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EMCOR Group, Inc. (NYSE: EME) is a distinguished Fortune 500 company with estimated 2017 revenues of around $7.6 billion. As a leader in mechanical and electrical construction, industrial and energy infrastructure, and building services, EMCOR is at the forefront of providing critical infrastructure systems. The company breathes life into new structures and sustains existing ones by expertly planning, installing, operating, maintaining, and protecting the sophisticated systems that create functional and efficient facility environments.
These systems include electrical, mechanical, lighting, air conditioning, heating, security, fire protection, and power generation systems. EMCOR's extensive reach spans virtually every sector of the economy, catering to a diverse range of businesses, organizations, and government entities.
With a unique blend of broad reach and local execution, EMCOR combines the strength of an industry leader with the local knowledge and care offered by its 170 locations. The company's approximately 33,000 skilled employees play a crucial role in delivering top-notch services, making EMCOR a top choice in its industry as recognized by leading business publications.
EMCOR's services are provided through about 100 operating subsidiaries, organized into key reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, United States industrial services, and United Kingdom building services. While a majority of the revenue is generated from the United States, EMCOR maintains a significant presence in the United Kingdom as well.
EMCOR Group (NYSE: EME) reported record second quarter 2024 results, with revenues of $3.67 billion, up 20.4% year-over-year. Net income rose to $247.6 million, or $5.25 per diluted share, a 78.0% increase from Q2 2023. The company's remaining performance obligations reached $9.0 billion, up 8.6% year-over-year. EMCOR increased its 2024 revenue guidance to $14.5-$15.0 billion and diluted EPS guidance to $19.00-$20.00. Strong performance was noted across segments, particularly in Mechanical and Electrical Construction. The company's CEO, Tony Guzzi, expressed confidence in EMCOR's trajectory, citing high demand for specialty contracting services and a robust pipeline.
EMCOR Group (NYSE: EME) has announced the release date for its financial results for the second quarter of 2024. The results, covering the period ending June 30, 2024, will be published on Thursday, July 25, 2024, before the market opens.
Following the release, the company will host an earnings conference call and webcast at 10:30 am EDT on the same day. The call will feature Tony Guzzi, Chairman and CEO, Jason Nalbandian, CFO, and Andy Backman, VP of Investor Relations.
Interested parties can access the webcast via EMCOR's website, with a replay available two hours post-call and accessible until August 25, 2024.
EMCOR Group (NYSE: EME) has announced a regular quarterly cash dividend of $0.25 per common share. This dividend will be paid on July 30, 2024, to stockholders of record as of July 15, 2024. EMCOR is recognized as a Fortune 500 leader in mechanical and electrical construction services, as well as industrial and energy infrastructure and building services. For more information, visit their website at www.emcorgroup.com.
EMCOR Group (NYSE: EME) has announced a $500 million increase in its share repurchase program, reflecting the company's confidence in its financial health and commitment to returning value to shareholders.
The authorization allows the company to buy back shares on the open market or through private transactions, depending on market conditions and regulatory requirements. There is no expiration date for the program, and it can be adjusted as needed.
CEO Tony Guzzi emphasized the company's strong free cash flow and financial position, along with its strategy to balance organic growth, strategic acquisitions, and shareholder returns.
EMCOR Group (NYSE: EME) has announced its participation in two upcoming investor conferences. Tony Guzzi, Chairman, President, and CEO; Jason Nalbandian, SVP and CFO; and Andy Backman, VP, Investor Relations, will host one-on-one meetings at the KeyBanc Industrials & Basic Materials Conference on May 29, 2024, and the Stifel 2024 Cross Sector Insight Conference on June 4, 2024. Both events will take place in Boston, Massachusetts. Interested investors should contact their respective representatives to schedule meetings. The latest investor presentation will be accessible on EMCOR’s website prior to these events.
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