $1.45, 6.6% Increase Year-over-Year -
- Year-To-Date Operating Cash Flow of $176.9 million, 168.5% Increase Year-over-Year -
- Total Remaining Performance Obligations of $4.04 billion, 1.6% Increase Year-over-Year -
- Increases 2019 Revenue Guidance to $9.0 billion from $8.8-$8.9 billion -
- Increases 2019 Diluted EPS Guidance Range to $5.65-$5.75 from $5.50-$5.75 -
EMCOR Group, Inc. (NYSE: EME) today reported results for the third quarter ended September 30, 2019.
For the third quarter of 2019, net income from continuing operations attributable to EMCOR was $81.8 million, or $1.45 per diluted share, compared to $79.9 million, or $1.36 per diluted share, for the third quarter of 2018. Revenues for the third quarter of 2019 totaled $2.29 billion, an increase of 11.8%, compared to $2.05 billion for the third quarter of 2018.
Operating income for the third quarter of 2019 was $115.7 million, or 5.1% of revenues. This compares to $111.8 million, or 5.5% of revenues, for the third quarter of 2018.
Selling, general and administrative expenses for the third quarter of 2019 totaled $220.1 million, or 9.6% of revenues, compared to $197.3 million, or 9.6% of revenues, for the third quarter of 2018.
The Company's income tax rate for the third quarter of 2019 was 27.9%, compared to an income tax rate of 27.1% in the year ago period.
Remaining performance obligations as of September 30, 2019 were $4.04 billion compared to $3.97 billion at September 30, 2018. Total U.S. remaining performance obligations grew $71.3 million year-over-year.
Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company had another excellent quarter, achieving record third quarter revenues, operating income, net income attributable to EMCOR, and diluted earnings per share from continuing operations. These strong results were driven by solid project execution across our business. Year-over-year revenues increased 11.8% of which 8.1% was organic growth, driven by double-digit revenue growth in our U.S. Construction and U.S. Building Services segments. In addition to our strong revenue performance, we continued to capitalize on the sustained demand that we are seeing in the market, underscored by our year-over-year growth in remaining performance obligations. Additionally, we generated strong operating cash flow in the quarter, delivering $219.1 million, up 122.4% year-over-year.”
Mr. Guzzi added, “Our U.S. Construction segments continue to deliver robust revenue performance, posting a combined 14.3% increase year-over-year, with organic growth of 10.4%, despite our strong performance in the comparative period. Healthy operating margins of 6.1% in our U.S. Electrical Construction segment and 7.0% in our U.S. Mechanical Construction segment reflect solid execution across our portfolio of construction projects. Our U.S. Building Services segment posted its fourth consecutive quarter of double-digit revenue growth with operating margin expansion of 40 basis points as our mechanical services and commercial site-based divisions demonstrated exceptional performance. While we had a difficult comparison in our U.S. Industrial Services segment following the resumption of normalized demand in the third quarter of last year, we are well-positioned with our industrial customers and look to a normal fall turnaround season. Finally, our U.K. Building Services segment continues to take advantage of attractive project opportunities for both new and existing customers, despite facing significant macroeconomic uncertainties.”
Revenues for the first nine months of 2019 totaled $6.77 billion, an increase of 14.7% compared to $5.90 billion for the first nine months of 2018. Net income from continuing operations attributable to EMCOR for the first nine months of 2019 was $238.2 million, or $4.22 per diluted share, compared to $206.6 million, or $3.52 per diluted share, for the first nine months of 2018. Excluding an impairment charge of $0.9 million 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 2019 was $338.0 million, or 5.0% of revenues, compared to $289.4 million, or 4.9% of revenues, for the first nine months of 2018. Excluding the impairment charge referenced above, non-GAAP operating income for the first nine months of 2018 was $290.3 million, or 4.9% of revenues. SG&A totaled $652.5 million, or 9.6% of revenues, for the first nine months of 2019 compared to $578.3 million, or 9.8% of revenues, for the first nine months of 2018.
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 year-to-date performance and favorable project mix, and assuming the continuation of current market conditions, EMCOR is raising its full-year 2019 revenue guidance to $9.0 billion, an increase from the prior guidance range of $8.8-$8.9 billion. The Company now also expects full-year 2019 diluted earnings per share from continuing operations to be in the range of $5.65-$5.75, an increase from the prior guidance range of $5.50-$5.75.
