EMCOR Group Q2 Profit Tops Estimates

(RTTNews) - EMCOR Group, Inc. (EME) reported second quarter net income of $100.7 million, or $1.99 per share, compared to $97.4 million, or $1.78 per share, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.76, for the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $2.71 billion, up 11.1% from the year ago period. Analysts on average had estimated $2.61 billion in revenue.

EMCOR said it is increasing full-year 2022 revenue guidance to approximately $10.8 billion, an increase from the prior guidance range of $10.4 billion to $10.7 billion. The company now also expects 2022 earnings per share in the range of $7.30 to $7.80 versus the prior guidance range of $7.15 to $7.85.

The company announced its Board has approved an increase to the regular quarterly dividend to $0.15 per share from $0.13 per share. The Board expects to declare this cash dividend starting in the third quarter of 2022, payable on October 31, 2022 to stockholders of record as of October 18, 2022.

EMCOR Group also announced its Board has authorized a new share repurchase program for the company to repurchase up to an additional $500 million of its outstanding common stock.

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