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Emcor Group 3Q profit falls, but beats views
Emcor Group 3Q profit drops but beats views, boosts full-year earnings forecast
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| Symbol | Price | Change |
|---|---|---|
| EME | 27.41 | 0.00 |
NORWALK, Conn. (AP) -- Emcor Group Inc. said Thursday that restructuring charges squeezed its profit in the third quarter as contract backlog and revenue declined.
The mechanical and electrical construction services provider earned $40 million, or 59 cents per share, for the three months ended Sept. 30. That's down 18 percent from $48.6 million, or 72 cents per share, during the same period a year earlier.
Still, the results beat the 52 cents-per-share forecast of analysts polled by Thomson Reuters. Analysts' estimates normally exclude one-time items.
The latest results included restructuring charges of $90,000.
Revenue dropped 20 percent to $1.37 billion from $1.72 billion, which fell short of Wall Street's $1.4 billion estimate.
Contract backlog slipped to $3.39 billion from $4.42 billion on fewer contracts in the lodging, gaming and commercial sectors.
But Chairman and CEO Frank MacInnis said in a statement that the company's backlog decline has slowed, with results helped by strong bookings in the health care and institutional sectors.
Emcor raised its full-year earnings outlook to a range of $2.20 to $2.35 per share from a prior forecast of $2 to $2.20 per share. It anticipates 2009 revenue of $5.5 billion to $5.6 billion, compared with a previous guidance for revenue between $5.5 billion and $5.7 billion.
Analysts expect a profit of $2.17 per share on revenue of $5.6 billion for the year.
Shares of Emcor Group gained $2.18, or 9.8 percent, to $24.50 in afternoon trading. Over the past year, the stock has traded in a range of $11.17 to $26.38.
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