This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EMCOR Group, Inc. Reports Fourth Quarter And Full Year 2012 Results

EMCOR Group, Inc. (NYSE: EME) today reported results for the fourth quarter ended December 31, 2012.

For the fourth quarter of 2012, net income from continuing operations attributable to EMCOR increased 27.8% to $46.4 million, or $0.68 per diluted share. For the fourth quarter of 2011, net income from continuing operations attributable to EMCOR was $36.3 million, or $0.53 per diluted share. For the fourth quarter of 2011, non-GAAP net income from continuing operations was $38.6 million, or $0.57 per diluted share, excluding a previously announced non-cash impairment charge of $3.8 million, or $0.03 per diluted share after-tax.

Revenues increased 6.2% to $1.61 billion in the fourth quarter of 2012, compared to revenues of $1.52 billion in the year ago period. Organic revenue growth in the 2012 fourth quarter was 4.3%.

For the fourth quarter of 2012, operating income was $78.9 million, or 4.9% of revenues. Operating income for the fourth quarter of 2011, including the above mentioned non-cash impairment charge was $62.4 million, or 4.1% of revenues. Excluding the non-cash impairment charge, the Company's non-GAAP operating income for the fourth quarter of 2011 was $66.2 million, or 4.4% of revenues. The Company recorded restructuring expenses of $0.1 million in the 2011 fourth quarter.

Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share to the comparable GAAP figures.

Selling, general and administrative expenses were $149.6 million, or 9.3% of revenues, in the fourth quarter of 2012, compared to $148.0 million, or 9.7% of revenues, in the year ago period.

The Company's income tax rate as reported in the 2012 fourth quarter was 39.8%, compared to an income tax rate of 38.5% in the year ago period.

Backlog as of December 31, 2012 was $3.37 billion, an increase of 1.4% from $3.33 billion at the end of 2011. Domestically, continued strong growth in the industrial sector combined with growth in the institutional sector more than offset declines in the commercial, healthcare, hospitality/gaming, transportation and water/wastewater sectors. Total commercial backlog decreased $20 million, or 2.0%, from year ago levels to $961 million while industrial backlog increased $248 million, or 62.9%, from the year ago period to $643 million. Backlog growth in the Company's domestic operations more than offset a backlog decline related to the Company's efforts to reduce its UK construction operations and focus on its facilities services business in that market. Total aggregate backlog was level compared to September 30, 2012.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs