emcorlogo0918a10.jpg
 
EXHIBIT 99.1


FOR:
 
EMCOR GROUP, INC.
News Release
 
 
CONTACT:
 
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938
 
 
 
 
 
FTI Consulting, Inc.
Investors: Jamie Baird
(212) 850-5600
 
 
 
 
 
LAK Public Relations, Inc.
Media: Lisa Linden / David Simpson
(212) 575-4545

EMCOR GROUP, INC. REPORTS THIRD QUARTER 2018 RESULTS
 
 - Record Quarterly Revenues of $2.05 Billion, 8.5% Increase Year-over-Year -
 - Record Quarterly Diluted EPS from Cont. Operations of $1.36, 24.8% Increase Year-over-Year -
 - Increases Full-Year Revenue Guidance and Diluted EPS Guidance Range -
 - Board Authorizes an Additional $200 Million Share Repurchase Program -

NORWALK, CONNECTICUT, October 25, 2018 - EMCOR Group, Inc. (NYSE: EME) today reported results for the third quarter ended September 30, 2018.

For the third quarter of 2018, net income from continuing operations attributable to EMCOR was $79.9 million, or $1.36 per diluted share, compared to $64.8 million, or $1.09 per diluted share, for the third quarter of 2017. Revenues for the third quarter of 2018 totaled $2.05 billion, an increase of 8.5%, compared to $1.89 billion for the third quarter 2017.

Operating income for the third quarter of 2018 was $111.8 million, or 5.5% of revenues, compared to $106.0 million, or 5.6% of revenues, in the prior year period.

Selling, general and administrative expenses for the third quarter of 2018 totaled $197.3 million, or 9.6% of revenues, compared to $189.0 million, or 10.0% of revenues, in the year ago period.

The Company's income tax rate in the third quarter of 2018 was 27.1%, compared to an income tax rate of 37.3% in the year ago period.

Remaining performance obligations as of September 30, 2018 were $3.97 billion, compared to $3.67 billion at June 30, 2018. Domestic remaining performance obligations increased $300.1 million from the second quarter of 2018, while remaining performance obligations in the U.K. Building Services segment fell $3.6 million.




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EMCOR Reports Third Quarter Results
 Page 2

Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “The Company had another excellent quarter, achieving record quarterly revenues, operating income and diluted earnings per share. We delivered an 8.5% increase in revenues, 7.5% of which was organic, driven by year-over-year growth in each of our segments. With this increase in revenues, operating income grew 5.4% year-over-year. Additionally, we continue to capitalize on the broad-based strength that we are seeing across our end markets, as demonstrated by our 8.1% sequential increase in remaining performance obligations.”

Mr. Guzzi added, “Our U.S. Electrical and Mechanical Construction segments delivered revenue growth of 6.1% and 1.6% year-over-year, respectively. Their combined operating margin of 7.4% reflects strong execution that continues to drive impressive results. In our U.S. Building Services segment, we saw sustained momentum with the business generating 6.4% organic revenue growth and 12.6% operating income growth year-over-year led by solid performance in the mechanical, energy and government site-based services businesses. While the positive comparison in our U.S. Industrial Services segment resulted from the impact of Hurricane Harvey in the year-ago period, we are pleased to report that we have begun to see a resumption in normal demand and anticipate further improvement in the seasonally strong fourth quarter. Finally, we remain pleased by our strength in the U.K. Building Services segment as we continue to capitalize on increased project activity which drove revenue growth of 17.1% and operating margin expansion of 40 basis points.”

Revenues for the first nine months of 2018 totaled $5.90 billion, an increase of 4.0%, compared to $5.67 billion for the first nine months of 2017. Net income from continuing operations attributable to EMCOR for the first nine months of 2018 was $206.6 million, or $3.52 per diluted share, compared to $174.7 million, or $2.93 per diluted share, for the first nine months of 2017. Excluding an impairment charge recorded in the second quarter of 2018, non-GAAP net income from continuing operations attributable to EMCOR for the first nine months of 2018 was $207.5 million, or $3.54 per diluted share.

