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EMCOR Group, Inc. Reports Third Quarter 2013 Results

Stocks in this article: EME

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

For the third quarter of 2013, net income attributable to EMCOR was $26.7 million, or $0.39 per diluted share. Excluding several one-time charges discussed below, non-GAAP net income was $32.6 million, or $0.48 per diluted share, compared to non-GAAP net income of $41.7 million, or $0.62 per diluted share, in the third quarter of 2012. Revenues in the third quarter of 2013 totaled $1.63 billion, compared to revenues of $1.61 billion in the year ago period.

Operating income for the third quarter of 2013 was $54.1 million, or 3.3% of revenues, which included operating losses and expenses aggregating approximately $3.9 million (including restructuring expenses of $1.9 million) primarily relating to the Company's decision to withdraw from the UK construction market. Additionally, included in the quarter's operating income were transaction expenses of $4.7 million associated with the Company's acquisition of RepconStrickland, Inc. Excluding these losses and expense items, the Company's non-GAAP operating income for the third quarter of 2013 was $62.7 million, or 3.9% of revenues, compared to non-GAAP operating income in the 2012 third quarter of $71.4 million, or 4.6% 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.

Selling, general and administrative expenses were $149.7 million, or 9.2% of revenues including $4.7 million of transaction expenses referenced above in the third quarter of 2013, compared to $134.5 million, or 8.4% of revenues, in the year ago period.

The Company's income tax rate as reported in the 2013 third quarter was 46.4%, compared to an income tax rate of 40.5% in the year ago period.

Backlog as of September 30, 2013 was $3.39 billion, an increase of 0.3% from $3.38 billion at the end of the 2012 third quarter. Led by backlog growth in the transportation sector, combined with backlog growth in the water/wastewater and commercial sectors, EMCOR achieved modest backlog growth that more than offset backlog declines in the institutional, industrial and healthcare sectors. Backlog growth of $58 million for the quarter in the Company's domestic operations more than offset a backlog decline of $47 million related to the Company's decision to withdraw from the UK construction market. Total backlog increased 0.5% from $3.37 billion on December 31, 2012.

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