This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

EMCOR Group, Inc. Reports Second Quarter 2014 Results

Stocks in this article: EME

EMCOR Group, Inc. (NYSE:EME) today reported results for the second quarter ended June 30, 2014.

For the second quarter of 2014, net income attributable to EMCOR was $39.9 million, or $0.59 per diluted share, compared to net income of $21.0 million, or $0.31 per diluted share, in the second quarter of 2013. Excluding one-time charges discussed below, non-GAAP net income for the quarter increased by 25.8% to $41.4 million, or $0.61 per diluted share, compared to non-GAAP net income of $32.9 million, or $0.48 per diluted share, in the second quarter of 2013. Revenues in the second quarter of 2014 totaled $1.56 billion, approximately the same as revenues in the year ago period.

Operating income for the second quarter of 2014 was $67.7 million, or 4.3% of revenues, which included UK operating losses and expenses aggregating approximately $1.9 million (including UK restructuring expenses of $0.3 million) relating to the Company's decision to withdraw from the UK construction market. Excluding those losses and expense items, the Company's non-GAAP operating income for the second quarter of 2014 increased by 35.8% to $69.7 million, or 4.5% of revenues, compared to non-GAAP operating income in the 2013 second quarter of $51.3 million, or 3.3% of revenues, which also excluded UK operating losses and expenses relating to the withdrawal from the UK construction market, as well as transaction costs associated with the 2013 acquisition of RepconStrickland, Inc.

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 for the 2014 second quarter were $151.5 million, or 9.7% of revenues, compared to $139.6 million, or 9.0% of revenues, in the year ago period.

The Company's income tax rate in the 2014 second quarter was 38.0%, compared to an income tax rate of 38.5% in the year ago period.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,433.04 +45.83 0.26%
S&P 500 2,032.36 +2.81 0.14%
NASDAQ 4,707.3480 +25.8510 0.55%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs