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.