Operating income for the first nine months of 2018 was $289.4 million, or 4.9% of revenues, compared to $280.8 million, or 4.9% of revenues, for the first nine months of 2017. Included in operating income for the first nine months of 2018 was a $0.9 million impairment charge. Excluding this charge, non-GAAP operating income for the first nine months of 2018 was $290.3 million, or 4.9% of revenues. SG&A totaled $578.3 million, or 9.8% of revenues, for the first nine months of 2018 compared to $554.1 million, or 9.8% of revenues, for the first nine months of 2017.

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.

Based on favorable project mix and market conditions, EMCOR is raising its full year 2018 revenue guidance to approximately $7.9 billion, an increase from the prior guidance of approximately $7.8 billion. The Company now also expects its full year 2018 diluted earnings per share from continuing operations to be in the range of $4.75 to $4.90, an increase from the prior range of $4.40 to $4.80.







 – MORE –


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EMCOR Reports Third Quarter Results
 Page 3

Mr. Guzzi concluded, “We have had exceptional performance thus far in 2018 and are optimistic about continued growth opportunities across our business. Our updated guidance reflects our record year-to-date results and our expectation for continued solid execution in the fourth quarter. Our confidence in the business is underscored by today’s announcement that the Board has authorized an additional share repurchase program. Our solid balance sheet and recurring operating cash flow allows us to optimize shareholder value through organic investments, acquisition opportunities and capital returns.”


Additional Share Repurchase Program

The Company announced today that its Board of Directors has authorized a new share repurchase program for the Company to repurchase up to an additional $200 million of its outstanding common stock.

As of September 30, 2018, the Company had repurchased $20.9 million of its outstanding common stock under its current $100 million share repurchase program launched in October 2017. The new share repurchase program will be funded by the Company’s operations. The shares will be repurchased from time to time on the open market or through privately negotiated transactions at the Company’s discretion, subject to market conditions, and in accordance with applicable regulatory requirements. The repurchase program has no expiration date and does not obligate the Company to acquire any particular amount of common stock and may be suspended, recommenced or discontinued at any time or from time to time without prior notice.

EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com.

EMCOR Group's third quarter conference call will be available live via internet broadcast today, Thursday, October 25, at 10:30 AM Eastern Daylight Savings Time. The live call may be accessed through the Company's website at www.emcorgroup.com.


Forward Looking Statements:

This release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any such comments speak only as of this date and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements may include statements regarding anticipated future operating and financial performance, the nature and impact of our backlog, our ability to pursue acquisitions, our ability to return capital to shareholders, market opportunities, and market growth. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR’s services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2017 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating any forward-looking statements.



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EMCOR Reports Third Quarter Results
 Page 4

Non-GAAP Measures:

This release also includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our historical operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP and may not be comparable to the calculation of similar measures of other companies.
 



 – MORE –


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EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
(In thousands, except share and per share information)
(Unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Revenues
 
$
2,047,049

 
$
1,886,691

 
$
5,901,323

 
$
5,674,360

Cost of sales
 
1,737,710

 
1,591,621

 
5,032,021

 
4,838,449

Gross profit
 
309,339

 
295,070

 
869,302

 
835,911

Selling, general and administrative expenses
 
197,334

 
188,980

 
578,266

 
554,112

Restructuring expenses
 
229

 
46

 
693

 
954

Impairment loss on identifiable intangible assets
 

 

 
907

 

Operating income
 
111,776

 
106,044

 
289,436

 
280,845

Net periodic pension (cost) income
 
615

 
415

 
2,069

 
1,209

Interest expense
 
(3,588
)
 
(3,324
)
 
(10,041
)
 
(9,464
)
Interest income
 
852

 
277

 
2,030

 
607

Income from continuing operations before income taxes
 
109,655

 
103,412

 
283,494

 
273,197

Income tax provision
 
29,711

 
38,608

 
76,873

 
98,473

Income from continuing operations
 
79,944

 
64,804

 
206,621

 
174,724

Loss from discontinued operation, net of income taxes
 
(523
)
 
(207
)
 
(1,010
)
 
(729
)
Net income including noncontrolling interests
 
79,421

 
64,597

 
205,611

 
173,995

Less: Net income attributable to noncontrolling interests
 
(48
)
 

 
(48
)
 

Net income attributable to EMCOR Group, Inc.
 
