Construction and facilities services provider EMCOR Group, Inc. (EME) reported Thursday an increase in its second-quarter profit, despite decline in revenues, helped mainly by lower selling, general and administrative costs. The company also raised its earnings guidance for fiscal 2009.
For the second quarter, net income attributable to EMCOR group rose to $44.82 million or $0.67 per share from $43.95 million or $0.65 per share in the previous year. The results of the latest quarter included restructuring expenses of $3.05 million, compared to $57 thousand in the prior-year period.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share in the second quarter. Analysts' estimates typically exclude special items.
Revenues for the period dipped to $1.42 billion from $1.72 billion. Seven analysts were expecting revenue of $1.49 billion in the second quarter.
Selling, general and administrative expenses reduced significantly to $136.97 million from $151.82 million in the year-ago quarter. For the first half of fiscal 2009, net income attributable to EMCOR group increased to $81.59 million or $1.22 per share from $73.28 million or $1.09 per share last year. Revenues came down to $2.82 billion from $3.38 billion in the same period in fiscal 2008.
Looking ahead, for the full year, EMCOR Group lifted 2009 earnings guidance range to $2.00 - $2.20 per share from its earlier $1.80 per share. The company however, lowered the revenue outlook to range between $5.5 billion and $5.7 billion from the previous range of $6.0 billion to $6.3 billion.
Analysts are currently looking for earnings of $1.97 per share on revenue of $5.92 billion in fiscal 2009.
Contract backlog as of June 30, 2009 was $3.40 billion, down from $4.67 billion a year earlier. The decline in backlog was chiefly due to lower contract awards in the hospitality / gaming sectors, especially in Las Vegas, and in the commercial sector.
Frank MacInnis,chief executive of EMCOR Group, said, "We continue to see softness in the commercial and hospitality/gaming sectors, and the prospect for sequential growth in our facilities services operations, while possible, remains unclear."
EME is currently trading at $24.10, up $2.63 or 12.25% on the NYSE.
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