EMCOR Group, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Despite COVID-19 disruptions, EMCOR delivered strong results in 2020, driven by diversified end markets and disciplined execution.
  • Full-year revenue reached $8.8 billion, down 4.1% from 2019, but the company set records in adjusted EPS ($6.40), operating income ($490M), operating margin (5.6%), and operating cash flow ($806M).
  • Remaining performance obligations (RPOs) ended at an all-time high of $4.6 billion, up 13.8% from 2019.

Q4 2020 Performance

  • Revenue: $2.3 billion, down 5.1% year-over-year (or 7.4% organically).
  • Operating income: $137.6M, up 12% from Q4 2019.
  • Operating margin: 6.0%, up from 5.1% in Q4 2019.
  • Adjusted EPS: $1.86 (up 21% from $1.54 after adjusting for tax impacts).
  • Operating cash flow: $259.5M, up from $178.8M in Q4 2019.

Segment Highlights

U.S. Electrical Construction

  • Q4 revenue: $493.5M, down 12.6% year-over-year due to COVID protocols and reduced manufacturing and industrial projects.
  • Q4 operating income: $43.4M; margin improved to 8.8% (up 150 bps).
  • Full-year revenue: $1.97B, down 11% from 2019.
  • Full-year operating margin: 8.4%, up from 7.3% in 2019—an all-time segment record.

U.S. Mechanical Construction

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Operator: Good morning. My name is Lara, 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 2020 Earnings Call. [Operator Instructions] Ms. Jamie Baird with FTI Consulting, you may begin. Jamie Baird: Thank you, Lara, and good morning, everyone. Welcome to the EMCOR Group conference call. We are here today to discuss the company's 2020 fourth quarter and full year results, which were reported this morning. I would now 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, Jamie, and good morning, everyone. And as always, thank you for your interest in EMCOR. We welcome you to our earnings conference call for the fourth quarter and full year of 2020. What a year it's been. For those of you who are accessing the call via the Internet and our website, welcome to you as well. Hopefully, 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 certain forward-looking statements and 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. The next slide depicts the executives who are with

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