FORM |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
(d) Exhibits | |||||
Exhibit Number | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
EMCOR Group, Inc. | |||||||||||
Dated: February 23, 2023 | By: | /s/ ANTHONY J. GUZZI | |||||||||
Anthony J. Guzzi | |||||||||||
Chairman, President and | |||||||||||
Chief Executive Officer |
![]() | EXHIBIT 99.1 |
FOR: | EMCOR GROUP, INC. | |||||||
News Release | ||||||||
CONTACT: | R. Kevin Matz Executive Vice President Shared Services (203) 849-7938 | |||||||
FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706 |
EMCOR GROUP, INC. REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS | ||
- Record Quarterly and Full-Year Revenues of $2.95 billion and $11.08 billion, respectively - | ||
- Record Quarterly and Full-Year Diluted EPS of $2.63 and $8.10, respectively - | ||
- Record Remaining Performance Obligations of $7.46 billion, 33.2% Increase Year-over-Year - | ||
- Announces 2023 Revenues and Diluted EPS Guidance of $12.0B - $12.5B and $8.75 - $9.50, respectively - | ||
- Board Approves Increase in Quarterly Dividend to $0.18 per share from $0.15 per share - |
EMCOR Reports Fourth Quarter and Fiscal Year Results | Page 2 |
EMCOR Reports Fourth Quarter and Fiscal Year Results | Page 3 |
EMCOR Reports Fourth Quarter and Fiscal Year Results | Page 4 |
(Unaudited) | ||||||||||||||||||||||||||
For the quarters ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | $ | 2,949,822 | $ | 2,640,193 | $ | 11,076,120 | $ | 9,903,580 | ||||||||||||||||||
Cost of sales | 2,495,022 | 2,237,151 | 9,472,526 | 8,401,843 | ||||||||||||||||||||||
Gross profit | 454,800 | 403,042 | 1,603,594 | 1,501,737 | ||||||||||||||||||||||
Selling, general and administrative expenses | 277,618 | 260,025 | 1,038,717 | 970,937 | ||||||||||||||||||||||
Operating income | 177,182 | 143,017 | 564,877 | 530,800 | ||||||||||||||||||||||
Net periodic pension (cost) income | 1,023 | 887 | 4,311 | 3,625 | ||||||||||||||||||||||
Interest expense, net | (4,204) | (1,157) | (10,438) | (5,122) | ||||||||||||||||||||||
Income before income taxes | 174,001 | 142,747 | 558,750 | 529,303 | ||||||||||||||||||||||
Income tax provision | 47,701 | 41,079 | 152,628 | 145,602 | ||||||||||||||||||||||
Net income including noncontrolling interests | 126,300 | 101,668 | 406,122 | 383,701 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 169 | ||||||||||||||||||||||
Net income attributable to EMCOR Group, Inc. | $ | 126,300 | $ | 101,668 | $ | 406,122 | $ | 383,532 | ||||||||||||||||||
Basic earnings per common share: | $ | 2.65 | $ | 1.90 | $ | 8.13 | $ | 7.09 | ||||||||||||||||||
Diluted earnings per common share: | $ | 2.63 | $ | 1.89 | $ | 8.10 | $ | 7.06 | ||||||||||||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||||||||||||
Basic | 47,710,479 | 53,419,752 | 49,931,940 | 54,068,982 | ||||||||||||||||||||||
Diluted | 47,936,737 | 53,724,800 | 50,136,262 | 54,347,534 | ||||||||||||||||||||||
Dividends declared per common share | $ | 0.15 | $ | 0.13 | $ | 0.54 | $ | 0.52 |
December 31, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 456,439 | $ | 821,345 | ||||||||||
Accounts receivable, net | 2,567,371 | 2,204,519 | ||||||||||||
Contract assets | 273,176 | 230,143 | ||||||||||||
Inventories | 85,641 | 54,098 | ||||||||||||
Prepaid expenses and other | 79,346 | 80,889 | ||||||||||||
Total current assets | 3,461,973 | 3,390,994 | ||||||||||||
Property, plant & equipment, net | 157,819 | 152,066 | ||||||||||||
Operating lease right-of-use assets | 268,063 | 260,778 | ||||||||||||
Goodwill | 919,151 | 890,268 | ||||||||||||
Identifiable intangible assets, net | 593,975 | 589,365 | ||||||||||||
Other assets | 123,626 | 157,975 | ||||||||||||
Total assets | $ | 5,524,607 | $ | 5,441,446 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current maturities of long-term debt and finance lease liabilities | $ | 15,567 | $ | 16,235 | ||||||||||
