Company Announcements

EMCOR Group, Inc. Reports Second Quarter 2020 Results

- Second Quarter Revenues of $2.01 Billion, 13.3% Decrease Year-over-Year -
- Second Quarter Diluted Loss Per Share of $(1.52), Non-GAAP Diluted EPS of $1.44 -
- Record Second Quarter Operating Cash Flow of $355.6 Million -
- Total Remaining Performance Obligations of $4.59 Billion, 8.6% Increase Year-over-Year -
- Reintroduces 2020 Revenue and Diluted EPS Guidance Range -

NORWALK, Conn.--(BUSINESS WIRE)--Aug. 3, 2020-- EMCOR Group, Inc. (NYSE:EME) today reported results for the second quarter ended June 30, 2020.

For the second quarter of 2020, we reported a net loss of $83.7 million, or $(1.52) per diluted share, compared to net income of $84.0 million, or $1.49 per diluted share, for the second quarter of 2019. The net loss for the second quarter of 2020 included after-tax goodwill, identifiable intangible asset, and other long-lived asset impairment charges, primarily related to our U.S. Industrial Services segment. Excluding these impairment charges, non-GAAP net income for the second quarter of 2020 was $79.2 million, or $1.44 per diluted share. Revenues for the second quarter of 2020 totaled $2.01 billion, a decrease of 13.3%, compared to $2.32 billion for the second quarter of 2019.

We reported an operating loss for the second quarter of 2020 of $122.6 million, representing an operating margin of (6.1)%, which included pre-tax impairment charges of $232.8 million, compared to operating income of $120.0 million, representing an operating margin of 5.2%, for the second quarter of 2019. Excluding such pre-tax impairment charges, non-GAAP operating income for the second quarter of 2020 was $110.1 million, representing a non-GAAP operating margin of 5.5%.

Selling, general and administrative expenses for the second quarter of 2020 totaled $205.2 million, or 10.2% of revenues, representing a decrease of $21.1 million compared to selling, general and administrative expenses of $226.2 million, or 9.7% of revenues, for the second quarter of 2019.

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

The Company's income tax rate for the second quarter of 2020 was (32.5)%, which compares to an income tax rate of 28.3% for the second quarter of 2019.

Remaining performance obligations as of June 30, 2020 were $4.59 billion compared to $4.23 billion as of June 30, 2019. Total U.S. remaining performance obligations grew approximately $346 million year-over-year.

Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “We demonstrated excellent execution during these unprecedented times, and our second quarter performance reflects the rapid and decisive implementation of our contingency plans. Despite year-over-year revenue declines across each of our segments, we delivered non-GAAP operating income of $110.1 million and a strong non-GAAP operating margin of 5.5%, underscoring our ability to perform in almost any environment as well as our diligent cost control. Our efforts drove record operating cash flow generation of $276.7 million in the first six months of 2020, which represents an increase of over $300 million compared to the same period in 2019. Even as we and our customers navigate the uncertainty surrounding the COVID-19 pandemic and its impact on the economy, our remaining performance obligations continue to grow, up 8.6% year-over-year and 3.8% sequentially, demonstrating the resiliency of our business and the underlying demand for our services in the marketplace.”

Mr. Guzzi added, “Our U.S. Construction segments continue to anchor our performance, with operating income growth of 1.4% year-over-year and a robust operating margin of 8.0%, up 100 basis points year-over-year. This was primarily driven by our U.S. Mechanical Construction segment, which posted operating income growth of 24.1% year-over-year and an impressive operating margin of 8.5%, up 190 basis points year-over-year. Additionally, our U.S. Electrical Construction segment delivered a healthy operating margin of 7.2% despite the significant impact of mandated shutdowns on our revenues in the quarter. Led by our mobile mechanical and government services businesses, our U.S. Building Services segment reported an operating margin of 5.6%, up 30 basis points year-over-year. During the second quarter, we recorded a significant impairment charge primarily related to our U.S. Industrial Services segment, which is operating in a challenging environment as its customers grapple with the dual impacts of the COVID-19 pandemic and ongoing volatility in the oil and gas market. We will continue to leverage our leadership position and take advantage of available opportunities. However, we do not anticipate much improvement in this segment through the remainder of the year. Lastly, our U.K. Building Services segment generated an operating margin of 5.7%, up 80 basis points year-over-year, as it continues to execute well across its diversified customer base.”

Revenues for the first six months of 2020 totaled $4.31 billion, a decrease of 3.8%, compared to $4.48 billion for the first six months of 2019. We reported a net loss for the first six months of 2020 of $8.0 million, or $(0.14) per diluted share, compared to net income of $156.4 million, or $2.77 per diluted share, for the first six months of 2019. Excluding the impact of the previously referenced impairment charges recorded in the second quarter of 2020, non-GAAP net income for the first six months of 2020 was $154.9 million, or $2.78 per diluted share.

For the first six months of 2020, we reported an operating loss of $16.6 million, representing an operating margin of (0.4)%, compared to operating income of $222.3 million, representing an operating margin of 5.0%, for the first six months of 2019. Excluding the previously referenced $232.8 million non-cash impairment charge recorded in the second quarter, non-GAAP operating income for the first six months of 2020 was $216.1 million, representing a non-GAAP operating margin of 5.0%. SG&A totaled $432.2 million, or 10.0% of revenues, for the first six months of 2020 compared to $432.4 million, or 9.6% of revenues, for the first six months of 2019.

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

Based on year-to-date performance, current operating conditions and visibility into the remainder of the year, EMCOR expects full-year 2020 revenues to be between $8.6 billion and $8.7 billion, and full-year 2020 non-GAAP diluted earnings per share in the range of $5.00 to $5.50.

Mr. Guzzi concluded, “I would like to thank the entire EMCOR team for their hard work as we navigate the impacts of COVID-19 and continue to safely and effectively serve our customers in this environment. During the quarter, we remained focused on the elements of our business in our control, protecting the health and safety of our employees, and adjusting our operations as necessary in a disciplined and process-oriented manner. Our guidance for the remainder of the year is contingent on the environment remaining relatively consistent to where we stand today, as well as no widespread shutdowns, such as those that we experienced earlier this year. Our growing remaining performance obligations, combined with the actions we’ve taken to improve productivity and streamline our operations, as well as our solid financial position, will allow us to deliver value for our shareholders during this crisis and beyond.”

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 routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.

EMCOR Group's second quarter conference call will be available live via internet broadcast today, Monday, August 3, at 10:30 AM Eastern Daylight 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. Any such comments speak only as of August 3, 2020 and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, the nature and impact of our remaining performance obligations, our ability to pursue acquisitions, our ability to return capital to shareholders, market opportunities, market growth and customer trends. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements are no guarantee of future performance. Such risks 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, mix of business, the impact of the 2020 ransomware attack, and the impact of the COVID-19 pandemic on our revenue and operations, including employees, construction activity, and facilities utilization, and the risk factors associated with EMCOR’s business discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2019 Form 10-K, in Part II, Item 1A “Risk Factors,” of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, 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.

Non-GAAP Measures:

This release also includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. 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 on-going 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.

In addition, forecast non-GAAP diluted earnings per share for full-year 2020 is a forward-looking non-GAAP financial measure. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP on a forward-looking basis because it is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items such as impairment charges that impact comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

EMCOR GROUP, INC.

FINANCIAL HIGHLIGHTS

(In thousands, except share and per share information)

(Unaudited)

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

For the three months ended
June 30,

 

For the six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

Revenues

 

$

2,014,021

 

 

$

2,324,202

 

 

$

4,313,853

 

 

$

4,482,930

 

Cost of sales

 

1,698,735

 

 

1,977,822

 

 

3,665,506

 

 

3,827,796

 

Gross profit

 

315,286

 

 

346,380

 

 

648,347

 

 

655,134

 

Selling, general and administrative expenses

 

205,174

 

 

226,248

 

 

432,171

 

 

432,417

 

Restructuring expenses

 

 

 

173

 

 

69

 

 

448

 

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

232,750

 

 

 

 

232,750

 

 

 

Operating (loss) income

 

(122,638

)

 

119,959

 

 

(16,643

)

 

222,269

 

Net periodic pension (cost) income

 

718

 

 

400

 

 

1,460

 

 

806

 

Interest expense, net

 

(2,110

)

 

(3,231

)

 

(4,598

)

 

(6,054

)

(Loss) income before income taxes

 

(124,030

)

 

117,128

 

 

(19,781

)

 

217,021

 

Income tax (benefit) provision

 

(40,341

)

 

33,156

 

 

(11,757

)

 

