Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries EMCOR Group, Inc. Reports Second Quarter 2024 Results By: EMCOR Group, Inc. via Business Wire July 25, 2024 at 07:30 AM EDT Record Quarterly Revenues of $3.67 billion, 20.4% Increase Year-over-Year Record Quarterly Diluted EPS of $5.25, 78.0% Increase Year-over-Year Remaining Performance Obligations of $9.0 billion, 8.6% Increase Year-over-Year Increases 2024 Revenue Guidance Range to $14.5 billion - $15.0 billion from $14.0 billion - $14.5 billion Increases 2024 Diluted EPS Guidance Range to $19.00 - $20.00 from $15.50 - $16.50 EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended June 30, 2024. Second Quarter 2024 Results of Operations For the second quarter of 2024, revenues totaled $3.67 billion, an increase of 20.4%, compared to $3.05 billion for the second quarter of 2023. Net income for the second quarter of 2024 was $247.6 million, or $5.25 per diluted share, compared to $140.6 million, or $2.95 per diluted share, for the second quarter of 2023. Operating income for the second quarter of 2024 was $332.8 million, or 9.1% of revenues, compared to $196.7 million, or 6.5% of revenues, for the second quarter of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $34.2 million and $29.0 million for the second quarter of 2024 and 2023, respectively. Selling, general and administrative expenses for the second quarter of 2024 totaled $351.2 million, or 9.6% of revenues, compared to $293.4 million, or 9.6% of revenues, for the second quarter of 2023. The Company's income tax rate for the second quarter of 2024 was 27.0%, compared to 27.4% for the second quarter of 2023. Remaining performance obligations as of June 30, 2024 were $9.0 billion compared to $8.3 billion as of June 30, 2023, up $713.1 million year-over-year. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We had an exceptional first half of the year, the Company maintained its excellent momentum in the second quarter and again set new records across key financial and operational metrics. Demand for EMCOR’s specialty contracting services remains high, further reinforcing our confidence in the trajectory of the business. Our Remaining Performance Obligations are at near record levels, and our pipeline continues to be robust, all supporting our positive outlook for the rest of the year and gives us confidence to increase financial guidance for 2024.” First Six Months 2024 Results of Operations Revenues for the first six months of 2024 totaled $7.10 billion, an increase of 19.6%, compared to $5.94 billion for the first six months of 2023. Net income for the first six months of 2024 was $444.7 million, or $9.41 per diluted share, compared to net income of $252.1 million, or $5.28 per diluted share, for the first six months of 2023. Operating income for the first six months of 2024 was $592.8 million, or 8.3% of revenues, compared to operating income of $351.6 million, or 5.9% of revenues, for the first six months of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $63.8 million and $57.5 million for the first six months of 2024 and 2023, respectively. Selling, general and administrative expenses totaled $680.5 million, or 9.6% of revenues, for the first six months of 2024, compared $574.5 million, or 9.7% of revenues, for the first six months of 2023. Mr. Guzzi continued, “Our Electrical and Mechanical Construction segments continued to perform exceptionally well, driving our overall strong performance. With quarterly and year-to-date revenue growth of over 35%, our Mechanical Construction segment generated record revenues and operating income, and a record operating margin of 12.9% for the quarter and 11.8% on a year-to-date basis. Our Electrical Construction segment posted record revenues, with growth of 18% on both a quarterly and year-to-date basis and achieved a record second quarter operating margin, earning over 11% in both the quarter and year-to-date periods. We continue to perform exceptionally well against strong demand across the majority of the sectors we serve, including high-tech and traditional manufacturing, network and communications, institutional, and healthcare. Within our U.S. Building Services segment, which is executing as expected, our mechanical services business continued to deliver exceptional performance with high-single digit operating margins, and low-double digit revenue growth, as strong demand continues for our energy efficiency services, building controls installations and upgrades, and retrofit projects. Our Industrial Services segment reported its best second quarter post-pandemic as improved demand continued for both shop and field services.” Increases Full Year 2024 Guidance Based on year-to-date 2024 performance, current operating conditions, and near-term visibility, the Company is: Increasing its full-year 2024 revenue guidance range to $14.5 billion - $15.0 billion, from the prior guidance range of $14.0 billion - $14.5 billion. Increasing its full-year 2024 diluted earnings per share guidance range to $19.00 - $20.00, from