Emcor Group 3Q Profit Falls, But Beats Views

NORWALK, Conn. (AP) — Emcor Group Inc. said Thursday that restructuring charges squeezed its profit in the third quarter as contract backlog and revenue declined.

The mechanical and electrical construction services provider earned $40 million, or 59 cents per share, for the three months ended Sept. 30. That's down 18 percent from $48.6 million, or 72 cents per share, during the same period a year earlier.

Still, the results beat the 52 cents-per-share forecast of analysts polled by Thomson Reuters. Analysts' estimates normally exclude one-time items.

The latest results included restructuring charges of $90,000.

Revenue dropped 20 percent to $1.37 billion from $1.72 billion, which fell short of Wall Street's $1.4 billion estimate.

Contract backlog slipped to $3.39 billion from $4.42 billion on fewer contracts in the lodging, gaming and commercial sectors.

But Chairman and CEO Frank MacInnis said in a statement that the company's backlog decline has slowed, with results helped by strong bookings in the health care and institutional sectors.