EMCOR Group Boosts FY21 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, EMCOR Group, Inc. (EME) raised its earnings and revenue guidance for the full-year 2021, based on year-to-date performance.

For fiscal 2021, the company now projects earnings in a range of $6.95 to $7.15 per share on revenues between $9.80 billion and $9.85 billion.

Previously, the company expected earnings in a range of $6.65 to $7.05 per share on revenues of about $9.5 billion.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $6.97 per share on revenues of $9.52 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income increased to $99.7 million or $1.85 per share from $61.2 million or $1.11 per share in the year-ago quarter. Excluding a tax effect, adjusted earnings was $1.76 per share. Revenues for the quarter grew 14.5 percent to $2.52 billion from $2.20 billion in the same quarter last year. The Street was looking for earnings of $1.79 per share on revenues of $2.37 billion for the quarter.

The Company also announced that its Board of Directors has authorized a new share repurchase program to repurchase up to an additional $300 million of its outstanding common stock.