EMCOR GROUP INCORPORATED: EMCOR Group, Inc. Reports Fourth Quarter and Full-Year 2018 Results


Emcor Group Incorporated issued the following announcement on Feb. 21.

EMCOR Group, Inc. (NYSE: EME) today reported results for the fourth quarter ended December 31, 2018.

For the fourth quarter of 2018, net income from continuing operations attributable to EMCOR was $79.3 million, or $1.38 per diluted share, compared to $53.3 million, or $0.90 per diluted share, for the fourth quarter of 2017. Net income from continuing operations attributable to EMCOR for the fourth quarter of 2017 included after-tax goodwill and identifiable intangible asset impairment charges, primarily related to the U.S Industrial Services segment, partially offset by a tax benefit resulting from the revaluation of the Company’s U.S. net deferred tax liabilities due to the enactment of the Tax Cuts and Jobs Act (the “Tax Act”). Excluding these items, non-GAAP net income from continuing operations attributable to EMCOR for the fourth quarter of 2017 was $67.0 million or $1.13 per diluted share. Revenues for the fourth quarter of 2018 totaled $2.23 billion, an increase of 10.8%, compared to $2.01 billion for the fourth quarter of 2017.

Operating income for the fourth quarter of 2018 was $113.6 million or 5.1% of revenues. This compares to $48.1 million, or 2.4% of revenues, for the fourth quarter of 2017, which included pre-tax impairment charges of $57.8 million. Excluding such pre-tax impairment charges, non-GAAP operating income for the fourth quarter of 2017 was $105.9 million or 5.3% of revenues.

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

Original source can be found here.

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