|Over a week ago|
Emcor increases share repurchase program by $200M » 07:3603/0303/03/20
Emcor announced that its…
Emcor announced that its board has authorized an additional $200M for the purchase of shares of its outstanding common stock under its share repurchase program. Such share repurchase authorization is effective immediately and is in addition to the previous authorization of $200M, which had approximately $158.5M remaining authorized and available as of December 31, 2019. Since the inception of the program on September 26, 2011 through December 31, 2019, the company has repurchased 15.9M shares of its outstanding common stock for approximately $791.5M under its share repurchase program.
|Over a month ago|
Emcor price target lowered to $87 from $95 at Maxim » 08:4603/0203/02/20
Maxim analyst Tate…
Maxim analyst Tate Sullivan lowered the firm's price target on Emcor to $87 from $95 and keeps a Hold rating on the shares after its Q4 earnings and FY20 guidance last week. The analyst is cautioned by the potential for lower demand from its refining customers after the management discussed a consolidating customer base in Texas and a decline in shipments of new heat exchangers during its earnings call.
Emcor sees FY20 EPS $5.60-$6.30, consensus $6.00 » 07:4602/2702/27/20
Sees FY20 revenue…
Sees FY20 revenue $9.5B-$9.7B, consensus $9.67B.
Emcor reports Q4 EPS $1.54, consensus $1.50 » 07:4402/2702/27/20
Reports Q4 revenue $2.4B,…
Reports Q4 revenue $2.4B, consensus $2.3B. Tony Guzzi, chairman, president and CEO of Emcor, commented, "The Company once again delivered record performance, with record annual and quarterly revenues, operating income, net income attributable to EMCOR, and diluted EPS from continuing operations. We generated revenue growth of 12.8% for the year, 9.3% of which was organic, with broad-based improvement across our business, underscored by double-digit growth in each of our domestic reportable segments. Our focus on cost discipline and excellent execution led to increases in operating income of 8.1% for the fourth quarter and 14.3% for the full year. Additionally, we are pleased that our remaining performance obligations remain solid, despite exceptional revenue growth, positioning us well for 2020."
|Over a quarter ago|
Emcor price target raised to $107 from $100 at DA Davidson » 09:3110/3010/30/19
DA Davidson analyst Brent…
DA Davidson analyst Brent Thielman raised his price target on Emcor to $107 and kept his Buy rating after its "stronger than expected" Q3 organic growth, even though the guidance for its Q4 suggests some near-term deceleration. The analyst remains positive on the stock based on the opportunities for upside in the company's Industrial business, its "notable business momentum" in Construction segments, as well as its remaining capital deployment flexibility.
Emcor raises FY19 EPS view to $5.65-$5.75 from $5.50-$5.75, consensus $5.71 » 07:3610/2910/29/19
Raises FY19 revenue…
Raises FY19 revenue guidance to $9B from $8.8B-$8.9B, consensus $8.92B.
Emcor reports Q3 EPS $1.45, consensus $1.46 » 07:3310/2910/29/19
Reports Q3 revenue…
Reports Q3 revenue $2.29B, consensus $2.18B. Tony Guzzi, Chairman, President and CEO 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." 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."
Emcor to acquire Batchelor & Kimball in an all-cash deal » 07:3310/0410/04/19
Emcor announced that it…
Emcor announced that it has entered into a definitive agreement to acquire Batchelor & Kimball, or BKI, a provider of mechanical construction and maintenance services, in an all-cash transaction. The transaction is expected to close by the end of 2019, subject to customary closing conditions and regulatory approvals. For 2020, BKI is expected to contribute revenues of approximately $400M with nominal diluted EPS accretion. The earnings contribution from such increased revenues will be partially offset by amortization expense associated with acquired intangible assets. Non-GAAP EBITDA margins for BKI are expected to be at the higher end of subsidiaries that are included in the Emcor's U.S. Mechanical Construction and Facilities Services segment.
Emcor raises FY19 EPS view to $5.50-$5.70 from $5.00-$5.50, consensus $5.49 » 07:3507/3007/30/19
Raises FY19 revenue view…
Raises FY19 revenue view to $8.8B-$8.9B from $8.5B-$8.6B, consensus $8.66B. CEO Tony Guzzi said, "We delivered a record first half of the year and are optimistic about our additional opportunities for growth in the second half of 2019. Our updated guidance reflects our exceptional performance year-to-date, as well as our expectation for continued strong project execution and cost discipline throughout the remainder of the year. As we look ahead, we will use our healthy balance sheet to invest in our business organically and pursue our robust pipeline of strategic acquisition opportunities, balanced with a return of capital to shareholders through share repurchases and dividends."
Emcor reports Q2 ex-items EPS $1.23, consensus $1.33 » 07:3207/3007/30/19
Reports Q2 revenue…
Reports Q2 revenue $2.32B, consensus $2.12B. Tony Guzzi, chairman, president and CEO, commented, "The Company reported another record quarter, delivering record quarterly revenues, operating income, net income attributable to EMCOR and diluted earnings per share from continuing operations. We achieved exceptional revenue growth of 19.0% year-over-year, of which 15.2% was organic, driven by excellent results across the business, including double-digit revenue growth in each of our domestic segments. This strong revenue performance coupled with our disciplined project execution drove operating income growth of 20.4% year-over-year. The demand that we are experiencing is broad-based across geographies and end-markets, and we continue to see significant opportunities in the market, as evidenced by growth in our remaining performance obligations of 15.1% year-over-year."