NORWALK, Conn. - EMCOR Group, Inc. (NYSE:EME) today announced its financial results for the fourth quarter ended December 31, 2023, with a significant earnings and revenue beat, accompanied by an optimistic guidance for 2024. The stock was up 2.92% in premarket trading
The company reported a Q4 EPS of $4.47, which was $0.92 higher than the analyst estimate of $3.55. Revenue for the quarter was also above expectations at $3.44 billion, compared to the consensus estimate of $3.36 billion, marking a 16.6% increase from the $2.95 billion reported in the same quarter last year.
EMCOR's full-year 2024 EPS guidance is set at $14.00 to $15.00, surpassing the analyst consensus of $13.06. Additionally, the company expects its full-year 2024 revenue to range between $13.5 billion and $14.0 billion, which is in line with the consensus estimate of $13.597 billion.
Tony Guzzi, Chairman, President, and CEO, commented on the results, stating, "The Company reported exceptional results for the fourth quarter and full year of 2023, achieving record quarterly and annual revenues, operating income, operating margin, and diluted earnings per share." He attributed the success to strong demand for EMCOR's services, reflected in the 18.6% YoY increase in remaining performance obligations.
Guzzi also highlighted the company's confidence in its U.S. Construction segments, which posted remarkable results for the quarter and the entire year. He emphasized the organic growth driven by strong performance across various end markets and the benefits of investments in building information modeling, prefabrication, digital tools, and robotics, which have enhanced operational efficiencies.
The Board of Directors has approved an increase in the quarterly dividend to $0.25 per share from $0.18 per share, demonstrating confidence in the company's business and financial foundation. This planned dividend increase is seen as a testament to EMCOR's exceptional execution and strong performance across key end markets.
EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. The company's press release and other press releases can be viewed on the EMCOR website.
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