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EMCOR Group, Inc. Reports Second Quarter 2013 Results

Stocks in this article: EME

EMCOR Group, Inc. (NYSE: EME) today reported results for the second quarter ended June 30, 2013.

For the second quarter of 2013, net income attributable to EMCOR was $21.0 million, or $0.31 per diluted share. Excluding several one-time charges discussed below, non-GAAP net income was $32.9 million, or $0.48 per diluted share, compared to non-GAAP net income of $34.0 million, or $0.50 per diluted share, in the second quarter of 2012. Revenues in the second quarter of 2013 totaled $1.56 billion, compared to revenues of $1.59 billion in the year ago period.

Operating income for the second quarter of 2013 was $36.1 million, or 2.3% of revenues, which included operating losses and expenses aggregating approximately $13.8 million (including restructuring expenses of $5.8 million) primarily relating to the Company's decision to withdraw from the UK construction market. Additionally, included in the quarter's operating income are transaction expenses of $1.4 million associated with the Company's previously announced agreement to acquire RepconStrickland, Inc. Excluding all of these losses and expense items, the Company's non-GAAP operating income for the second quarter of 2013 was $51.3 million, or 3.3% of revenues, compared to non-GAAP operating income in the 2012 second quarter of $57.1 million, or 3.7% of revenues, as adjusted for 2012 UK construction operating losses.

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.

Due to recurring losses over the last several years in the construction operations of our UK segment and our negative assessment of construction market conditions in the UK for the foreseeable future, we determined, and announced during the quarter ended June 30, 2013 our decision, to completely withdraw from the UK construction market.

Selling, general and administrative expenses were $139.6 million, or 9.0% of revenues, in the second quarter of 2013, compared to $137.7 million, or 8.7% of revenues, in the year ago period.

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