Mr. Guzzi concluded, “We are very pleased with our performance thus far in 2019 and are poised to close out another record year. For the third time this year, we are raising our guidance for both revenue and diluted earnings per share from continuing operations for the full year to reflect our exceptional results and the expectation of sustained strength across our segments. We remain committed to prudently deploying our capital, primarily through organic investments and strategic acquisitions. Our disciplined acquisition strategy was underscored by our recent announcement of an agreement to acquire Batchelor & Kimball, which we expect will close in the coming weeks. Looking ahead, we are pleased with the solid growth that we continue to see in both our business and the non-residential construction market and firmly believe we are well-positioned for a strong start to 2020.”
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 routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
EMCOR Group's third quarter conference call will be available live via internet broadcast today, Tuesday, October 29, at 10:30 AM Eastern Daylight 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. Any such comments speak only as of this date and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. 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 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 on-going 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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues
|
|
$
|
2,287,741
|
|
|
$
|
2,047,049
|
|
|
$
|
6,770,671
|
|
|
$
|
5,901,323
|
|
Cost of sales
|
|
1,951,754
|
|
|
1,737,710
|
|
|
5,779,550
|
|
|
5,032,021
|
|
Gross profit
|
|
335,987
|
|
|
309,339
|
|
|
991,121
|
|
|
869,302
|
|
Selling, general and administrative expenses
|
|
220,119
|
|
|
197,334
|
|
|
652,536
|
|
|
578,266
|
|
Restructuring expenses
|
|
119
|
|
|
229
|
|
|
567
|
|
|
693
|
|
Impairment loss on identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
907
|
|
Operating income
|
|
115,749
|
|
|
111,776
|
|
|
338,018
|
|
|
289,436
|
|
Net periodic pension (cost) income
|
|
381
|
|
|
615
|
|
|
1,187
|
|
|
2,069
|
|
Interest expense, net
|
|
(2,678
|
)
|
|
(2,736
|
)
|
|
(8,732
|
)
|
|
(8,011
|
)
|
Income from continuing operations before income taxes
|
|
113,452
|
|
|
109,655
|
|
|
330,473
|
|
|
283,494
|
|
Income tax provision
|
|
31,618
|
|
|
29,711
|
|
|
92,257
|
|
|
76,873
|
|
Income from continuing operations
|
|
81,834
|
|
|
79,944
|
|
|
238,216
|
|
|
206,621
|
|
Loss from discontinued operation, net of income taxes
|
|
—
|
|
|
(523
|
)
|
|
—
|
|
|
(1,010
|
)
|
Net income including noncontrolling interests
|
|
81,834
|
|
|
79,421
|
|
|
238,216
|
|
|
205,611
|
|
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
Net income attributable to EMCOR Group, Inc.
|
|
$
|
81,834
|
|
|
$
|
79,373
|
|
|
$
|
238,216
|
|
|
$
|
205,563
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
1.46
|
|
|
$
|
1.37
|
|
|
$
|
4.24
|
|
|
$
|
3.54
|
|
From discontinued operation
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
1.45
|
|
|
$
|
1.36
|
|
|
$
|
4.22
|
|
|
$
|
3.52
|
|
From discontinued operation
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
56,216,840
|
|
|
58,208,203
|
|
|
56,189,388
|
|
|
58,422,928
|
|
Diluted
|
|
56,558,450
|
|
|
58,541,310
|
|
|
56,494,430
|
|
|
58,754,867
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
|
EMCOR GROUP, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
|
|
|
September 30, 2019
(Unaudited)
|
|
December 31,
2018
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
368,073
|
|
|
$
|
363,907
|
|
Accounts receivable, net
|
|
1,926,765
|
|
|
1,773,620
|
|
Contract assets
|
|
179,005
|
|
|
158,243
|
|
Inventories
|
|
38,721
|
|
|
42,321
|
|
Prepaid expenses and other
|
|
45,549
|
|
|
48,116
|
|
Total current assets
|
|
2,558,113
|
|
|
2,386,207
|
|
Investments, notes and other long-term receivables
|
|
1,478
|
|
|
2,899
|
|
Property, plant & equipment, net
|
|
149,023
|
|
|
134,351
|
|
Operating lease right-of-use assets
|
|
232,996
|
|
|
—
|
|
Goodwill
|
|
1,019,590
|
|
|
990,887
|
|
Identifiable intangible assets, net
|
|
482,785
|
|
|
488,286
|
|
Other assets
|
|
88,736
|
|
|
86,177
|
|
Total assets
|
|
$
|
4,532,721
|
|
|
$
|
4,088,807
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Current maturities of long-term debt and finance lease liabilities
|
|
$
|
18,196
|
|
|
$
|
16,013
|
|
Accounts payable
|
|
584,824
|
|
|
652,091
|
|
Contract liabilities
|
|
565,957
|
|
|
552,290
|
|
Accrued payroll and benefits
|
|
387,351
|
|
|
343,069
|
|
Other accrued expenses and liabilities
|
|
185,414
|
|
|
170,935
|
|
Operating lease liabilities, current
|
|
51,632
|
|
|
—
|
|
Total current liabilities
|
|
1,793,374
|
|
|
1,734,398
|
|
Borrowings under revolving credit facility
|
|
—
|
|
|
25,000
|
|
Long-term debt and finance lease liabilities
|
|
247,837
|
|
|
254,764
|
|
Operating lease liabilities, long-term
|
|
193,502
|
|
|
—
|
|
Other long-term obligations
|
|
322,197
|
|
|
333,204
|
|
Total liabilities
|
|
2,556,910
|
|
|
2,347,366
|
|
Equity:
|
|
|
|
|
Total EMCOR Group, Inc. stockholders’ equity
|
|
1,975,165
|
|
|
1,740,545
|
|
Noncontrolling interests
|
|
646
|
|
|
896
|
|
Total equity
|
|
1,975,811
|
|
|
1,741,441
|
|
Total liabilities and equity
|
|
$
|
4,532,721
|
|
|
$
|
4,088,807
|
|
EMCOR GROUP, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
For the Nine Months Ended September 30, 2019 and 2018
|
(In thousands) (Unaudited)
|
|
|
|
2019
|
|
2018
|
Cash flows - operating activities:
|
|
|
|
|
Net income including noncontrolling interests
|
|
$
|
238,216
|
|
|
$
|
205,611
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
32,412
|
|
|
28,685
|
|
Amortization of identifiable intangible assets
|
|
34,500
|
|
|
31,482
|
|
Provision for doubtful accounts
|
|
1,621
|
|
|
261
|
|
Deferred income taxes
|
|
(913
|
)
|
|
4,685
|
|
Excess tax benefits from share-based compensation
|
|
(601
|
)
|
|
(1,065
|
)
|
Equity loss (income) from unconsolidated entities
|
|
1,213
|
|
|
(247
|
)
|
Non-cash expense from contingent consideration arrangements
|
|
1,203
|
|
|
186
|
|
Non-cash expense for impairment of identifiable intangible assets
|
|
—
|
|
|
907
|
|
Non-cash share-based compensation expense
|
|
8,840
|
|
|
8,502
|
|
Distributions from unconsolidated entities
|
|
916
|
|
|
2,442
|
|
Other reconciling items
|
|
364
|
|
|
446
|
|
Changes in operating assets and liabilities, excluding the effect of businesses acquired
|
|
(140,850
|
)
|
|
(216,003
|
)
|
Net cash provided by operating activities
|
|
176,921
