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 analysts businesswire.com, noting 16.4% revenue growth and an all-time high backlog. Net income was $295.4M (diluted EPS $6.57) businesswire.com, well above last year’s $270.3M ($5.80 EPS). In fact, EMCOR narrowly beat the street’s EPS consensus (~$6.53) nasdaq.com – though it fell slightly below a higher Zacks estimate of $6.65 timesunion.com. The full-year outlook was boosted: revenues now expected ~$16.75 B (vs prior ~$16.65B) with EPS at least $25.00 businesswire.com nasdaq.com. Guzzi highlighted that performance obligations (“booked” future work) jumped to $12.61B businesswire.com,