checkAd

     129  0 Kommentare Emcor Group, Inc. Reports First Quarter 2021 Results

    EMCOR Group, Inc. (NYSE: EME) today reported results for the first quarter ended March 31, 2021.

    For the first quarter of 2021, net income was $84.8 million, or $1.54 per diluted share, compared to $75.7 million, or $1.35 per diluted share, for the first quarter of 2020. Revenues for the first quarter of 2021 totaled $2.30 billion, up 0.2% from the year ago period.

    Operating income for the first quarter of 2021 was $117.0 million, or 5.1% of revenues. This compared to $106.0 million, or 4.6% of revenues, for the first quarter of 2020.

    Selling, general and administrative expenses for the first quarter of 2021 totaled $224.1 million, or 9.7% of revenues, compared to $227.0 million, or 9.9% of revenues, for the first quarter of 2020.

    The Company's income tax rate for the first quarter of 2021 was 27.2% compared to an income tax rate of 27.4% for the first quarter of 2020.

    Remaining performance obligations as of March 31, 2021 were $4.78 billion compared to $4.42 billion as of March 31, 2020. Total remaining performance obligations grew approximately $351.3 million year-over-year.

    Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company had an outstanding start to the year, achieving record first quarter revenues, gross profit, gross profit margin, operating income, operating income margin, net income, and diluted earnings per share. Our focus on executing for our customers allowed us to deliver a robust operating income margin of 5.1%, up 50 basis points year-over-year. Additionally, we continue to see a healthy project pipeline as evidenced by our record remaining performance obligations of $4.78 billion, which increased 7.9% year-over-year.”

    Mr. Guzzi added, “Our U.S. Construction segments continue to deliver outstanding results, posting combined revenue and operating income growth of 5.0% and 23.1% year-over-year, respectively, led by our U.S. Mechanical Construction segment in particular, which delivered revenue growth of 8.4% year-over-year and operating income growth of 43.8% year-over-year. U.S. Building Services performed exceptionally well, generating revenue and operating income growth of 10.3% and 38.0%, respectively, driven primarily by our commercial site-based and mobile mechanical services businesses. Our U.S. Industrial Services segment experienced a difficult quarter as the Texas Freeze impacted our turnaround schedule, but we remain well-positioned to assist our customers when the market strengthens. Lastly, our U.K. Building Services segment continued to take advantage of strong project demand, delivering revenue and operating income growth of 12.8% and 63.3%, respectively, which led to operating margin expansion of 230 basis points year-over-year.”

    Based on year-to-date performance and assuming a gradual improvement of current market conditions as the year progresses, EMCOR is raising its full-year 2021 diluted earnings per share guidance range to $6.35 to $6.75, an increase from the prior guidance range of $6.20 to $6.70. The Company is maintaining its full-year 2021 revenue guidance of $9.2 billion to $9.4 billion.

    Mr. Guzzi concluded, “We are optimistic about our prospects for the remainder of the year. Our values of Mission First, People Always will continue to guide us as we focus on the health and safety of our employees, while executing our work for our customers with excellence. Looking ahead, we will continue to invest in our business and pursue strategic acquisition opportunities, while also returning capital to shareholders through share repurchases 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 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 first quarter conference call will be available live via internet broadcast today, Thursday, April 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 April 29, 2021 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 those anticipated (whether expressly or implied) by 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, mix of business, and the impact of the COVID-19 pandemic on our revenue and operations, including employees, construction activity, and facilities utilization, and certain of the risk factors associated with EMCOR’s business discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2020 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.

    EMCOR GROUP, INC.

    FINANCIAL HIGHLIGHTS

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except share and per share information)

    (Unaudited)

     

     

     

    For the three months ended
    March 31,

     

     

    2021

     

    2020

    Revenues

     

    $

    2,304,049

     

     

    $

    2,299,832

     

    Cost of sales

     

    1,962,976

     

     

    1,966,771

     

    Gross profit

     

    341,073

     

     

    333,061

     

    Selling, general and administrative expenses

     

    224,069

     

     

    226,997

     

    Restructuring expenses

     

     

     

    69

     

    Operating income

     

    117,004

     

     

    105,995

     

    Net periodic pension (cost) income

     

    908

     

     

    742

     

    Interest expense, net

     

    (1,363)

     

     

    (2,488)

     

    Income before income taxes

     

    116,549

     

     

    104,249

     

    Income tax provision

     

    31,604

     

     

    28,584

     

    Net income including noncontrolling interests

     

    84,945

     

     

    75,665

     

    Less: Net income attributable to noncontrolling interests

     

    (171)

     

     

     

    Net income attributable to EMCOR Group, Inc.