the prior guidance range of $15.50 - $16.50. Mr. Guzzi concluded, “With our strong first half performance, we are again raising our 2024 guidance. We continue to execute well by deploying our resources to serve our customers and believe we are positioned in the right geographies and sectors that have long-term growth prospects. We also continue to deliver for our shareholders by maintaining our focus on operational excellence and balanced capital allocation.” Second Quarter Earnings Conference Call Information EMCOR Group's second quarter conference call will be broadcast live via internet today, Thursday, July 25, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com. About EMCOR EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR. Forward Looking Statements: This release and related presentation contain forward-looking statements. Such statements speak only as of July 25, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations and timing of future projects; our ability to be prudent capital allocators; our ability to pursue organic and strategic investments and acquisitions; our ability to return capital to shareholders, including through share repurchases and dividends; market opportunities; market growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures: This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies. EMCOR GROUP, INC. FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share information) (Unaudited) For the quarters ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenues $ 3,666,897 $ 3,045,622 $ 7,099,173 $ 5,936,054 Cost of sales 2,982,896 2,555,562 5,825,863 5,009,932 Gross profit 684,001 490,060 1,273,310 926,122 Selling, general and administrative expenses 351,193 293,393 680,549 574,545 Operating income 332,808 196,667 592,761 351,577 Net periodic pension income (cost) 221 (282 ) 443 (556 ) Interest income (expense), net 6,106 (2,692 ) 13,647 (4,524 ) Income before income taxes 339,135 193,693 606,851 346,497 Income tax provision 91,563 53,098 162,130 94,429 Net income $ 247,572 $ 140,595 $ 444,721 $ 252,068 Basic earnings per common share $ 5.27 $ 2.97 $ 9.45 $ 5.30 Diluted earnings per common share $ 5.25 $ 2.95 $ 9.41 $ 5.28 Weighted average shares of common stock outstanding: Basic 46,972,032 47,393,493 47,053,768 47,584,656 Diluted 47,159,660 47,588,669 47,236,738 47,767,242 Dividends declared per common share $ 0.25 $ 0.18 $ 0.43 $ 0.33 EMCOR GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 807,318 $ 789,750 Accounts receivable, net 3,459,270 3,203,490 Contract assets 293,677 269,885 Inventories 103,896 110,774 Prepaid expenses and other 76,628 73,072 Total current assets 4,740,789 4,446,971 Property, plant, and equipment, net 201,168 179,378 Operating lease right-of-use assets 331,313 310,498 Goodwill 998,571 956,549 Identifiable intangible assets, net 661,920 586,032 Other assets 138,788 130,293 Total assets $ 7,072,549 $ 6,609,721 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 922,002 $ 935,967 Contract liabilities 1,783,909 1,595,109 Accrued payroll and benefits 584,113 596,936 Other accrued expenses and liabilities 304,482 315,107 Operating lease liabilities, current 78,726 75,236 Total current liabilities 3,673,232 3,518,355 Operating lease liabilities, long-term 279,465 259,430 Other long-term obligations 374,255 361,121 Total liabilities 4,326,952 4,138,906 Equity: Total EMCOR Group, Inc. stockholders’ equity 2,744,560 2,469,778 Noncontrolling interests 1,037 1,037 Total equity 2,745,597 2,470,815 Total liabilities and equity $ 7,072,549 $ 6,609,721 EMCOR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2024 and 2023 (In thousands) (Unaudited) 2024 2023 Cash flows - operating activities: Net income $ 444,721 $ 252,068 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27,408 25,393 Amortization of identifiable intangible assets 36,412 32,100 Provision for credit losses 12,251 3,115 Non-cash share-based compensation expense 11,371 7,535 Other reconciling items (5,240 ) (6,800 ) Changes in operating assets and liabilities, excluding the effect of businesses acquired (114,965 ) (98,479 ) Net cash provided by operating activities 411,958 214,932 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (173,265 ) (22,384 ) Proceeds from sale or disposal of property, plant, and equipment 1,655 10,514 Purchases of property, plant, and equipment (39,529 ) (36,564 ) Net cash used in investing activities (211,139 ) (48,434 ) Cash flows - financing activities: Proceeds from revolving credit facility — 100,000 Repayments of revolving credit facility — (100,000 ) Repayments of finance lease liabilities (1,393 ) (1,477 ) Dividends paid to stockholders (20,219 ) (15,714 ) Repurchases of common stock (149,009 ) (105,299 ) Taxes paid related to net share settlements of equity awards (11,766 ) (5,295 ) Issuances of common stock under employee stock purchase plan 943 4,441 Payments for contingent consideration arrangements — (3,026 ) Net cash used in financing activities (181,444 ) (126,370 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (927 ) 5,856 Increase in cash, cash equivalents, and restricted cash 18,448 45,984 Cash, cash equivalents, and restricted cash at beginning of year (1) 789,750 457,068 Cash, cash equivalents, and restricted cash at end of period (2) $ 808,198 $ 503,052 _________ (1) Includes $0.6 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2022. (2) Includes $0.9 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of June 30, 2024. EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 799,994 22 % $ 678,167 22 % United States mechanical construction and facilities services 1,655,181 45 % 1,194,113 39 % United States building services 781,108 21 % 775,012 26 % United States industrial services 324,047 9 % 292,283 10 % Total United States operations 3,560,330 97 % 2,939,575 97 % United Kingdom building services 106,567 3 % 106,047 3 % Total operations $ 3,666,897 100 % $ 3,045,622 100 % For the six months ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 1,564,705 22 % $ 1,322,913 22 % United States mechanical construction and facilities services 3,082,846 43 % 2,272,671 38 % United States building services 1,562,268 22 % 1,500,387 25 % United States industrial services 678,100 10 % 623,166 11 % Total United States operations 6,887,919 97 % 5,719,137 96 % United Kingdom building services 211,254 3 % 216,917 4 % Total operations $ 7,099,173 100 % $ 5,936,054 100 % EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 88,577 11.1 % $ 50,722 7.5 % United States mechanical construction and facilities services 213,440 12.9 % 119,847 10.0 % United States building services 46,839 6.0 % 46,137 6.0 % United States industrial services 12,746 3.9 % 7,887 2.7 % Total United States operations 361,602 10.2 % 224,593 7.6 % United Kingdom building services 5,777 5.4 % 5,927 5.6 % Corporate administration (34,571 ) — (33,853 ) — Total operations 332,808 9.1 % 196,667 6.5 % Other items: Net periodic pension income (cost) 221 (282 ) Interest income (expense), net 6,106 (2,692 ) Income before income taxes $ 339,135 $ 193,693 For the six months ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 180,166 11.5 % $ 91,238 6.9 % United States mechanical construction and facilities services 364,160 11.8 % 206,074 9.1 % United States building services 80,298 5.1 % 83,787 5.6 % United States industrial services 30,712 4.5 % 22,907 3.7 % Total United States operations 655,336 9.5 % 404,006 7.1 % United Kingdom building services 11,154 5.3 % 11,351 5.2 % Corporate administration (73,729 ) — (63,780 ) — Total operations 592,761 8.3 % 351,577 5.9 % Other items: Net periodic pension income (cost) 443 (556 ) Interest income (expense), net 13,647 (4,524 ) Income before income taxes $ 606,851 $ 346,497 EMCOR GROUP, INC. RECONCILIATION OF ORGANIC REVENUE GROWTH (In thousands, except for percentages) (Unaudited) The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and six months ended June 30, 2024. For the quarter ended June 30, 2024 For the six months ended June 30, 2024 $ % $ % GAAP revenue growth $ 621,275 20.4 % $ 1,163,119 19.6 % Incremental revenues from acquisitions (80,869 ) (2.7 )% (88,803 ) (1.5 )% Organic revenue growth, a non-GAAP measure $ 540,406 17.7 % $ 1,074,316 18.1 % View source version on businesswire.com: https://www.businesswire.com/news/home/20240725280306/en/Contacts Andrew G. Backman Vice President Investor Relations (203) 849-7938 FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
EMCOR Group, Inc. Reports Second Quarter 2024 Results By: EMCOR Group, Inc. via Business Wire July 25, 2024 at 07:30 AM EDT Record Quarterly Revenues of $3.67 billion, 20.4% Increase Year-over-Year Record Quarterly Diluted EPS of $5.25, 78.0% Increase Year-over-Year Remaining Performance Obligations of $9.0 billion, 8.6% Increase Year-over-Year Increases 2024 Revenue Guidance Range to $14.5 billion - $15.0 billion from $14.0 billion - $14.5 billion Increases 2024 Diluted EPS Guidance Range to $19.00 - $20.00 from $15.50 - $16.50 EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended June 30, 2024. Second Quarter 2024 Results of Operations For the second quarter of 2024, revenues totaled $3.67 billion, an increase of 20.4%, compared to $3.05 billion for the second quarter of 2023. Net income for the second quarter of 2024 was $247.6 million, or $5.25 per diluted share, compared to $140.6 million, or $2.95 per diluted share, for the second quarter of 2023. Operating income for the second quarter of 2024 was $332.8 million, or 9.1% of revenues, compared to $196.7 million, or 6.5% of revenues, for the second quarter of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $34.2 million and $29.0 million for the second quarter of 2024 and 2023, respectively. Selling, general and administrative expenses for the second quarter of 2024 totaled $351.2 million, or 9.6% of revenues, compared to $293.4 million, or 9.6% of revenues, for the second quarter of 2023. The Company's income tax rate for the second quarter of 2024 was 27.0%, compared to 27.4% for the second quarter of 2023. Remaining performance obligations as of June 30, 2024 were $9.0 billion compared to $8.3 billion as of June 30, 2023, up $713.1 million year-over-year. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We had an exceptional first half of the year, the Company maintained its excellent momentum in the second quarter and again set new records across key financial and operational metrics. Demand for EMCOR’s specialty contracting services remains high, further reinforcing our confidence in the trajectory of the business. Our Remaining Performance Obligations are at near record levels, and our pipeline continues to be robust, all supporting our positive outlook for the rest of the year and gives us confidence to increase financial guidance for 2024.” First Six Months 2024 Results of Operations Revenues for the first six months of 2024 totaled $7.10 billion, an increase of 19.6%, compared to $5.94 billion for the first six months of 2023. Net income for the first six months of 2024 was $444.7 million, or $9.41 per diluted share, compared to net income of $252.1 million, or $5.28 per diluted share, for the first six months of 2023. Operating income for the first six months of 2024 was $592.8 million, or 8.3% of revenues, compared to operating income of $351.6 million, or 5.9% of revenues, for the first six months of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $63.8 million and $57.5 million for the first six months of 2024 and 2023, respectively. Selling, general and administrative expenses totaled $680.5 million, or 9.6% of revenues, for the first six months of 2024, compared $574.5 million, or 9.7% of revenues, for the first six months of 2023. Mr. Guzzi continued, “Our Electrical and Mechanical Construction segments continued to perform exceptionally well, driving our overall strong performance. With quarterly and year-to-date revenue growth of over 35%, our Mechanical Construction segment generated record revenues and operating income, and a record operating margin of 12.9% for the quarter and 11.8% on a year-to-date basis. Our Electrical Construction segment posted record revenues, with growth of 18% on both a quarterly and year-to-date basis and achieved a record second quarter operating margin, earning over 11% in both the quarter and year-to-date periods. We continue to perform exceptionally well against strong demand across the majority of the sectors we serve, including high-tech and traditional manufacturing, network and communications, institutional, and healthcare. Within our U.S. Building Services segment, which is executing as expected, our mechanical services business continued to deliver exceptional performance with high-single digit operating margins, and low-double digit revenue growth, as strong demand continues for our energy efficiency services, building controls installations and upgrades, and retrofit projects. Our Industrial Services segment reported its best second quarter post-pandemic as improved demand continued for both shop and field services.” Increases Full Year 2024 Guidance Based on year-to-date 2024 performance, current operating conditions, and near-term visibility, the Company is: Increasing its full-year 2024 revenue guidance range to $14.5 billion - $15.0 billion, from the prior guidance range of $14.0 billion - $14.5 billion. Increasing its full-year 2024 diluted earnings per share guidance range to $19.00 - $20.00, from the prior guidance range of $15.50 - $16.50. Mr. Guzzi concluded, “With our strong first half performance, we are again raising our 2024 guidance. We continue to execute well by deploying our resources to serve our customers and believe we are positioned in the right geographies and sectors that have long-term growth prospects. We also continue to deliver for our shareholders by maintaining our focus on operational excellence and balanced capital allocation.” Second Quarter Earnings Conference Call Information EMCOR Group's second quarter conference call will be broadcast live via internet today, Thursday, July 25, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com. About EMCOR EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR. Forward Looking Statements: This release and related presentation contain forward-looking statements. Such statements speak only as of July 25, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations and timing of future projects; our ability to be prudent capital allocators; our ability to pursue organic and strategic investments and acquisitions; our ability to return capital to shareholders, including through share repurchases and dividends; market opportunities; market growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures: This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies. EMCOR GROUP, INC. FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share information) (Unaudited) For the quarters ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenues $ 3,666,897 $ 3,045,622 $ 7,099,173 $ 5,936,054 Cost of sales 2,982,896 2,555,562 5,825,863 5,009,932 Gross profit 684,001 490,060 1,273,310 