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Emcor Group Q1 Results Beat View; Affirms FY18 Outlook - Quick Facts

Emcor Group, Inc. (EME) on Thursday reported an increase in profit for the first quarter from last year on higher revenues and a low income tax provision.

Both revenue and earnings per share beat analysts' expectations, In addition, the company affirmed its financial outlook for fiscal 2018.

Net income attributable to Emcor for the first quarter rose to $55.37 million from $52.61 million in the year-ago period.

Net income from continuing operations was $55.7 million or $0.94 per share, up from $53.1 million or $0.88 per share in the same period last year.

Revenues for the quarter rose 0.5 percent to $1.90 billion from $1.89 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to earn $0.85 per share on revenues of $1.81 billion. Analysts' estimates typically exclude special items.

Tony Guzzi, President and Chief Executive Officer of Emcor, said, "The Company had a strong start to the year, delivering record first quarter revenue and diluted earnings per share from continuing operations. Our business performed in-line with our expectations, led by our U.S. Construction segments, which delivered revenue growth of 3.5%, and our U.K. Building Services segment, which achieved revenue growth of over 35%."

Backlog at the end of the first quarter was $3.95 billion, compared to both $3.97 billion at the end of the year-ago period and $3.79 billion at the end of the preceding quarter.

Based on the current project mix and assuming consistent market conditions, Emcor affirmed its fiscal 2018 outlook for revenue of $7.6 billion to $7.7 billion, and earnings per share from continuing operations of $4.10 to $4.70.

The Street expects earnings of $4.44 per share for the year on revenues of $7.73 billion.

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