$
79,373

 
$
64,597

 
$
205,563

 
$
173,995

 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
 
 
From continuing operations
 
$
1.37

 
$
1.10

 
$
3.54

 
$
2.94

From discontinued operation
 
$
(0.01
)
 
$
(0.00
)
 
$
(0.02
)
 
$
(0.01
)
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
 
 
From continuing operations
 
$
1.36

 
$
1.09

 
$
3.52

 
$
2.93

From discontinued operation
 
$
(0.01
)
 
$
(0.00
)
 
$
(0.02
)
 
$
(0.01
)
 
 
 
 
 
 
 
 
 
Amounts attributable to EMCOR Group, Inc. common stockholders:
 
 
 
 
 
 
 
 
Net income from continuing operations attributable to EMCOR Group, Inc.
 
$
79,896

 
$
64,804

 
$
206,573

 
$
174,724

Loss from discontinued operation, net of income taxes
 
(523
)
 
(207
)
 
(1,010
)
 
(729
)
Net income attributable to EMCOR Group, Inc.
 
$
79,373

 
$
64,597

 
$
205,563

 
$
173,995

 
 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 

 
 
 
 
 
 
   Basic
 
58,208,203

 
59,061,768

 
58,422,928

 
59,371,672

   Diluted
 
58,541,310

 
59,419,200

 
58,754,867

 
59,721,185

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.08

 
$
0.08

 
$
0.24

 
$
0.24

 
 
 
 
 
 
 
 
 




emcorlogo0918a10.jpg

EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

 
 
September 30, 2018
(Unaudited)
 
December 31,
2017
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
353,912

 
$
467,430

Accounts receivable, net
 
1,715,462

 
1,607,922

Contract assets
 
168,665

 
122,621

Inventories
 
41,932

 
42,724

Prepaid expenses and other
 
44,221

 
43,812

Total current assets
 
2,324,192

 
2,284,509

Investments, notes and other long-term receivables
 
3,542

 
2,309

Property, plant & equipment, net
 
128,765

 
127,156

Goodwill
 
978,243

 
964,893

Identifiable intangible assets, net
 
471,447

 
495,036

Other assets
 
89,704

 
92,001

Total assets
 
$
3,995,893

 
$
3,965,904

LIABILITIES AND EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Current maturities of long-term debt and capital lease obligations
 
$
15,769

 
$
15,364

Accounts payable
 
529,618

 
567,840

Contract liabilities
 
531,284

 
524,156

Accrued payroll and benefits
 
343,797

 
322,865

Other accrued expenses and liabilities
 
169,100

 
220,727

Total current liabilities
 
1,589,568

 
1,650,952

Borrowings under revolving credit facility
 
25,000

 
25,000

Long-term debt and capital lease obligations
 
258,569

 
269,786

Other long-term obligations
 
343,630

 
346,049

Total liabilities
 
2,216,767

 
2,291,787

Equity:
 
 

 
 

Total EMCOR Group, Inc. stockholders’ equity
 
1,778,228

 
1,673,267

Noncontrolling interests
 
898

 
850

Total equity
 
1,779,126

 
1,674,117

Total liabilities and equity
 
$
3,995,893

 
$
3,965,904












emcorlogo0918a10.jpg

EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2018 and 2017
(In thousands) (Unaudited)

 
 
2018
 
2017
Cash flows - operating activities:
 
 
 
 
Net income including noncontrolling interests
 
$
205,611

 
$
173,995

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
28,685

 
30,235

Amortization of identifiable intangible assets
 
31,482

 
36,320

Provision for doubtful accounts
 
261

 
6,027

Deferred income taxes
 
4,685

 
(5,991
)
Excess tax benefits from share-based compensation
 
(1,065
)
 