     

    $

    84,774

     

     

    $

    75,665

     

     

     

     

     

     

    Basic earnings per common share

     

    $

    1.54

     

     

    $

    1.35

     

     

     

     

     

     

    Diluted earnings per common share

     

    $

    1.54

     

     

    $

    1.35

     

     

     

     

     

     

    Weighted average shares of common stock outstanding:

     

     

     

     

    Basic

     

    54,896,548

     

     

    56,007,122

     

    Diluted

     

    55,135,304

     

     

    56,210,728

     

     

     

     

     

     

    Dividends declared per common share

     

    $

    0.13

     

     

    $

    0.08

     

     

     

     

     

     

    EMCOR GROUP, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

     

     

     

    March 31, 2021
    (Unaudited)

     

    December 31,
    2020

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    758,833

     

     

    $

    902,867

     

    Accounts receivable, net

     

    2,037,525

     

     

    1,922,096

     

    Contract assets

     

    192,369

     

     

    171,956

     

    Inventories

     

    48,212

     

     

    53,338

     

    Prepaid expenses and other

     

    68,692

     

     

    70,679

     

    Total current assets

     

    3,105,631

     

     

    3,120,936

     

    Property, plant and equipment, net

     

    157,202

     

     

    158,427

     

    Operating lease right-of-use assets

     

    239,457

     

     

    242,155

     

    Goodwill

     

    862,323

     

     

    851,783

     

    Identifiable intangible assets, net

     

    580,555

     

     

    582,893

     

    Other assets

     

    116,021

     

     

    107,646

     

    Total assets

     

    $

    5,061,189

     

     

    $

    5,063,840

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Current maturities of long-term debt and finance lease liabilities

     

    $

    16,713

     

     

    $

    16,910

     

    Accounts payable

     

    624,884

     

     

    671,886

     

    Contract liabilities

     

    739,572

     

     

    722,252

     

    Accrued payroll and benefits

     

    384,942

     

     

    450,955

     

    Other accrued expenses and liabilities

     

    272,942

     

     

    247,597

     

    Operating lease liabilities, current

     

    54,354

     

     

    53,632

     

    Total current liabilities

     

    2,093,407

     

     

    2,163,232

     

    Long-term debt and finance lease liabilities

     

    259,714

     

     

    259,619

     

    Operating lease liabilities, long-term

     

    201,894

     

     

    205,362

     

    Other long-term obligations

     

    385,502

     

     

    382,383

     

    Total liabilities

     

    2,940,517

     

     

    3,010,596

     

    Equity:

     

     

     

     

    Total EMCOR Group, Inc. stockholders’ equity

     

    2,119,968

     

     

    2,052,668

     

    Noncontrolling interests

     

    704

     

     

    576

     

    Total equity

     

    2,120,672

     

     

    2,053,244

     

    Total liabilities and equity

     

    $

    5,061,189

     

     

    $

    5,063,840

     

    EMCOR GROUP, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    For the Three Months Ended March 31, 2021 and 2020

    (In thousands) (Unaudited)

     

     

     

    2021

     

    2020

    Cash flows - operating activities:

     

     

     

     

    Net income including noncontrolling interests

     

    $

    84,945

     

     

    $

    75,665

     

    Adjustments to reconcile net income to net cash used in operating activities:

     

     

     

     

    Depreciation and amortization

     

    12,001

     

     

    11,767

     

    Amortization of identifiable intangible assets

     

    14,989

     

     

    14,747

     

    Provision for credit losses

     

    507

     

     

    2,614

     

    Deferred income taxes

     

    14

     

     

    4,375

     

    Non-cash share-based compensation expense

     

    3,193

     

     

    3,291

     

    Other reconciling items

     

    (739)

     

     

    42

     

    Changes in operating assets and liabilities, excluding the effect of businesses acquired

     

    (203,899)

     

     

    (191,314)

     

    Net cash used in operating activities

     

    (88,989)

     

     

    (78,813)

     

    Cash flows - investing activities:

     