60,639

 

Net (loss) income

 

$

(83,689

)

 

$

83,972

 

 

$

(8,024

)

 

$

156,382

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per common share

 

$

(1.52

)

 

$

1.49

 

 

$

(0.14

)

 

$

2.78

 

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per common share

 

$

(1.52

)

 

$

1.49

 

 

$

(0.14

)

 

$

2.77

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

Basic

 

54,937,038

 

 

56,181,864

 

 

55,467,799

 

 

56,175,219

 

Diluted

 

54,937,038

 

 

56,499,514

 

 

55,467,799

 

 

56,461,977

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.08

 

 

$

0.08

 

 

$

0.16

 

 

$

0.16

 

 

 

 

 

 

 

 

 

 

EMCOR GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

June 30, 2020
(Unaudited)

 

December 31,
2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

481,391

 

 

$

358,818

 

Accounts receivable, net

 

1,936,442

 

 

2,030,813

 

Contract assets

 

171,389

 

 

177,830

 

Inventories

 

40,590

 

 

40,446

 

Prepaid expenses and other

 

49,268

 

 

51,976

 

Total current assets

 

2,679,080

 

 

2,659,883

 

Property, plant and equipment, net

 

158,453

 

 

156,187

 

Operating lease right-of-use assets

 

240,659

 

 

245,471

 

Goodwill

 

839,772

 

 

1,063,911

 

Identifiable intangible assets, net

 

576,540

 

 

611,444

 

Other assets

 

95,919

 

 

93,462

 

Total assets

 

$

4,590,423

 

 

$

4,830,358

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Current maturities of long-term debt and finance lease liabilities

 

$

10,234

 

 

$

18,092

 

Accounts payable

 

563,128

 

 

665,402

 

Contract liabilities

 

655,298

 

 

623,642

 

Accrued payroll and benefits

 

317,783

 

 

382,573

 

Other accrued expenses and liabilities

 

209,064

 

 

195,757

 

Operating lease liabilities, current

 

52,705

 

 

53,144

 

Total current liabilities

 

1,808,212

 

 

1,938,610

 

Borrowings under revolving credit facility

 

 

 

50,000

 

Long-term debt and finance lease liabilities

 

294,126

 

 

244,139

 

Operating lease liabilities, long-term

 

204,361

 

 

204,950

 

Other long-term obligations

 

339,526

 

 

334,879

 

Total liabilities

 

2,646,225

 

 

2,772,578

 

Equity:

 

 

 

 

Total EMCOR Group, Inc. stockholders’ equity

 

1,943,622

 

 

2,057,134

 

Noncontrolling interests

 

576

 

 

646

 

Total equity

 

1,944,198

 

 

2,057,780

 

Total liabilities and equity

 

$

4,590,423

 

 

$

4,830,358

 

EMCOR GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2020 and 2019

(In thousands) (Unaudited)

 

 

 

2020

 

2019

Cash flows - operating activities:

 

 

 

 

Net (loss) income

 

$

(8,024

)

 

$

156,382

 

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

23,220

 

 

21,391

 

Amortization of identifiable intangible assets

 

29,404

 

 

23,169

 

Provision for credit losses

 

4,957

 

 

851

 

Deferred income taxes

 

(19,942

)

 

(920

)

Excess tax benefits from share-based compensation

 

(196

)

 

(593

)

Non-cash expense for impairment of goodwill, identifiable intangible assets, and other long-lived assets

 

232,750

 

 

 

Non-cash share-based compensation expense

 

5,960

 

 

6,225

 

Other reconciling items

 

1,064

 

 

3,020

 

Changes in operating assets and liabilities, excluding the effect of businesses acquired

 

7,550

 

 

(251,723

)

Net cash provided by (used in) operating activities

 

276,743

 

 

(42,198

)

Cash flows - investing activities:

 

 

 

 

Payments for acquisitions of businesses, net of cash acquired

 

(3,194

)

 

(63,991

)

Proceeds from sale or disposal of property, plant and equipment

 

824

 

 

1,326

 

Purchase of property, plant and equipment

 

(25,951

)

 

(22,455

)

Investments in and advances to unconsolidated entities

 

 

 

(794

)

Distributions from unconsolidated entities

 

 

 

84

 

Net cash used in investing activities

 

(28,321

)

 

(85,830

)

Cash flows - financing activities:

 

 

 

 