926,122 Selling, general and administrative expenses 351,193 293,393 680,549 574,545 Operating income 332,808 196,667 592,761 351,577 Net periodic pension income (cost) 221 (282 ) 443 (556 ) Interest income (expense), net 6,106 (2,692 ) 13,647 (4,524 ) Income before income taxes 339,135 193,693 606,851 346,497 Income tax provision 91,563 53,098 162,130 94,429 Net income $ 247,572 $ 140,595 $ 444,721 $ 252,068 Basic earnings per common share $ 5.27 $ 2.97 $ 9.45 $ 5.30 Diluted earnings per common share $ 5.25 $ 2.95 $ 9.41 $ 5.28 Weighted average shares of common stock outstanding: Basic 46,972,032 47,393,493 47,053,768 47,584,656 Diluted 47,159,660 47,588,669 47,236,738 47,767,242 Dividends declared per common share $ 0.25 $ 0.18 $ 0.43 $ 0.33 EMCOR GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 807,318 $ 789,750 Accounts receivable, net 3,459,270 3,203,490 Contract assets 293,677 269,885 Inventories 103,896 110,774 Prepaid expenses and other 76,628 73,072 Total current assets 4,740,789 4,446,971 Property, plant, and equipment, net 201,168 179,378 Operating lease right-of-use assets 331,313 310,498 Goodwill 998,571 956,549 Identifiable intangible assets, net 661,920 586,032 Other assets 138,788 130,293 Total assets $ 7,072,549 $ 6,609,721 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 922,002 $ 935,967 Contract liabilities 1,783,909 1,595,109 Accrued payroll and benefits 584,113 596,936 Other accrued expenses and liabilities 304,482 315,107 Operating lease liabilities, current 78,726 75,236 Total current liabilities 3,673,232 3,518,355 Operating lease liabilities, long-term 279,465 259,430 Other long-term obligations 374,255 361,121 Total liabilities 4,326,952 4,138,906 Equity: Total EMCOR Group, Inc. stockholders’ equity 2,744,560 2,469,778 Noncontrolling interests 1,037 1,037 Total equity 2,745,597 2,470,815 Total liabilities and equity $ 7,072,549 $ 6,609,721 EMCOR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2024 and 2023 (In thousands) (Unaudited) 2024 2023 Cash flows - operating activities: Net income $ 444,721 $ 252,068 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27,408 25,393 Amortization of identifiable intangible assets 36,412 32,100 Provision for credit losses 12,251 3,115 Non-cash share-based compensation expense 11,371 7,535 Other reconciling items (5,240 ) (6,800 ) Changes in operating assets and liabilities, excluding the effect of businesses acquired (114,965 ) (98,479 ) Net cash provided by operating activities 411,958 214,932 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (173,265 ) (22,384 ) Proceeds from sale or disposal of property, plant, and equipment 1,655 10,514 Purchases of property, plant, and equipment (39,529 ) (36,564 ) Net cash used in investing activities (211,139 ) (48,434 ) Cash flows - financing activities: Proceeds from revolving credit facility — 100,000 Repayments of revolving credit facility — (100,000 ) Repayments of finance lease liabilities (1,393 ) (1,477 ) Dividends paid to stockholders (20,219 ) (15,714 ) Repurchases of common stock (149,009 ) (105,299 ) Taxes paid related to net share settlements of equity awards (11,766 ) (5,295 ) Issuances of common stock under employee stock purchase plan 943 4,441 Payments for contingent consideration arrangements — (3,026 ) Net cash used in financing activities (181,444 ) (126,370 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (927 ) 5,856 Increase in cash, cash equivalents, and restricted cash 18,448 45,984 Cash, cash equivalents, and restricted cash at beginning of year (1) 789,750 457,068 Cash, cash equivalents, and restricted cash at end of period (2) $ 808,198 $ 503,052 _________ (1) Includes $0.6 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2022. (2) Includes $0.9 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of June 30, 2024. EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 799,994 22 % $ 678,167 22 % United States mechanical construction and facilities services 1,655,181 45 % 1,194,113 39 % United States building services 781,108 21 % 775,012 26 % United States industrial services 324,047 9 % 292,283 10 % Total United States operations 3,560,330 97 % 2,939,575 97 % United Kingdom building services 106,567 3 % 106,047 3 % Total operations $ 3,666,897 100 % $ 3,045,622 100 % For the six months ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 1,564,705 22 % $ 1,322,913 22 % United States mechanical construction and facilities services 3,082,846 43 % 2,272,671 38 % United States building services 1,562,268 22 % 1,500,387 25 % United States industrial services 678,100 10 % 623,166 11 % Total United States operations 6,887,919 97 % 5,719,137 96 % United Kingdom building services 211,254 3 % 216,917 4 % Total operations $ 7,099,173 100 % $ 5,936,054 100 % EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 88,577 11.1 % $ 50,722 7.5 % United States mechanical construction and facilities services 213,440 12.9 % 119,847 10.0 % United States building services 46,839 6.0 % 46,137 6.0 % United States industrial services 12,746 3.9 % 7,887 2.7 % Total United States operations 361,602 10.2 % 224,593 7.6 % United Kingdom building services 5,777 5.4 % 5,927 5.6 % Corporate administration (34,571 ) — (33,853 ) — Total operations 332,808 9.1 % 196,667 6.5 % Other items: Net periodic pension income (cost) 221 (282 ) Interest income (expense), net 6,106 (2,692 ) Income before income taxes $ 339,135 $ 193,693 For the six months ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 180,166 11.5 % $ 91,238 6.9 % United States mechanical construction and facilities services 364,160 11.8 % 206,074 9.1 % United States building services 80,298 5.1 % 83,787 5.6 % United States industrial services 30,712 4.5 % 22,907 3.7 % Total United States operations 655,336 9.5 % 404,006 7.1 % United Kingdom building services 11,154 5.3 % 11,351 5.2 % Corporate administration (73,729 ) — (63,780 ) — Total operations 592,761 8.3 % 351,577 5.9 % Other items: Net periodic pension income (cost) 443 (556 ) Interest income (expense), net 13,647 (4,524 ) Income before income taxes $ 606,851 $ 346,497 EMCOR GROUP, INC. RECONCILIATION OF ORGANIC REVENUE GROWTH (In thousands, except for percentages) (Unaudited) The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and six months ended June 30, 2024. For the quarter ended June 30, 2024 For the six months ended June 30, 2024 $ % $ % GAAP revenue growth $ 621,275 20.4 % $ 1,163,119 19.6 % Incremental revenues from acquisitions (80,869 ) (2.7 )% (88,803 ) (1.5 )% Organic revenue growth, a non-GAAP measure $ 540,406 17.7 % $ 1,074,316 18.1 % View source version on businesswire.com: https://www.businesswire.com/news/home/20240725280306/en/Contacts Andrew G. Backman Vice President Investor Relations (203) 849-7938 FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706
Record Quarterly Revenues of $3.67 billion, 20.4% Increase Year-over-Year Record Quarterly Diluted EPS of $5.25, 78.0% Increase Year-over-Year Remaining Performance Obligations of $9.0 billion, 8.6% Increase Year-over-Year Increases 2024 Revenue Guidance Range to $14.5 billion - $15.0 billion from $14.0 billion - $14.5 billion Increases 2024 Diluted EPS Guidance Range to $19.00 - $20.00 from $15.50 - $16.50
EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended June 30, 2024. Second Quarter 2024 Results of Operations For the second quarter of 2024, revenues totaled $3.67 billion, an increase of 20.4%, compared to $3.05 billion for the second quarter of 2023. Net income for the second quarter of 2024 was $247.6 million, or $5.25 per diluted share, compared to $140.6 million, or $2.95 per diluted share, for the second quarter of 2023. Operating income for the second quarter of 2024 was $332.8 million, or 9.1% of revenues, compared to $196.7 million, or 6.5% of revenues, for the second quarter of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $34.2 million and $29.0 million for the second quarter of 2024 and 2023, respectively. Selling, general and administrative expenses for the second quarter of 2024 totaled $351.2 million, or 9.6% of revenues, compared to $293.4 million, or 9.6% of revenues, for the second quarter of 2023. The Company's income tax rate for the second quarter of 2024 was 27.0%, compared to 27.4% for the second quarter of 2023. Remaining performance obligations as of June 30, 2024 were $9.0 billion compared to $8.3 billion as of June 30, 2023, up $713.1 million year-over-year. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We had an exceptional first half of the year, the Company maintained its excellent momentum in the second quarter and again set new records across key financial and operational metrics. Demand for EMCOR’s specialty contracting services remains high, further reinforcing our confidence in the trajectory of the business. Our Remaining Performance Obligations are at near record levels, and our pipeline continues to be robust, all supporting our positive outlook for the rest of the year and gives us confidence to increase financial guidance for 2024.” First Six Months 2024 Results of Operations Revenues for the first six months of 2024 totaled $7.10 billion, an increase of 19.6%, compared to $5.94 billion for the first six months of 2023. Net income for the first six months of 2024 was $444.7 million, or $9.41 per diluted share, compared to net income of $252.1 million, or $5.28 per diluted share, for the first six months of 2023. Operating income for the first six months of 2024 was $592.8 million, or 8.3% of revenues, compared to operating income of $351.6 million, or 5.9% of revenues, for the first six months of 2023. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $63.8 million and $57.5 million for the first six months of 2024 and 2023, respectively. Selling, general and administrative expenses totaled $680.5 million, or 9.6% of revenues, for the first six months of 2024, compared $574.5 million, or 9.7% of revenues, for the first six months of 2023. Mr. Guzzi continued, “Our Electrical and Mechanical Construction segments continued to perform exceptionally well, driving our overall strong performance. With quarterly and year-to-date revenue growth of over 35%, our Mechanical Construction segment generated record revenues and operating income, and a record operating margin of 12.9% for the quarter and 11.8% on a year-to-date basis. Our Electrical Construction segment posted record revenues, with growth of 18% on both a quarterly and year-to-date basis and achieved a record second quarter operating margin, earning over 11% in both the quarter and year-to-date periods. We continue to perform exceptionally well against strong demand across the majority of the sectors we serve, including high-tech and traditional manufacturing, network and communications, institutional, and healthcare. Within our U.S. Building Services segment, which is executing as expected, our mechanical services business continued to deliver exceptional performance with high-single digit operating margins, and low-double digit revenue growth, as strong demand continues for our energy efficiency services, building controls installations and upgrades, and retrofit projects. Our Industrial Services segment reported its best second quarter post-pandemic as improved demand continued for both shop and field services.” Increases Full Year 2024 Guidance Based on year-to-date 2024 performance, current operating conditions, and near-term visibility, the Company is: Increasing its full-year 2024 revenue guidance range to $14.5 billion - $15.0 billion, from the prior guidance range of $14.0 billion - $14.5 billion. Increasing its full-year 2024 diluted earnings per share guidance range to $19.00 - $20.00, from the prior guidance range of $15.50 - $16.50. Mr. Guzzi concluded, “With our strong first half performance, we are again raising our 2024 guidance. We continue to execute well by deploying our resources to serve our customers and believe we are positioned in the right geographies and sectors that have long-term growth prospects. We also continue to deliver for our shareholders by maintaining our focus on operational excellence and balanced capital allocation.” Second Quarter Earnings Conference Call Information EMCOR Group's second quarter conference call will be broadcast live via internet today, Thursday, July 25, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com. About EMCOR EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR. Forward Looking Statements: This release and related presentation contain forward-looking statements. Such statements speak only as of July 25, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations and timing of future projects; our ability to be prudent capital allocators; our ability to pursue organic and strategic investments and acquisitions; our ability to return capital to shareholders, including through share repurchases and dividends; market opportunities; market growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures: This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies. EMCOR GROUP, INC. FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share information) (Unaudited) For the quarters ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenues $ 3,666,897 $ 3,045,622 $ 7,099,173 $ 5,936,054 Cost of sales 2,982,896 2,555,562 5,825,863 5,009,932 Gross profit 684,001 490,060 1,273,310 926,122 Selling, general and administrative expenses 351,193 293,393 680,549 574,545 Operating income 332,808 196,667 592,761 351,577 Net periodic pension income (cost) 221 (282 ) 443 (556 ) Interest income (expense), net 6,106 (2,692 ) 13,647 (4,524 ) Income before income taxes 339,135 193,693 606,851 346,497 Income tax provision 91,563 53,098 162,130 94,429 Net income $ 247,572 $ 140,595 $ 444,721 $ 252,068 Basic earnings per common share $ 5.27 $ 2.97 $ 9.45 $ 5.30 Diluted earnings per common share $ 5.25 $ 2.95 $ 9.41 $ 5.28 Weighted average shares of common stock outstanding: Basic 46,972,032 47,393,493 47,053,768 47,584,656 Diluted 47,159,660 47,588,669 47,236,738 47,767,242 Dividends declared per common share $ 0.25 $ 0.18 $ 0.43 $ 0.33 EMCOR GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 807,318 $ 789,750 Accounts receivable, net 3,459,270 3,203,490 Contract assets 293,677 269,885 Inventories 103,896 110,774 Prepaid expenses and other 76,628 73,072 Total current assets 4,740,789 4,446,971 Property, plant, and equipment, net 201,168 179,378 Operating lease right-of-use assets 331,313 310,498 Goodwill 998,571 956,549 Identifiable intangible assets, net 661,920 586,032 Other assets 138,788 130,293 Total assets $ 7,072,549 $ 6,609,721 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 922,002 $ 935,967 Contract liabilities 1,783,909 1,595,109 Accrued payroll and benefits 584,113 596,936 Other accrued expenses and liabilities 304,482 315,107 Operating lease liabilities, current 78,726 75,236 Total current liabilities 3,673,232 3,518,355 Operating lease liabilities, long-term 279,465 259,430 Other long-term obligations 374,255 361,121 Total liabilities 4,326,952 4,138,906 Equity: Total EMCOR Group, Inc. stockholders’ equity 2,744,560 2,469,778 