EMCOR Group, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved consolidated revenues of $3.70 billion, marking a 15.3% increase from $3.21 billion in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues reached $10.80 billion, up from $9.14 billion year-over-year.
The growth in revenue was driven by strong performance across various segments, particularly in the United States electrical and mechanical construction and facilities services. The electrical construction segment generated $845.0 million in Q3 2024, compared to $697.4 million in Q3 2023, while the mechanical construction segment saw revenues rise to $1.66 billion from $1.33 billion. The increase in the electrical segment was attributed to heightened demand in the network and communications market, especially from data center projects.
Gross profit for the third quarter was $734.7 million, or 19.9% of revenues, up from $545.5 million (17.0% of revenues) in Q3 2023. Operating income also saw a substantial increase, reaching $363.5 million (9.8% of revenues) compared to $235.0 million (7.3% of revenues) in the prior year. For the nine-month period, operating income was $956.3 million, an increase from $586.6 million in 2023.
Net income attributable to EMCOR Group for Q3 2024 was $270.3 million, or $5.80 per diluted share, compared to $169.4 million, or $3.57 per diluted share, in Q3 2023. For the nine months, net income rose to $714.98 million from $421.5 million in the previous year.
The company’s cash and cash equivalents increased to $1.04 billion as of September 30, 2024, up from $789.8 million at the end of 2023. This increase was supported by net cash provided by operating activities of $938.4 million for the nine months, compared to $475.9 million in the same period last year.
Strategically, EMCOR completed five acquisitions in the first nine months of 2024 for a total consideration of $192.3 million, enhancing its capabilities in mechanical and building services. The company also announced a definitive agreement to acquire an electrical contractor in the Southeast U.S. for approximately $33.6 million, expected to close in Q4 2024.
Overall, EMCOR's performance reflects robust growth across its segments, driven by strategic acquisitions and increased demand in key markets.
About EMCOR Group, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.