EMCOR Group, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2022 revenue reached 2.59 billion dollars, up 12.5 percent from 2021’s first quarter and setting a new Q1 record. Organic revenue growth excluding acquisitions was 10.4 percent.
  • Diluted EPS was 1.39 dollars, down from 1.54 dollars in Q1 2021, but was still EMCOR’s second‑highest Q1 EPS ever. Net income declined approximately 13 percent year over year, partly offset by share repurchases.
  • Operating income came in at 100 million dollars (3.9 percent margin), compared to 117 million dollars (5.1 percent margin) a year ago. Declines were driven by supply chain delays, labor productivity challenges, material cost inflation, and fuel cost pressures.
  • Record remaining performance obligations (RPOs) reached 5.95 billion dollars, up 25 percent year over year and 354 million dollars sequentially. Organic RPO growth was 21 percent.

Key Business Conditions

  • Management reiterated that Q1 took place amid what they described as one of the toughest operating environments in decades due to supply chain delays, incomplete shipments, rising energy costs, Omicron-related labor absences, and Ukraine-related material disruptions.

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Operator: Good morning. My name is Grace, and I'll be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group First Quarter 2022 Earnings Call. [Operator Instructions]. Mr. Brad Newman with FTI Consulting, you may begin. Brad Newman: Thank you, Grace, and good morning, everyone. Welcome to the EMCOR Group conference call. We are here today to discuss the company's 2022 first quarter results, which were reported this morning. I would like to turn the call over to Kevin Matz, Executive Vice President of Shared Services, who will introduce management. Kevin, please go ahead. Kevin Matz: Thanks, Brad, and good morning, everyone. Can you even believe it's May and almost Mother's Day. As always, thank you for your interest in EMCOR, and welcome to our earnings conference call for the first quarter of 2022. For those of you who are accessing the call via the Internet and our website, welcome to you as well. We hope you have arrived at the beginning of our slide presentation that will accompany our remarks today. We are on Slide 2. This presentation and certain discussions contain forward-looking statements that may include certain non-GAAP financial information. Page 2 describes in detail the forward-looking statements and the non-GAAP financial information disclosures. I encourage everyone to review both disclosures in conjunction with our discussion and accompanying slides. Slide 3 depicts the executives who are with me to discuss the qua

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