EMCOR Group Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

(RTTNews) - EMCOR Group, Inc. (EME) announced Tuesday that it is withdrawing its previously announced guidance for the full year 2020 due to the economic uncertainty caused by the coronavirus (COVID-19) pandemic. It also announced preliminary financial results for the first quarter of fiscal 2020.

For the first quarter, the company expects to report net income of approximately $75.7 million or $1.35 per share, compared to $72.4 million or $1.28 per share in the prior-year quarter.

Revenues for the quarter are expected to be approximately $2.3 billion, up 6.5 percent year-over-year, reflecting strength across the business, led by overall double-digit growth in the U.S. mechanical construction and facilities services segment and the U.S. industrial services segment.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.20 per share on revenues of $2.25 billion for the quarter. Analysts' estimates typically exclude special items.