EMCOR Group, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • EMCOR reported a strong Q3 2021, delivering record revenues and solid profitability despite substantial supply‑chain, labor, and COVID‑related challenges.
  • Results compared against a difficult Q3 2020 comp, when the company benefited from rapid reopening activity, abundant materials, and lower operating costs following early‑pandemic reductions.

Key Financial Highlights (Q3 2021 vs. Q3 2020)

  • Revenue: $2.52B, up 14.5%. Organic growth was 12.2%.
  • EPS (diluted): $1.85 vs. adjusted $1.76 last year, a 5.1% increase.
  • Operating Income: $137.4M, up slightly from $135.9M last year, although operating margin decreased to 5.4% from 6.2% due to less favorable mix and supply chain headwinds.
  • RPO (Remaining Performance Obligations): $5.38B, up 18.7% year‑over‑year (15.6% organic), a record level.
  • Operating Cash Flow: $121M for Q3; $114M year‑to‑date, lower than 2020 due to working capital needs driven by revenue growth.

Segment Performance

U.S. Electrical Construction

  • Revenue: $527.9M, up 11.8% (5.6% organic).
  • Operating Margin: 8.3% vs. 9.7% in Q3 2020, partly due to last year’s favorable project closeouts (+$4.4M).

U.S. Mechanical Construction

  • Revenue: $999.6M, up 12.1%, marking a new segment revenue record.

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Operator: Good morning. My name is Jerome, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group Third Quarter 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Mr. Brad Newman with FTI Consulting he may begin. Brad Newman: Thank you, Jerome and good morning everyone. Welcome to the EMCOR Group Conference Call. We are here today to discuss the Company's 2021 third 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: Thank you, Brad. Good morning, everyone. And Happy Halloween. As always, thank you for your interest in EMCOR. And welcome to our earnings conference call for the third quarter of 2021. For those of you who are accessing the call via the internet on our website, welcome to you as well. As you have arrived at the beginning of our slide presentation that will accompany our remarks today. We are on slide two. The presentation and discussion contains forward-looking statements and may contain certain non-GAAP financial information. Page two describes in detail the forward-looking statements and the non-GAAP financial information disclosures. I encourage everyone to review both the disclosures, both disclosures in conjunc

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