Emcor Group Shares Climb After 1Q Results

NORWALK, Conn. (AP) — Shares of Emcor Group Inc. jumped Tuesday after the mechanical and electrical construction services provider posted solid results for the first quarter.

The company earned $36.8 million, or 55 cents per share, up 25 percent from $29.3 million, or 44 cents per share, in the year-earlier period.

Revenue dropped 16 percent to $1.39 billion from $1.66 billion a year earlier.

Analysts, on average, were expecting a profit of 33 cents per share on sales of $1.51 billion, according to a poll by Thomson Reuters.

Emcor's selling, general and administrative expenses dropped 9 percent to $127.8 million from the previous year.

Emcor's chairman and chief executive, Frank T. MacInnis, said while the quarter's revenue declined, "we are very pleased with our performance, which reflects the benefits of the actions we have taken in past years to better position our business for market cycles."

The company said it continues to expect 2009 revenue of $6 billion to $6.3 billion.

Analysts are predicting sales of $6.19 billion.

Shares rose $1.10, or 5.7 percent, to $20.45 in afternoon trading. The stock has traded in the 52-week range of $11.17 and $36.05.