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EMCOR Group, Inc. Reports Third Quarter 2012 Results

Stocks in this article: EME

EMCOR Group, Inc. (NYSE: EME) today reported results for the third quarter ended September 30, 2012.

As previously announced, the Company completed the sale of its Canadian subsidiary, Comstock Canada, in August 2011. Accordingly, Comstock’s results for 2011 have been classified as discontinued operations.

For the third quarter of 2012, net income from continuing operations attributable to EMCOR increased 22.4% to $39.6 million, or $0.59 per diluted share, from $32.3 million, or $0.47 per diluted share, in the third quarter of 2011. Revenues increased 8.4% to $1.61 billion in the third quarter of 2012, compared to revenues of $1.48 billion in the year ago period. Compared to the third quarter of 2011, organic revenue growth in the quarter was 6.5%.

For the third quarter of 2012, operating income was $68.6 million, or 4.3% of revenues, compared to operating income of $56.5 million, or 3.8% of revenues in the year ago period.

Selling, general and administrative expenses were $134.5 million, or 8.4% of revenues, in the third quarter of 2012, compared to $131.8 million, or 8.9% of revenues, in the year ago period.

Inclusive of discrete items, the Company’s income tax rate as reported in the 2012 third quarter was 40.5%, compared to an income tax rate of 39.4% in the year ago period. For the full year 2012, the Company expects to record an income tax rate of approximately 39.0%.

Backlog as of September 30, 2012 was $3.38 billion, a decrease of 4.6% from $3.54 billion a year ago. This decline was attributable to planned steps taken by the Company to deemphasize its UK construction operations and focus on its facilities services business in that market. Domestically, continued backlog increases in the commercial and industrial sectors offset declines in the healthcare, institutional, water/wastewater and transportation sectors. Total commercial backlog increased $75 million, or 8.1%, from year ago levels to $998 million, and total industrial backlog increased $283 million, or 80.8%, from the year ago period. Aggregate backlog increased $98 million, or 3.0%, from $3.28 billion on June 30, 2012 due to a $193 million increase in industrial backlog.

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