Proceeds from revolving credit facility

 

200,000

 

 

 

Repayments of revolving credit facility

 

(250,000

)

 

 

Proceeds from long-term debt

 

300,000

 

 

 

Repayments of long-term debt and debt issuance costs

 

(257,549

)

 

(7,601

)

Repayments of finance lease liabilities

 

(2,354

)

 

(2,151

)

Dividends paid to stockholders

 

(8,888

)

 

(8,967

)

Repurchase of common stock

 

(99,048

)

 

 

Taxes paid related to net share settlements of equity awards

 

(2,550

)

 

(3,735

)

Issuance of common stock under employee stock purchase plan

 

3,228

 

 

2,969

 

Payments for contingent consideration arrangements

 

(4,070

)

 

(2,508

)

Distributions to noncontrolling interests

 

(70

)

 

(250

)

Net cash used in financing activities

 

(121,301

)

 

(22,243

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(4,701

)

 

(175

)

Increase (decrease) in cash, cash equivalents, and restricted cash

 

122,420

 

 

(150,446

)

Cash, cash equivalents, and restricted cash at beginning of year (1)

 

359,920

 

 

366,214

 

Cash, cash equivalents, and restricted cash at end of period (2)

 

$

482,340

 

 

$

215,768

 

(1)

 

Includes $1.1 million and $2.3 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2019 and 2018, respectively.

(2)

 

Includes $0.9 million and $2.4 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of June 30, 2020 and 2019, respectively.

EMCOR GROUP, INC.

SEGMENT INFORMATION

(In thousands) (Unaudited)

 

 

 

For the three months ended
June 30,

 

 

2020

 

2019

Revenues from unrelated entities:

 

 

 

 

United States electrical construction and facilities services

 

$

445,881

 

 

$

569,402

 

United States mechanical construction and facilities services

 

790,441

 

 

823,086

 

United States building services

 

472,416

 

 

523,698

 

United States industrial services

 

212,166

 

 

295,460

 

Total United States operations

 

1,920,904

 

 

2,211,646

 

United Kingdom building services

 

93,117

 

 

112,556

 

Total worldwide operations

 

$

2,014,021

 

 

$

2,324,202

 

 

 

 

 

 

 

 

For the six months ended
June 30,

 

 

2020

 

2019

Revenues from unrelated entities:

 

 

 

 

United States electrical construction and facilities services

 

$

971,110

 

 

$

1,097,472

 

United States mechanical construction and facilities services

 

1,624,553

 

 

1,575,495

 

United States building services

 

990,499

 

 

1,035,777

 

United States industrial services

 

522,197

 

 

554,105

 

Total United States operations

 

4,108,359

 

 

4,262,849

 

United Kingdom building services

 

205,494

 

 

220,081

 

Total worldwide operations

 

$

4,313,853

 

 

$

4,482,930

 

 

 

 

 

 

EMCOR GROUP, INC.

SEGMENT INFORMATION

(In thousands) (Unaudited)

 

 

 

For the three months ended
June 30,

 

 

2020

 

2019

Operating income (loss):

 

 

 

 

United States electrical construction and facilities services

 

$

32,184

 

 

$

43,799

 

United States mechanical construction and facilities services

 

 

66,937

 

 

 

53,954

 

United States building services

 

 

26,378

 

 

 

28,001

 

United States industrial services

 

 

2,961

 

 

 

16,012

 

Total United States operations

 

 

128,460

 

 

 

141,766

 

United Kingdom building services

 

 

5,351

 

 

 

5,476

 

Corporate administration

 

 

(23,699

)

 

 

(27,110

)

Restructuring expenses

 

 

 

 

 

(173

)

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

 

(232,750

)

 

 

 

Total worldwide operations

 

 

(122,638

)

 

 

119,959

 

Other corporate items:

 

 

 

 

Net periodic pension (cost) income

 

 

718

 

 

 

400

 

Interest expense, net

 

 

(2,110

)

 

 

(3,231

)

(Loss) income before income taxes

 

$

(124,030

)

 

$

117,128

 

 

 

 

 

 

 

 

 

 

For the six months ended
June 30,

 

 

2020

 

2019

Operating income (loss):

 

 

 

 

United States electrical construction and facilities services

 

$

76,087

 

 

$

86,750

 

United States mechanical construction and facilities services

 

 

112,108

 

 

 

