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EMCOR Group, Inc. (NYSE: EME) today reported results for the first quarter ended March 31, 2012.
As previously announced, the Company completed the sale of its Canadian subsidiary, Comstock Canada, in August 2011. Accordingly, Comstock’s results for the 2011 first quarter have been classified as discontinued operations.
For the first quarter of 2012, net income from continuing operations attributable to EMCOR increased 10.4% to $27.1 million, or $0.40 per diluted share, from $24.6 million, or $0.35 per diluted share, in the first quarter of 2011. Revenues increased 21.6% to $1.54 billion in the first quarter of 2012, compared to revenues of $1.27 billion in the year ago period. Organic revenue growth in the quarter, compared to the first quarter of 2011, was 11.1%.
For the first quarter of 2012, operating income was $46.2 million, or 3.0% of revenues. Operating income for the first quarter of 2011 was $41.8 million, or 3.3% of revenues, including restructuring expenses of $1.0 million. Selling, general and administrative expenses were $134.5 million, or 8.7% of revenues, in the first quarter of 2012, compared to $113.9 million, or 9.0% of revenues, in the first quarter of 2011.
Backlog as of March 31, 2012 was $3.39 billion, an increase of 2.9% over backlog of $3.29 billion a year ago, excluding Comstock Canada. This increase reflects growth in the commercial, institutional and industrial sectors, which offset declines in the healthcare, hospitality/gaming, water/wastewater and transportation sectors. Commercial backlog increased $521 million or 95.6% to $1.07 billion, with organic growth contributing approximately $257 million, or approximately 47% of the increase. Backlog at the Company’s USM business has increased 13.9% since its acquisition on June 30, 2011. On an organic basis, total backlog was down 6.1%, or $200 million, from March 31, 2011. Backlog increased 1.8% from $3.33 billion on December 31, 2011.