EMCOR Group (EME) Delivers Record Q3 – So Why Are Shares Crashing?
EMCOR’s Oct 30 report painted an overwhelmingly positive picture: “We had an outstanding third quarter,” CEO Tony Guzzi told analystsbusinesswire.com, noting 16.4% revenue growth and an all-time high backlog. Net income was $295.4Mbusinesswire.com, well above last year’s $270.3M. In fact, EMCOR narrowly beat the street’s EPS consensusnasdaq.com – though it fell slightly below a higher Zacks estimate of $6.65timesunion.com. The full-year outlook was boosted: revenues now expected ~$16.75 B with EPS at least $25.00businesswire.comnasdaq.com. Guzzi highlighted that performance obligations jumped to $12.61Bbusinesswire.com, and said the company’s diverse pipeline supports a “positive outlook for the rest of the year”businesswire.com.