NORWALK, CONNECTICUT, June 25, 2008 - EMCOR Group, Inc. (NYSE: EME), announced today that it has raised its financial guidance for the 2008 full year period.
The Company now expects revenues for the 2008 full year period to be in the range of $6.8 billion to $7.0 billion and diluted earnings per share for 2008 to be in the range of $2.22 to $2.42. The Company's previous financial guidance indicated revenues of $6.3 billion to $6.5 billion and diluted earnings per share of $2.08 to $2.28. The increased guidance reflects continuing indications of strong demand for the Company's services in many of its markets.
Frank T. MacInnis, Chairman and CEO of EMCOR Group, stated, "We expect the revenues and earnings momentum that we experienced in our record first quarter to be sustainable over the course of the year as solid order activity continues to support strong contract backlog. Our diversified business model is driving our performance with significant participation in such growth sectors as healthcare, industrial, wastewater treatment, and transportation. Additionally, we continue to see strong execution across our construction and services operations with fluid integration of our recent acquisitions and improving international results, especially in the U.K. These factors provide a high degree of confidence about the achievement of the lower end to the mid-range of our revised guidance; the top end of the range is achievable if we continue our excellent operational and financial performance in key areas, particularly the oil & gas sector of our industrial services business and our mechanical mobile services operations."
EMCOR Group, Inc. is a Fortune 500â worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services. This press release and other press releases may be viewed at the Company's Web site at www.emcorgroup.com.
This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any such comments are based upon information available to EMCOR management's perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, project mix, projects with varying profit margins, and selling, general and administrative expenses. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR's services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity, mix of business, and risks associated with foreign operations. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2007 Form 10-K, its Form 10-Q for the first quarter ended March 31, 2008, and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements.
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CONTACT:
EMCOR Group, Inc.
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938
Financial Dynamics
Investors: Eric Boyriven – 212-850-5600
Linden Alschuler & Kaplan, Inc.
Media: Josh Epstein – 212-575-4545