EMCOR said revenues for the quarter ended March 31, 2024 rose to $3.43 billion, up 18.7% from $2.89 billion a year earlier. Operating income was $260.0 million, or 7.6% of revenues, compared with $154.9 million, or 5.4%, a year earlier.

1. 01

   EMCOR said revenues for the quarter ended March 31, 2024 rose to $3.43 billion, up 18.7% from $2.89 billion a year earlier. Operating income was $260.0 million, or 7.6% of revenues, compared with $154.9 million, or 5.4%, a year earlier.

2. 02

   The company said that for Q1 2024, operating income for its United States electrical construction and facilities services segment was $91.6 million, or 12.0% of revenues, and operating income for its United States mechanical construction and facilities services segment was $150.7 million, or 10.6%. The comparable prior-year amounts were $40.5 million, or 6.3%, and $86.2 million, or 8.0%, respectively.

3. 03

   The company said that for Q1 2024, operating income for its United States building services segment was $33.5 million, or 4.3% of revenues, down from $37.7 million, or 5.2%, a year earlier. It also said that a reserve of $11.0 million taken for a specific customer bankruptcy reduced this segment's operating margin by 140 basis points.

4. 04

   The company said that as of March 31, 2024, it had cash and cash equivalents, excluding restricted cash, of $841.0 million, and that $1.21 billion of its $1.30 billion revolving credit facility was available. Net cash provided by operating activities was approximately $132.3 million for Q1 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$3.4B

Operating income

$260M

Net income

$197M

EPS

$4.17

Gross profit

$589M

Operating cash flow

$132M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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