Noncontrolling interests 1,037 1,037 Total equity 2,745,597 2,470,815 Total liabilities and equity $ 7,072,549 $ 6,609,721 EMCOR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2024 and 2023 (In thousands) (Unaudited) 2024 2023 Cash flows - operating activities: Net income $ 444,721 $ 252,068 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27,408 25,393 Amortization of identifiable intangible assets 36,412 32,100 Provision for credit losses 12,251 3,115 Non-cash share-based compensation expense 11,371 7,535 Other reconciling items (5,240 ) (6,800 ) Changes in operating assets and liabilities, excluding the effect of businesses acquired (114,965 ) (98,479 ) Net cash provided by operating activities 411,958 214,932 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (173,265 ) (22,384 ) Proceeds from sale or disposal of property, plant, and equipment 1,655 10,514 Purchases of property, plant, and equipment (39,529 ) (36,564 ) Net cash used in investing activities (211,139 ) (48,434 ) Cash flows - financing activities: Proceeds from revolving credit facility — 100,000 Repayments of revolving credit facility — (100,000 ) Repayments of finance lease liabilities (1,393 ) (1,477 ) Dividends paid to stockholders (20,219 ) (15,714 ) Repurchases of common stock (149,009 ) (105,299 ) Taxes paid related to net share settlements of equity awards (11,766 ) (5,295 ) Issuances of common stock under employee stock purchase plan 943 4,441 Payments for contingent consideration arrangements — (3,026 ) Net cash used in financing activities (181,444 ) (126,370 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (927 ) 5,856 Increase in cash, cash equivalents, and restricted cash 18,448 45,984 Cash, cash equivalents, and restricted cash at beginning of year (1) 789,750 457,068 Cash, cash equivalents, and restricted cash at end of period (2) $ 808,198 $ 503,052 _________ (1) Includes $0.6 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2022. (2) Includes $0.9 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of June 30, 2024. EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 799,994 22 % $ 678,167 22 % United States mechanical construction and facilities services 1,655,181 45 % 1,194,113 39 % United States building services 781,108 21 % 775,012 26 % United States industrial services 324,047 9 % 292,283 10 % Total United States operations 3,560,330 97 % 2,939,575 97 % United Kingdom building services 106,567 3 % 106,047 3 % Total operations $ 3,666,897 100 % $ 3,045,622 100 % For the six months ended June 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 1,564,705 22 % $ 1,322,913 22 % United States mechanical construction and facilities services 3,082,846 43 % 2,272,671 38 % United States building services 1,562,268 22 % 1,500,387 25 % United States industrial services 678,100 10 % 623,166 11 % Total United States operations 6,887,919 97 % 5,719,137 96 % United Kingdom building services 211,254 3 % 216,917 4 % Total operations $ 7,099,173 100 % $ 5,936,054 100 % EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 88,577 11.1 % $ 50,722 7.5 % United States mechanical construction and facilities services 213,440 12.9 % 119,847 10.0 % United States building services 46,839 6.0 % 46,137 6.0 % United States industrial services 12,746 3.9 % 7,887 2.7 % Total United States operations 361,602 10.2 % 224,593 7.6 % United Kingdom building services 5,777 5.4 % 5,927 5.6 % Corporate administration (34,571 ) — (33,853 ) — Total operations 332,808 9.1 % 196,667 6.5 % Other items: Net periodic pension income (cost) 221 (282 ) Interest income (expense), net 6,106 (2,692 ) Income before income taxes $ 339,135 $ 193,693 For the six months ended June 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 180,166 11.5 % $ 91,238 6.9 % United States mechanical construction and facilities services 364,160 11.8 % 206,074 9.1 % United States building services 80,298 5.1 % 83,787 5.6 % United States industrial services 30,712 4.5 % 22,907 3.7 % Total United States operations 655,336 9.5 % 404,006 7.1 % United Kingdom building services 11,154 5.3 % 11,351 5.2 % Corporate administration (73,729 ) — (63,780 ) — Total operations 592,761 8.3 % 351,577 5.9 % Other items: Net periodic pension income (cost) 443 (556 ) Interest income (expense), net 13,647 (4,524 ) Income before income taxes $ 606,851 $ 346,497 EMCOR GROUP, INC. RECONCILIATION OF ORGANIC REVENUE GROWTH (In thousands, except for percentages) (Unaudited) The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and six months ended June 30, 2024. For the quarter ended June 30, 2024 For the six months ended June 30, 2024 $ % $ % GAAP revenue growth $ 621,275 20.4 % $ 1,163,119 19.6 % Incremental revenues from acquisitions (80,869 ) (2.7 )% (88,803 ) (1.5 )% Organic revenue growth, a non-GAAP measure $ 540,406 17.7 % $ 1,074,316 18.1 % View source version on businesswire.com: https://www.businesswire.com/news/home/20240725280306/en/
Andrew G. Backman Vice President Investor Relations (203) 849-7938 FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706