(1,565
)
Equity income from unconsolidated entities
 
(247
)
 
(1,132
)
Non-cash expense for impairment of identifiable intangible assets
 
907

 

Non-cash share-based compensation expense
 
8,502

 
7,565

Distributions from unconsolidated entities
 
2,442

 
2,308

Other reconciling items
 
632

 
(2,830
)
Changes in operating assets and liabilities, excluding the effect of businesses acquired
 
(216,003
)
 
(6,609
)
Net cash provided by operating activities
 
65,892

 
238,323

Cash flows - investing activities:
 
 

 
 

Payments for acquisitions of businesses, net of cash acquired
 
(25,710
)
 
(82,724
)
Proceeds from sale of property, plant and equipment
 
915

 
2,125

Purchase of property, plant and equipment
 
(28,674
)
 
(26,113
)
Investments in and advances to unconsolidated entities
 
(3,484
)
 

Distributions from unconsolidated entities
 
82

 

Net cash used in investing activities
 
(56,871
)
 
(106,712
)
Cash flows - financing activities:
 
 

 
 

Repayments of long-term debt and debt issuance costs
 
(11,434
)
 
(11,401
)
Repayments of capital lease obligations
 
(1,050
)
 
(1,079
)
Dividends paid to stockholders
 
(14,036
)
 
(14,266
)
Repurchase of common stock
 
(90,804
)
 
(90,944
)
Taxes paid related to net share settlements of equity awards
 
(3,745
)
 
(3,376
)
Issuance of common stock under employee stock purchase plan
 
4,286

 
3,459

Payments for contingent consideration arrangements
 
(3,300
)
 
(1,017
)
Net cash used in financing activities
 
(120,083
)
 
(118,624
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(1,985
)
 
2,931

(Decrease) increase in cash, cash equivalents and restricted cash
 
(113,047
)
 
15,918

Cash, cash equivalents and restricted cash at beginning of year
 
469,388

 
466,660

Cash, cash equivalents and restricted cash at end of period
 
$
356,341

 
$
482,578











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EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands) (Unaudited)

 
 
For the three months ended September 30,
 
 
2018
 
2017
Revenues from unrelated entities:
 
 
 
 
United States electrical construction and facilities services
 
$
485,974

 
$
457,919

United States mechanical construction and facilities services
 
772,332

 
760,084

United States building services
 
473,701

 
437,107

United States industrial services
 
214,476

 
145,679

Total United States operations
 
1,946,483

 
1,800,789

United Kingdom building services
 
100,566

 
85,902

Total worldwide operations
 
$
2,047,049

 
$
1,886,691

 
 
 
 
 

 
 
For the nine months ended September 30,
 
 
2018
 
2017
Revenues from unrelated entities:
 
 
 
 
United States electrical construction and facilities services
 
$
1,420,268

 
$
1,350,157

United States mechanical construction and facilities services
 
2,211,836

 
2,173,030

United States building services
 
1,389,486

 
1,315,401

United States industrial services
 
566,770

 
591,694

Total United States operations
 
5,588,360

 
5,430,282

United Kingdom building services
 
312,963

 
244,078

Total worldwide operations
 
$
5,901,323

 
$
5,674,360

 
 
 
 
 






















emcorlogo0918a10.jpg


EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands) (Unaudited)

 
 
For the three months ended September 30,
 
 
2018
 
2017
Operating income (loss):
 
 
 
 
United States electrical construction and facilities services
 
$
34,473

 
$
46,583

United States mechanical construction and facilities services
 
58,689

 
57,503

United States building services
 
29,315

 
26,035

United States industrial services
 
8,184

 
(4,844
)
Total United States operations
 
130,661

 
125,277

United Kingdom building services
 
4,457

 
3,445

Corporate administration
 
(23,113
)
 
(22,632
)
Restructuring expenses
 
(229
)
 