|
|
|
65,892
|
|
Cash flows - investing activities:
|
|
|
|
|
Payments for acquisitions of businesses, net of cash acquired
|
|
(79,984
|
)
|
|
(25,710
|
)
|
Proceeds from sale of property, plant and equipment
|
|
1,612
|
|
|
915
|
|
Purchase of property, plant and equipment
|
|
(35,829
|
)
|
|
(28,674
|
)
|
Investments in and advances to unconsolidated entities
|
|
(794
|
)
|
|
(3,484
|
)
|
Distributions from unconsolidated entities
|
|
38
|
|
|
82
|
|
Net cash used in investing activities
|
|
(114,957
|
)
|
|
(56,871
|
)
|
Cash flows - financing activities:
|
|
|
|
|
Repayments of revolving credit facility
|
|
(25,000
|
)
|
|
—
|
|
Repayments of long-term debt and debt issuance costs
|
|
(11,400
|
)
|
|
(11,434
|
)
|
Repayments of finance lease liabilities
|
|
(3,357
|
)
|
|
(1,050
|
)
|
Dividends paid to stockholders
|
|
(13,458
|
)
|
|
(14,036
|
)
|
Repurchase of common stock
|
|
—
|
|
|
(90,804
|
)
|
Taxes paid related to net share settlements of equity awards
|
|
(3,771
|
)
|
|
(3,745
|
)
|
Issuance of common stock under employee stock purchase plan
|
|
4,501
|
|
|
4,286
|
|
Payments for contingent consideration arrangements
|
|
(3,589
|
)
|
|
(3,300
|
)
|
Distributions to noncontrolling interests
|
|
(250
|
)
|
|
—
|
|
Net cash used in financing activities
|
|
(56,324
|
)
|
|
(120,083
|
)
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
|
(2,047
|
)
|
|
(1,985
|
)
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
|
3,593
|
|
|
(113,047
|
)
|
Cash, cash equivalents and restricted cash at beginning of year (1)
|
|
366,214
|
|
|
469,388
|
|
Cash, cash equivalents and restricted cash at end of period (2)
|
|
$
|
369,807
|
|
|
$
|
356,341
|
|
(1) Includes $2.3 million and $2.0 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2018 and 2017, respectively.
(2) Includes $1.7 million and $2.4 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of September 30, 2019 and 2018, respectively.
EMCOR GROUP, INC.
|
SEGMENT INFORMATION
|
(In thousands) (Unaudited)
|
|
|
|
For the three months ended September 30,
|
|
|
2019
|
|
2018
|
Revenues from unrelated entities:
|
|
|
|
|
United States electrical construction and facilities services
|
|
$
|
554,637
|
|
|
$
|
485,974
|
|
United States mechanical construction and facilities services
|
|
869,188
|
|
|
759,495
|
|
United States building services
|
|
532,122
|
|
|
473,701
|
|
United States industrial services
|
|
234,166
|
|
|
227,313
|
|
Total United States operations
|
|
2,190,113
|
|
|
1,946,483
|
|
United Kingdom building services
|
|
97,628
|
|
|
100,566
|
|
Total worldwide operations
|
|
$
|
2,287,741
|
|
|
$
|
2,047,049
|
|
|
|
|
|
|
|
|
For the nine months ended September 30,
|
|
|
2019
|
|
2018
|
Revenues from unrelated entities:
|
|
|
|
|
United States electrical construction and facilities services
|
|
$
|
1,652,109
|
|
|
$
|
1,420,268
|
|
United States mechanical construction and facilities services
|
|
2,444,683
|
|
|
2,168,127
|
|
United States building services
|
|
1,567,899
|
|
|
1,389,486
|
|
United States industrial services
|
|
788,271
|
|
|
610,479
|
|
Total United States operations
|
|
6,452,962
|
|
|
5,588,360
|
|
United Kingdom building services
|
|
317,709
|
|
|
312,963
|
|
Total worldwide operations
|
|
$
|
6,770,671
|
|
|
$
|
5,901,323
|
|
|
|
|
|
|
EMCOR GROUP, INC.
