EMCOR Group Q2 Profit Declines, Boosts 2013 Outlook - Quick Facts

(RTTNews) - EMCOR Group, Inc. (EME) reported net income of $21.01 million or $0.31 per share for the second quarter, lower than $33.45 million or $0.49 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $32.93 million or $0.48 per share, compared to $34.03 million or $0.50 per share in the year-ago quarter.

On average, seven analysts polled by Thomson Reuters expected the company to earn $0.53 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $1.56 billion from $1.59 billion last year. Analysts expected revenues of $1.63 billion.

Backlog as of June 30, 2013 was $3.51 billion, an increase of 6.9% from $3.28 billion at the end of the 2012 second quarter.

Looking ahead to fiscal 2013, the company raised its adjusted earnings guidance to a range of $2.15 to $2.40 per share from the prior forecast in the range of $2.05 to $2.35.per share. The company also projects revenues of about $6.6 billion, up from previous guidance of about $6.5 billion.

Street is currently looking for full-year 2013 earnings of $2.36 per share on annual revenues of $6.59 billion.