     

     

     

    Payments for acquisitions of businesses, net of cash acquired

     

    (24,326)

     

     

    (2,582)

     

    Proceeds from sale or disposal of property, plant and equipment

     

    766

     

     

    196

     

    Purchases of property, plant and equipment

     

    (8,204)

     

     

    (12,035)

     

    Net cash used in investing activities

     

    (31,764)

     

     

    (14,421)

     

    Cash flows - financing activities:

     

     

     

     

    Proceeds from revolving credit facility

     

     

     

    200,000

     

    Repayments of revolving credit facility

     

     

     

    (50,000)

     

    Proceeds from long-term debt

     

     

     

    300,000

     

    Repayments of long-term debt and debt issuance costs

     

     

     

    (257,549)

     

    Repayments of finance lease liabilities

     

    (1,145)

     

     

    (1,277)

     

    Dividends paid to stockholders

     

    (7,121)

     

     

    (4,500)

     

    Repurchases of common stock

     

    (12,917)

     

     

    (99,048)

     

    Taxes paid related to net share settlements of equity awards

     

    (3,750)

     

     

    (2,492)

     

    Issuances of common stock under employee stock purchase plan

     

    1,731

     

     

    1,638

     

    Payments for contingent consideration arrangements

     

    (693)

     

     

    (653)

     

    Distributions to noncontrolling interests

     

    (43)

     

     

     

    Net cash (used in) provided by financing activities

     

    (23,938)

     

     

    86,119

     

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

    886

     

     

    (4,678)

     

    Decrease in cash, cash equivalents, and restricted cash

     

    (143,805)

     

     

    (11,793)

     

    Cash, cash equivalents, and restricted cash at beginning of year (1)

     

    903,562

     

     

    359,920

     

    Cash, cash equivalents, and restricted cash at end of period (2)

     

    $

    759,757

     

     

    $

    348,127

     

    _________

    (1)

     

    Includes $0.7 million and $1.1 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively.

    (2)

     

    Includes $0.9 million and $1.0 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of March 31, 2021 and 2020, respectively.

    EMCOR GROUP, INC.

    SEGMENT INFORMATION

    (In thousands) (Unaudited)

     

     

     

    For the three months ended
    March 31,

     

     

    2021

     

    2020

    Revenues from unrelated entities:

     

     

     

     

    United States electrical construction and facilities services

     

    $

    456,168

     

     

    $

    461,803

     

    United States mechanical construction and facilities services

     

    903,925

     

     

    834,112

     

    United States building services

     

    581,839

     

     

    527,611

     

    United States industrial services

     

    235,382

     

     

    363,929

     

    Total United States operations

     

    2,177,314

     

     

    2,187,455

     

    United Kingdom building services

     

    126,735

     

     

    112,377

     

    Total operations

     

    $

    2,304,049

     

     

    $

    2,299,832

     

     

     

     

     

     

     

     

    For the three months ended
    March 31,

     

     

    2021

     

    2020

    Operating income (loss):

     

     

     

     

    United States electrical construction and facilities services

     

    $

    40,264

     

     

    $

    40,312

     

    United States mechanical construction and facilities services

     

    64,950

     

     

    45,171

     

    United States building services

     

    29,334

     

     

    21,261

     

    United States industrial services

     

    (2,443)

     

     

    15,425

     

    Total United States operations

     

    132,105

     

     

    122,169

     

    United Kingdom building services

     

    9,411

     

     

    5,764

     

    Corporate administration

     

    (24,512)

     

     

    (21,869)

     

    Restructuring expenses

     

     

     

    (69)

     

    Total operations

     

    117,004

     

     

    105,995

     

    Other corporate items:

     

     

     

     

    Net periodic pension (cost) income

     

    908

     

     

    742

     

    Interest expense, net

     

    (1,363)

     

     

    (2,488)

     

    Income before income taxes

     

    $

    116,549

     

     

    $

    104,249

     

     

     

     

     

     

     



    Business Wire (engl.)
    0 Follower
    Autor folgen

    Emcor Group, Inc. Reports First Quarter 2021 Results EMCOR Group, Inc. (NYSE: EME) today reported results for the first quarter ended March 31, 2021. For the first quarter of 2021, net income was $84.8 million, or $1.54 per diluted share, compared to $75.7 million, or $1.35 per diluted share, for the …