94,939

 

United States building services

 

 

47,216

 

 

 

55,484

 

United States industrial services

 

 

15,218

 

 

 

25,648

 

Total United States operations

 

 

250,629

 

 

 

262,821

 

United Kingdom building services

 

 

11,115

 

 

 

9,617

 

Corporate administration

 

 

(45,568

)

 

 

(49,721

)

Restructuring expenses

 

 

(69

)

 

 

(448

)

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

 

(232,750

)

 

 

 

Total worldwide operations

 

 

(16,643

)

 

 

222,269

 

Other corporate items:

 

 

 

 

Net periodic pension (cost) income

 

 

1,460

 

 

 

806

 

Interest expense, net

 

 

(4,598

)

 

 

(6,054

)

(Loss) income before income taxes

 

$

(19,781

)

 

$

217,021

 

EMCOR GROUP, INC.
RECONCILIATION OF 2020 AND 2019 NON-GAAP OPERATING INCOME AND NON-GAAP OPERATING MARGIN
(In thousands) (Unaudited)

In our press release, we provide non-GAAP operating income and non-GAAP operating margin for the three and six months ended June 30, 2020 and 2019. The following table provides a reconciliation between operating income and operating margin determined on a non-GAAP basis to the most directly comparable GAAP measures for such periods.

 

 

For the three months ended
June 30,

 

For the six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

GAAP operating (loss) income

 

$

(122,638

)

 

$

119,959

 

 

$

(16,643

)

 

$

222,269

 

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

 

232,750

 

 

 

 

 

 

232,750

 

 

 

 

Non-GAAP operating income, excluding impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

$

110,112

 

 

$

119,959

 

 

$

216,107

 

 

$

222,269

 

       
       

 

 

For the three months ended
June 30,

 

For the six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

GAAP operating margin

 

 

(6.1

)%

 

 

5.2

%

 

 

(0.4

)%

 

 

5.0

%

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

 

11.6

%

 

 

%

 

 

5.4

%

 

 

%

Non-GAAP operating margin, excluding impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

 

5.5

%

 

 

5.2

%

 

 

5.0

%

 

 

5.0

%

EMCOR GROUP, INC.
RECONCILIATION OF 2020 AND 2019 NON-GAAP NET INCOME
(In thousands) (Unaudited)

In our press release, we provide non-GAAP net income for the three and six months ended June 30, 2020 and 2019. The following table provides a reconciliation between net income determined on a non-GAAP basis to the most directly comparable GAAP measure for such periods.

 

 

For the three months ended
June 30,

 

For the six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

GAAP net (loss) income

 

$

(83,689

)

 

$

83,972

 

 

$

(8,024

)

 

$

156,382

 

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets (1)

 

162,885

 

 

 

 

162,885

 

 

 

Non-GAAP net income, excluding impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

$

79,196

 

 

$

83,972

 

 

$

154,861

 

 

$

156,382

 

(1)

 

Amount is net of tax effect of $69.9 million in the 2020 quarter and year-to-date periods.

EMCOR GROUP, INC.
RECONCILIATION OF 2020 AND 2019 NON-GAAP DILUTED EARNINGS PER SHARE
(In thousands) (Unaudited)

In our press release, we provide non-GAAP diluted earnings per common share for the three and six months ended June 30, 2020 and 2019. The following table provides a reconciliation between diluted earnings per common share determined on a non-GAAP basis to the most directly comparable GAAP measure for such periods.

 

 

For the three months ended
June 30,

 

For the six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

GAAP diluted (loss) earnings per common share

 

$

(1.52

)

 

$

1.49

 

 

$

(0.14

)

 

$

2.77

 

Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets (1)

 

2.95

 

 

 

 

2.93

 

 

 

Non-GAAP diluted earnings per common share, excluding impairment loss on goodwill, identifiable intangible assets, and other long-lived assets

 

$

1.44

 

 

$

1.49

 

 

$

2.78

 

 

$

2.77

 

(1)

 

Amount is net of tax effect of $69.9 million in the 2020 quarter and year-to-date periods.

 

EMCOR GROUP, INC.
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938

FTI Consulting, Inc.
Investors: Jamie Baird
(212) 850-5659

Source: EMCOR Group, Inc.

EMCOR GROUP, INC.
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938

FTI Consulting, Inc.
Investors: Jamie Baird
(212) 850-5659