EMCOR Q2 Earnings Match Estimates, Sales Miss; Cuts Annual Sales Outlook

(RTTNews) - EMCOR Group, Inc. (EME), a maker of electrical transmission systems, reported second-quarter net earnings which increased amid nearly flat sales, as cost of sales offset declined. While earnings matched analysts' estimates, revenues fell short. The company also slashed its annual sales outlook.

The company, however, raised the bottom end of its annual earnings outlook.

For the three months to June, net earnings increased to $39.9 million or $0.59 per share, from $21.0 million or $0.31 per share a year earlier.

Excluding certain items, earnings totaled $41.4 million or $0.61 per share, compared with $32.9 million or $0.48 per share a year ago.

On average, seven analysts polled by Thomson-Reuters estimated the company's earnings to be $0.61 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues, however, were nearly flat with last year at $1.56 billion, below the $1.67 billion Wall Street expected.

Looking ahead, the company expects sales of $6.6 billion, compared with the prior guidance of $6.8 billion. EMCOR raised the bottom end of of adjusted per-share earnings to $2.50 to $2.70, from the $2.45 to $2.70 previously projected.