(46
)
Total worldwide operations
 
111,776

 
106,044

Other corporate items:
 
 

 
 
Net periodic pension (cost) income
 
615

 
415

Interest expense
 
(3,588
)
 
(3,324
)
Interest income
 
852

 
277

Income from continuing operations before income taxes
 
$
109,655

 
$
103,412

 
 
 
 
 

 
 
For the nine months ended September 30,
 
 
2018
 
2017
Operating income (loss):
 
 
 
 
United States electrical construction and facilities services
 
$
106,309

 
$
109,735

United States mechanical construction and facilities services
 
155,864

 
151,028

United States building services
 
68,822

 
60,537

United States industrial services
 
12,721

 
16,573

Total United States operations
 
343,716

 
337,873

United Kingdom building services
 
12,828

 
7,681

Corporate administration
 
(65,508
)
 
(63,755
)
Restructuring expenses
 
(693
)
 
(954
)
Impairment loss on identifiable intangible assets
 
(907
)
 

Total worldwide operations
 
289,436

 
280,845

Other corporate items:
 
 

 
 
Net periodic pension (cost) income
 
2,069

 
1,209

Interest expense
 
(10,041
)
 
(9,464
)
Interest income
 
2,030

 
607

Income from continuing operations before income taxes
 
$
283,494

 
$
273,197

 
 
 
 
 



emcorlogo0918a10.jpg

EMCOR GROUP, INC.
RECONCILIATION OF 2018 AND 2017 OPERATING INCOME
(In thousands) (Unaudited)

In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 operating income.  The following table provides a reconciliation between 2018 and 2017 operating income based on non-GAAP measures to the most directly comparable GAAP measures.

 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
GAAP operating income
 
$
111,776

 
$
106,044

 
$
289,436

 
$
280,845

Impairment loss on identifiable intangible assets
 

 

 
907

 

Non-GAAP operating income, excluding impairment loss on identifiable intangible assets
 
$
111,776

 
$
106,044

 
$
290,343

 
$
280,845




















































emcorlogo0918a10.jpg

EMCOR GROUP, INC.
RECONCILIATION OF 2018 AND 2017 NET INCOME
(In thousands) (Unaudited)

In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 net income from continuing operations attributable to EMCOR Group, Inc.  The following table provides a reconciliation between 2018 and 2017 net income from continuing operations attributable to EMCOR Group, Inc. based on non-GAAP measures to the most directly comparable GAAP measures.

 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
GAAP net income from continuing operations attributable to EMCOR Group, Inc. (1)
 
$
79,896

 
$
64,804

 
$
206,573

 
$
174,724

Impairment loss on identifiable intangible assets (2)
 

 

 
907

 

Non-GAAP net income from continuing operations attributable to EMCOR Group, Inc., excluding impairment loss on identifiable intangible assets
 
$
79,896

 
$
64,804

 
$
207,480

 
$
174,724


(1)  Amount is income from continuing operations less net income attributable to noncontrolling interest.
(2) Amount excludes de minimus income tax benefit.










































emcorlogo0918a10.jpg

EMCOR GROUP, INC.
RECONCILIATION OF 2018 AND 2017 DILUTED EARNINGS PER SHARE FIGURES
(Unaudited)

In our press release, we provide actual 2018 and 2017 third quarter September 30, 2018 and 2017 diluted earnings per common share from continuing operations.  The following table provides a reconciliation between 2018 and 2017 diluted earnings per common share based on non-GAAP measures to the most directly comparable GAAP measures.

 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
GAAP diluted earnings per common share from continuing operations
 
$
1.36

 
$
1.09

 
$
3.52

 
$
2.93

Impairment loss on identifiable intangible assets (1)
 

 

 
0.02

 

Non-GAAP diluted earnings per common share from continuing operations, excluding impairment loss on identifiable intangible assets
 
$
1.36

 
$
1.09

 
$
3.54

 
$
2.93


(1) Amount excludes de minimus income tax benefit.











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