|
SEGMENT INFORMATION
|
(In thousands) (Unaudited)
|
|
|
|
For the three months ended September 30,
|
|
|
2019
|
|
2018
|
Operating income (loss):
|
|
|
|
|
United States electrical construction and facilities services
|
|
$
|
33,630
|
|
|
$
|
34,473
|
|
United States mechanical construction and facilities services
|
|
61,213
|
|
|
59,236
|
|
United States building services
|
|
35,051
|
|
|
29,315
|
|
United States industrial services
|
|
5,561
|
|
|
7,637
|
|
Total United States operations
|
|
135,455
|
|
|
130,661
|
|
United Kingdom building services
|
|
4,754
|
|
|
4,457
|
|
Corporate administration
|
|
(24,341
|
)
|
|
(23,113
|
)
|
Restructuring expenses
|
|
(119
|
)
|
|
(229
|
)
|
Total worldwide operations
|
|
115,749
|
|
|
111,776
|
|
Other corporate items:
|
|
|
|
|
Net periodic pension (cost) income
|
|
381
|
|
|
615
|
|
Interest expense, net
|
|
(2,678
|
)
|
|
(2,736
|
)
|
Income from continuing operations before income taxes
|
|
$
|
113,452
|
|
|
$
|
109,655
|
|
|
|
|
|
|
|
|
For the nine months ended September 30,
|
|
|
2019
|
|
2018
|
Operating income (loss):
|
|
|
|
|
United States electrical construction and facilities services
|
|
$
|
120,380
|
|
|
$
|
106,309
|
|
United States mechanical construction and facilities services
|
|
156,152
|
|
|
156,273
|
|
United States building services
|
|
90,535
|
|
|
68,822
|
|
United States industrial services
|
|
31,209
|
|
|
12,312
|
|
Total United States operations
|
|
398,276
|
|
|
343,716
|
|
United Kingdom building services
|
|
14,371
|
|
|
12,828
|
|
Corporate administration
|
|
(74,062
|
)
|
|
(65,508
|
)
|
Restructuring expenses
|
|
(567
|
)
|
|
(693
|
)
|
Impairment loss on identifiable intangible assets
|
|
—
|
|
|
(907
|
)
|
Total worldwide operations
|
|
338,018
|
|
|
289,436
|
|
Other corporate items:
|
|
|
|
|
Net periodic pension (cost) income
|
|
1,187
|
|
|
2,069
|
|
Interest expense, net
|
|
(8,732
|
)
|
|
(8,011
|
)
|
Income from continuing operations before income taxes
|
|
$
|
330,473
|
|
|
$
|
283,494
|
|
|
|
|
|
|
EMCOR GROUP, INC.
|
RECONCILIATION OF 2019 AND 2018 OPERATING INCOME
|
(In thousands) (Unaudited)
|
| |
In our press release, we provide non-GAAP 2019 and 2018 third quarter and year-to-date September 30, 2019 and 2018 operating income. The following table provides a reconciliation between 2019 and 2018 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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
GAAP operating income
|
|
$
|
115,749
|
|
|
$
|
111,776
|
|
|
$
|
338,018
|
|
|
$
|
289,436
|
|
Impairment loss on identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
907
|
|
Non-GAAP operating income, excluding impairment loss on identifiable intangible assets
|
|
$
|
115,749
|
|
|
$
|
111,776
|
|
|
$
|
338,018
|
|
|
$
|
290,343
|
|
EMCOR GROUP, INC.
|
RECONCILIATION OF 2019 AND 2018 NET INCOME
|
(In thousands) (Unaudited)
|
| |
In our press release, we provide non-GAAP 2019 and 2018 third quarter and year-to-date September 30, 2019 and 2018 net income from continuing operations attributable to EMCOR Group, Inc. The following table provides a reconciliation between 2019 and 2018 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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
GAAP net income from continuing operations attributable to EMCOR Group, Inc. (1)
|
|
$
|
81,834
|
|
|
$
|
79,896
|
|
|
$
|
238,216
|
|
|
$
|
206,573
|
|
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
|
|
$
|
81,834
|
|
|
$
|
79,896
|
|
|
$
|
238,216
|
|
|
$
|
207,480
|
|
(1) Amount is income from continuing operations less net income attributable to noncontrolling interest.
(2) Amount excludes de minimis income tax benefit.
EMCOR GROUP, INC.
|
RECONCILIATION OF 2019 AND 2018 DILUTED EARNINGS PER SHARE FIGURES
|
(Unaudited)
|
| |
In our press release, we provide non-GAAP 2019 and 2018 third quarter and year-to-date September 30, 2019 and 2018 diluted earnings per common share from continuing operations. The following table provides a reconciliation between 2019 and 2018 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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
GAAP diluted earnings per common share from continuing operations
|
|
$
|
1.45
|
|
|
$
|
1.36
|
|
|
$
|
4.22
|
|
|
$
|
3.52
|
|
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
|
|
$
|
1.45
|
|
|
$
|
1.36
|
|
|
$
|
4.22
|
|
|
$
|
3.54
|
|
(1) Amount excludes de minimis income tax benefit.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191029005553/en/
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