EMCOR Subsidiary Wins Contract

Zacks

EMCOR Group Inc.’s (EME) subsidiary Poole & Kent Company recently received a contract to install a reverse osmosis water treatment plant in Clearwater, FL. The financial terms of the deal were not disclosed.  

Poole and Kent Corporation, a wholly-owned subsidiary of EMCOR, is one of the leading mechanical contractors in the eastern U.S. In addition to its role as a commercial mechanical contractor, Poole and Kent also operates as a prime mechanical contractor and general contractor on various projects. The company’s primary clients include the U.S. Navy, National Institutes of Health and IBM (IBM).

As per the terms of the contract, Poole & Kent will primarily be responsible for the construction of a 6.5 million gallon per day reverse osmosis membrane water treatment facility. This facility will also include ozone treatment system and iron treatment system, which will transform brackish water into drinking water.

The contract also includes chemical storage and feed systems, groundwater storage tank, concentrate storage tank, pumping systems, emergency generator system and new building additions, as well as installation of all instrumentation, controls, HVAC, electrical, and plumbing systems.

In May 2013, Dynalectric Company, another subsidiary of EMCOR, had received a contract for the installation of electrical systems at the Georgia Gwinnett College.  

With revenues of approximately $6.3 billion, EMCOR Group is a leader in mechanical and electrical construction, energy infrastructure, and facilities services. In the recently reported quarter, the company reported 1.9% year-over-year revenue growth and earnings beat the Zacks Consensus Estimate by 2.27%. In addition, sequential backlog improvements, organic revenue growth and strong profitability amid challenging market conditions are the growth drivers for this stock.

With all these positives, Emcor looks promising in the long run. Emcor currently has a Zacks Rank #3 (Hold). Other sector participants worth considering at the moment include Primoris Services Corp (PRIM) and Orion Marine Group (ORN). Both carry a Zacks Rank #2 (Buy).

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