Accounts payable | 849,284 | 734,275 | ||||||||||||
Contract liabilities | 1,098,263 | 788,134 | ||||||||||||
Accrued payroll and benefits | 465,000 | 490,867 | ||||||||||||
Other accrued expenses and liabilities | 258,190 | 274,406 | ||||||||||||
Operating lease liabilities, current | 67,218 | 57,814 | ||||||||||||
Total current liabilities | 2,753,522 | 2,361,731 | ||||||||||||
Long-term debt and finance lease liabilities | 231,625 | 245,450 | ||||||||||||
Operating lease liabilities, long-term | 220,764 | 220,836 | ||||||||||||
Other long-term obligations | 344,405 | 360,340 | ||||||||||||
Total liabilities | 3,550,316 | 3,188,357 | ||||||||||||
Equity: | ||||||||||||||
Total EMCOR Group, Inc. stockholders’ equity | 1,973,589 | 2,252,387 | ||||||||||||
Noncontrolling interests | 702 | 702 | ||||||||||||
Total equity | 1,974,291 | 2,253,089 | ||||||||||||
Total liabilities and equity | $ | 5,524,607 | $ | 5,441,446 |
2022 | 2021 | |||||||||||||
Cash flows - operating activities: | ||||||||||||||
Net income including noncontrolling interests | $ | 406,122 | $ | 383,701 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 47,296 | 48,347 | ||||||||||||
Amortization of identifiable intangible assets | 61,315 | 64,089 | ||||||||||||
Provision for credit losses | 5,166 | 8,041 | ||||||||||||
Deferred income taxes | 10,483 | 9,517 | ||||||||||||
Gain on sale or disposal of property, plant and equipment | (6,393) | (782) | ||||||||||||
Non-cash share-based compensation expense | 12,125 | 11,107 | ||||||||||||
Other reconciling items | 925 | 3,156 | ||||||||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired | (39,106) | (208,359) | ||||||||||||
Net cash provided by operating activities | 497,933 | 318,817 | ||||||||||||
Cash flows - investing activities: | ||||||||||||||
Payments for acquisitions of businesses, net of cash acquired | (98,656) | (118,239) | ||||||||||||
Proceeds from sale or disposal of property, plant and equipment | 7,145 | 2,754 | ||||||||||||
Purchases of property, plant and equipment | (49,289) | (36,192) | ||||||||||||
Investments in and advances to unconsolidated entities | — | (1,595) | ||||||||||||
Distributions from unconsolidated entities | — | 196 | ||||||||||||
Net cash used in investing activities | (140,800) | (153,076) | ||||||||||||
Cash flows - financing activities: | ||||||||||||||
Proceeds from revolving credit facility | 270,000 | — | ||||||||||||
Repayments of revolving credit facility | (270,000) | — | ||||||||||||
Repayments of long-term debt | (13,875) | (13,875) | ||||||||||||
Repayments of finance lease liabilities | (3,551) | (4,189) | ||||||||||||
Dividends paid to stockholders | (27,187) | (28,163) | ||||||||||||
Repurchases of common stock | (660,609) | (195,546) | ||||||||||||
Taxes paid related to net share settlements of equity awards | (7,539) | (4,210) | ||||||||||||
Issuances of common stock under employee stock purchase plan | 8,177 | 7,328 | ||||||||||||
Payments for contingent consideration arrangements | (5,534) | (6,758) | ||||||||||||
Distributions to noncontrolling interests | — | (43) | ||||||||||||
Net cash used in financing activities | (710,118) | (245,456) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (12,515) | (1,279) | ||||||||||||
Decrease in cash, cash equivalents, and restricted cash | (365,500) | (80,994) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year (1) | 822,568 | 903,562 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period (1) | $ | 457,068 | $ | 822,568 |
(Unaudited) | ||||||||||||||
For the quarters ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues from unrelated entities: | ||||||||||||||
United States electrical construction and facilities services | $ | 713,589 | $ | 547,418 | ||||||||||
United States mechanical construction and facilities services | 1,142,469 | 1,065,014 | ||||||||||||
United States building services | 704,189 | 620,255 | ||||||||||||
