EMCOR Group, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • EMCOR delivered record results in 2021, achieving the highest annual revenue, operating income, and EPS in company history.
  • Full-year revenues were 9.9 billion dollars, up 12.6 percent from 2020. Organic growth accounted for 10.3 percent.
  • Diluted EPS was 7.06 dollars, up 10.3 percent from adjusted 2020 EPS of 6.40 dollars.
  • Remaining Performance Obligations reached 5.6 billion dollars, up 22 percent from 2020, signaling strong future demand.
  • Management provided 2022 guidance of 10.4 to 10.7 billion dollars in revenue and 7.15 to 7.85 dollars EPS.

Key Financial Highlights (Year-over-Year)

  • Revenue: 9.9 billion dollars, up from 8.8 billion (12.6 percent increase).
  • Operating income: 530.8 million dollars, a substantial improvement from 2020 (GAAP and adjusted).
  • Operating cash flow: 319 million dollars, down from 2020 due to working capital growth, increased activity, and tax payment timing.
  • Debt-to-capitalization improved to 10.4 percent from 11.9 percent in 2020.
  • Completed 8 acquisitions in 2021, totaling more than 118 million dollars.

Fourth Quarter 2021 Highlights

  • Revenue: 2.64 billion dollars, up 15.7 percent versus Q4 2020.
  • Organic revenue growth: 13 percent.
  • Operating income: 143 million dollars, a record quarter (though margin declined from 6.0 percent to 5.4 percent due to mix).

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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 Fourth Quarter and Full Year 2021 Earnings Call. [Operator Instructions]. Mr. Brad Newman with FTI Consulting, you 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 fourth quarter and full year 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, and good morning, everyone. As always, thank you for your interest in EMCOR, and welcome to our earnings conference call for the fourth quarter and full year of 2021. For those of you who are accessing the call via the Internet and our website, welcome to you as well. And 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 discussion contains forward-looking statements and may contain 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 shows the executives who are with me to discuss the quarter and

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