FREMONT, CA: EMCOR Group, execute with a high level of focus, discipline , and precision, demonstrating their ability to perform exceptionally well in any uncertain environment. As a result, the company has delivered an excellent third quarter, achieving all-time record operating income of $135.9 million, record third quarter operating margin of 6.2% and record no-GAAP diluted earnings per share of $1.76 despite a 3.8% decline in revenues year-over-year. Their initiative to fundamentally realign the cost structure combined with their disciplined working capital management drove robust operating cash flow generation in the quarter, up 23% compared to the prior year period.
The company’s construction segments posted combined operating income growth of 34.0% and record third quarter operating margin of 9.1% expanding an outstanding 240 basis points year-over-year, as they leveraged cost structure and maintained exceptional field performance and productivity levels.
Revenues for the first nine months of 2020 totaled $6.52 billion, a decrease of 3.8%, compared to$6.77 billion for the first nine months of 2019.
Net income for the first nine months of 2020 was $53.2 million, or $0.96 per diluted share, compared to $238.2 million, or $4.22 per diluted share, for the first nine months of 2019. Excluding the previously referenced impairment charges recorded in the second quarter of 2020 and the related tax effect, non-GAAP net income for the first nine months of 2020 was $251.8 million, or $4.54 per diluted share.
Based on year-to-date performance, visibility into the remainder of the year and assuming the continuation of current market conditions, EMCOR raises its full-year 2020 revenue guidance to approximately $8.7 billion, an increase from the prior guidance range of $8.6 billion to $8.7 billion. The company also expects full-year 2020 non-GAAP diluted earnings per share in the range of $5.90 to $6.10, an increase from the prior guidance range of$5.00 to $5.50.
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