EMCOR Q2 Results Top Estimates; Lifts FY16 Forecast - Quick Facts

(RTTNews) - EMCOR Group, Inc. (EME), a mechanical and electrical construction services provider, reported Thursday that its second quarter net income from continuing operations attributable to the company was $56.5 million, or $0.92 per share, compared to $47.0 million, or $0.74 per share last year.

Adjusted net income from continuing operations attributable to EMCOR was $58.1 million, or $0.95 per share, compared to $46.96 million or $0.74 per share last year.

On average, 7 analysts polled by Thomson Reuters expected earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items

Revenues for the quarter climbed 17 percent to $1.93 billion from $1.65 billion last year. Analysts expected revenues of $1.75 billion.

Backlog as of June 30, 2016 was $3.81 billion, a 5.1% increase compared to backlog of $3.62 billion at the end of the second quarter of 2015.

For fiscal 2016, the company now expects adjusted earnings per share from continuing operations to be in the range of $2.90 to $3.10, up from a previous range of $2.75 to $3.00.

EMCOR now expects full year 2016 revenues to be approximately $7.4 billion, an increase from the previous estimate of $7.2 billion.

The revision reflects the expected contributions from recent acquisitions, the current size and mix of backlog and assuming continued improvement in market conditions.

Analysts expect earnings of $2.92 per share on revenues of $7.23 billion.