By Jack Keough
EMCOR Group Inc. has reported revenues of $1.57 billion for the first quarter of 2013, a 1.9 percent increase compared to $1.54 billion in the same quarter of 2012.
For the first quarter of 2013, net income attributable to EMCOR increased 11.1% to $30.2 million, or $0.44 per diluted share, from $27.1 million, or $0.40 per diluted share, in the first quarter of 2012.
EMCOR’s operating income for the first quarter of 2013 increased 11.0% to $51.3 million, or 3.3% of revenues from $46.2 million, or 3.0% of revenues, in the first quarter of 2012.
Tony Guzzi, President and Chief Executive Officer of EMCOR Group, commented, “We had a good start to 2013 as the company realized revenue and backlog growth with expanded margins over a strong year ago performance in an environment that remains uncertain and challenging. The benefit of our balance across multiple market sectors and disciplines was clear in the quarter.
“Our strong results were driven primarily by excellent execution in our facilities services business, particularly in turnaround and maintenance services for our industrial clients, as well as by improvements in our mechanical services and commercial site-based services,” he said.
“Our domestic construction operations had a slow start to the year and in the UK, we continued to make progress on refocusing our operations to the facilities services market while downsizing our presence in the construction sector.”
Guzzi said that the company’s first quarter results are in-line with its expectations, and he remains confident about EMCOR’s prospects for the remainder of 2013.
“We expect strong performance from our facilities services segment and our domestic construction businesses should follow a seasonal pattern, as performance builds during the year and we take advantage of specific project opportunities as they arise and remain focused on strong project execution. Overall, visibility remains somewhat limited, as corporate and government budgets remain unclear.”
EMCOR Group, Inc. is a Fortune 500 company and global leader in mechanical and electrical construction, energy infrastructure, LEED construction, design/build, life safety, and facilities services.
Jack Keough was the editor of Industrial Distribution magazine for more than 26 years. He often speaks at many industry events and seminars. He can be reached at email@example.com or firstname.lastname@example.orgTagged with tED