Slide 1: Quarter Four 2023 Financial Results
QUARTER FOUR 2023 FINANCIAL RESULTS FEBRUARY 28, 2024
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
FOURTH QUARTER 2023 FINANCIAL RESULTS FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL DISCLOSURES Forward-Looking Statements This material and related presentation contain forward-looking statements. Such statements speak only as of the date on the cover of this slide deck, and EMCOR assumes no ob
Slide 3: EMCOR Participants
FOURTH QUARTER 2023 FINANCIAL RESULTS EMCOR PARTICIPANTS Tony Guzzi Chairman, President & Chief Executive Officer Mark Pompa EVP & Chief Financial Officer Maxine Mauricio EVP, Chief Administrative Officer & General Counsel Kevin Matz EVP, Shared Services Jason Nalbandian SVP & Chief Accounting Offic
Slide 4: Executive Summary
FOURTH QUARTER 2023 FINANCIAL RESULTS EXECUTIVE SUMMARY » Outstanding operating performance in 2023 » Record annual revenues, operating income, operating margin, and diluted EPS ($ Millions, except per share information) 2023 2022 $Δ Revenues: $12,583 $11,076 $1,507 Operating Income: ‒ GAAP $875.8 $
Slide 5: Executive Summary (Continued)
FOURTH QUARTER 2023 FINANCIAL RESULTS EXECUTIVE SUMMARY (CONTINUED) » Solid planning and project execution continues to drive profitability » Increasing productivity with BIM and pre-fabrication at scale » Winning and completing sophisticated projects in large and growing market sectors with long-te
Slide 6: Remaining Performance Obligations
FOURTH QUARTER 2023 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » RPOs of $8.85 billion, up 18.6% compared to 12/31/22 ($ Millions) U.S. RPOs UP $1.41 billion or 19.3% Dec. 2023 vs. Dec. 2022 ‒ Combined U.S. Construction Segments $1,327 22.1% ‒ U.S. Building Services Segment $92 7.8% ‒ U.S
Slide 7: Fourth Quarter – Revenues
FOURTH QUARTER 2023 FINANCIAL RESULTS FOURTH QUARTER – REVENUES » Consolidated quarterly revenues of $3.44 billion Variance from Qtr. 4 2022 Qtr. 4 ($ Millions) (Unaudited) 2023 $ % U.S. Electrical Construction & Facilities Services $ 763.4 $ 49.8 7.0% U.S. Mechanical Construction & Facilities Servi
Slide 8: Fourth Quarter – Operating Income
FOURTH QUARTER 2023 FINANCIAL RESULTS FOURTH QUARTER – OPERATING INCOME » Operating income of $289.2 million or 8.4% of revenues Operating Margin For the Quarter Ended Operating Income For the Quarter Ended December 31, 2023: December 31, (Unaudited) 2023 2022 U.S. Electrical Construction and Faci
Slide 9: Key Financial Data – Income Statement
FOURTH QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended December 31, Variance 2023 2022 $ % Revenues $ 3,439,221 $ 2,949,822 $ 489,399 16.6% Gross Profit 617,745 454,800 162,945 35.8% 18.0% 15.4% Sellin
Slide 10: Key Financial Data – Income Statement
FOURTH QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) For the Year Ended December 31, Variance 2023 2022 $ % Revenues $ 12,582,873 $ 11,076,120 $ 1,506,753 13.6% Gross Profit 2,089,339 1,603,594 485,745 30.3% 16.6% 14.5% Selling, Gene
Slide 11: Key Financial Data – Balance Sheet
FOURTH QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) 12/31/23 12/31/22 Cash $ 789,750 $ 456,439 Working Capital $ 928,616 $ 708,451 Goodwill $ 956,549 $ 919,151 Identifiable Intangible Assets, Net $ 586,032 $ 593,975 Total Debt (excludes operating leases) $ 5,303 $
Slide 12: Driving Profitable Organic Growth
FOURTH QUARTER 2023 FINANCIAL RESULTS DRIVING PROFITABLE ORGANIC GROWTH Electrification / EV High-Tech Manufacturing / Data Centers /Connectivity Value Chain Life Sciences » Energy Transition / Expansion » Semiconductor Manufacturing » Continued Demand Drivers » Electric Vehicle and Battery » Pharma
Slide 13: Remaining Performance Obligations
FOURTH QUARTER 2023 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $8.85 billion By Segment ($ Millions) By Market Sector ($ Millions) (Unaudited) $8,847 $8,847 $9,000 $9,000 $9,000 $9,000 $8,000 $8,000 $8,000 $8,000 $7,459 $7,459 $7,000 $7,000 $7,000 $7,000 $6,000 $6,000 $6,0
Slide 14: Capital Allocation Trends
FOURTH QUARTER 2023 FINANCIAL RESULTS CAPITAL ALLOCATION TRENDS EMCOR Capital Allocation by Year (%) 100% 4.9% 90% 24.4% 13.2% 80% 36.7% 38.1% ~55% 49.3% 51.7% 47.8% 5.0% 70% 61.7% 10.3% 60% 7.5% 79.0% 9.7% 50% 13.6% 5.8% 7.7% 7.4% 40% 81.9% 23.4% 12.1% 5.3% 9.6% 21.0% 30% 60.3% 12.4% ~45% 20% 42.2%
Slide 15: 2024 Outlook
FOURTH QUARTER 2023 FINANCIAL RESULTS 2024 OUTLOOK » RPOs of $8.85 billion as of December 31, 2023; Provides solid line of sight into 2024 » Continued strength in secular end markets including High-Tech Manufacturing (semiconductors, the EV value chain, biotech, life sciences and pharmaceutical); Ne
Slide 16: 2024 Guidance
FOURTH QUARTER 2023 FINANCIAL RESULTS 2024 GUIDANCE Revenues $13.5 - $14.0 Billion Diluted EPS* $14.00 - $15.00 * Assumes 27% to 28% effective tax rate 16
Slide 17: EMCOR
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