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EMCOR Group Q2 Profit Rises; Lifts 2019 Outlook

EMCOR Group Inc. (EME) reported that its net income from continuing operations attributable to the company for the second quarter of 2019 rose to $84.0 million, or $1.49 per share, from $71.0 million, or $1.21 per share in the second quarter of 2018.

Excluding an impairment charge in the prior year, non-GAAP net income from continuing operations attributable to EMCOR was $71.9 million, or $1.23 per share, for the second quarter of 2018.

Revenues for the second quarter were $2.32 billion, an increase of 19.0% from the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share and revenues of $2.12 billion. Analysts' estimates typically exclude special items.

EMCOR raised its full-year 2019 revenue guidance range to $8.8 billion - $8.9 billion, an increase from the prior guidance range of $8.5 billion - $8.6 billion.

The company now also expects full-year 2019 earnings per share from continuing operations to be in the range of $5.50-$5.75, an increase from the prior guidance range of $5.00-$5.50.

Wall Street currently is looking for fiscal year 2019 earnings of $5.49 per share on annual revenues of $8.66 billion.

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