United States industrial services | 276,243 | 283,644 | ||||||||||||
Total United States operations | 2,836,490 | 2,516,331 | ||||||||||||
United Kingdom building services | 113,332 | 123,862 | ||||||||||||
Total operations | $ | 2,949,822 | $ | 2,640,193 | ||||||||||
For the years ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues from unrelated entities: | ||||||||||||||
United States electrical construction and facilities services | $ | 2,433,114 | $ | 2,029,893 | ||||||||||
United States mechanical construction and facilities services | 4,326,674 | 3,952,586 | ||||||||||||
United States building services | 2,720,487 | 2,424,743 | ||||||||||||
United States industrial services | 1,118,767 | 986,407 | ||||||||||||
Total United States operations | 10,599,042 | 9,393,629 | ||||||||||||
United Kingdom building services | 477,078 | 509,951 | ||||||||||||
Total operations | $ | 11,076,120 | $ | 9,903,580 |
(Unaudited) | ||||||||||||||
For the quarters ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating income (loss): | ||||||||||||||
United States electrical construction and facilities services | $ | 58,082 | $ | 41,807 | ||||||||||
United States mechanical construction and facilities services | 105,723 | 93,723 | ||||||||||||
United States building services | 36,998 | 26,201 | ||||||||||||
United States industrial services | 1,463 | 3,997 | ||||||||||||
Total United States operations | 202,266 | 165,728 | ||||||||||||
United Kingdom building services | 4,466 | 4,958 | ||||||||||||
Corporate administration | (29,550) | (27,669) | ||||||||||||
Total operations | 177,182 | 143,017 | ||||||||||||
Other items: | ||||||||||||||
Net periodic pension (cost) income | 1,023 | 887 | ||||||||||||
Interest expense, net | (4,204) | (1,157) | ||||||||||||
Income before income taxes | $ | 174,001 | $ | 142,747 | ||||||||||
For the years ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating income (loss): | ||||||||||||||
United States electrical construction and facilities services | $ | 148,728 | $ | 169,355 | ||||||||||
United States mechanical construction and facilities services | 332,294 | 314,420 | ||||||||||||
United States building services | 144,670 | 122,724 | ||||||||||||
United States industrial services | 19,787 | (1,666) | ||||||||||||
Total United States operations | 645,479 | 604,833 | ||||||||||||
United Kingdom building services | 29,838 | 27,998 | ||||||||||||
Corporate administration | (110,440) | (102,031) | ||||||||||||
Total operations | 564,877 | 530,800 | ||||||||||||
Other items: | ||||||||||||||
Net periodic pension (cost) income | 4,311 | 3,625 | ||||||||||||
Interest expense, net | (10,438) | (5,122) | ||||||||||||
Income before income taxes | $ | 558,750 | $ | 529,303 |
For the quarter ended December 31, 2022 | For the year ended December 31, 2022 | |||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||
GAAP revenue growth | $309,629 | 11.7 | % | $1,172,540 | 11.8 | % | ||||||||||||||||||||
Incremental revenues from acquisitions | (33,709) | (1.2) | % | (149,729) | (1.5) | % | ||||||||||||||||||||
Organic revenue growth, a non-GAAP measure | $275,920 | 10.5 | % | $1,022,811 | 10.3 | % |
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Document And Entity Information Document And Entity Information |
Feb. 23, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2023 |
Entity Registrant Name | EMCOR Group, Inc. |
Entity Central Index Key | 0000105634 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-8267 |
Entity Tax Identification Number | 11-2125338 |
Entity Address, Address Line One | 301 Merritt Seven |
Entity Address, City or Town | Norwalk, |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06851-1092 |
City Area Code | (203) |
Local Phone Number | 849-7800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | EME |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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