Emcor Group, Inc. · NYSE:EME
Emcor — Q2 2024 Earnings Presentation
14 slides from Emcor's earnings presentation, Jul 25, 2024
Slide 1: Second Quarter 2024 Financial Results
SECOND QUARTER 2024 FINANCIAL RESULTS JULY 25, 2024
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
SECOND QUARTER 2024 FINANCIAL RESULTS FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL DISCLOSURES Forward-Looking Statements This presentation and related press release contain forward-looking statements. Such statements speak only as of the date on the cover of this slide deck, and EMCOR assumes
Slide 3: EMCOR Participants
SECOND QUARTER 2024 FINANCIAL RESULTS EMCOR PARTICIPANTS Tony Guzzi Chairman, President & Chief Executive Officer Jason Nalbandian SVP & Chief Financial Officer Maxine Mauricio EVP, Chief Administrative Officer & General Counsel Andy Backman VP, Investor Relations 3
Slide 4: Executive Summary
SECOND QUARTER 2024 FINANCIAL RESULTS EXECUTIVE SUMMARY ($ Millions, except per share information) (Unaudited) 2Q24 2Q23 Change ($) Change (%) Revenues $3,667 $3,046 $621 20.4% Operating Income $333 $197 $136 69.2% Operating Margin 9.1% 6.5% Diluted EPS $5.25 $2.95 $2.30 78.0% » Maintained exception
Slide 5: Second Quarter – Revenues
SECOND QUARTER 2024 FINANCIAL RESULTS SECOND QUARTER – REVENUES » Consolidated quarterly revenues of $3.67 billion Variance from Second Quarter 2023 ($ Millions) (Unaudited) 2Q24 $ % U.S. Electrical Construction & Facilities Services $ 800.0 $ 121.8 18.0% U.S. Mechanical Construction & Facilities Se
Slide 6: Second Quarter – Operating Income
SECOND QUARTER 2024 FINANCIAL RESULTS SECOND QUARTER – OPERATING INCOME » $332.8 million or 9.1% of revenues; +$136 million Y/Y Variance from Second Quarter 2023 ($ Millions) (Unaudited) 2Q24 $ % U.S. Electrical Construction & Facilities Services $ 88.6 $ 37.8 74.6% U.S. Mechanical Construction & Fa
Slide 7: Key Financial Data – Income Statement
SECOND QUARTER 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended June 30, Variance 2024 2023 $ % Revenues $ 3,666,897 $ 3,045,622 $ 621,275 20.4% Gross Profit 684,001 490,060 193,941 39.6% 18.7% 16.1% Selling, G
Slide 8: Key Financial Data – Income Statement (Six Months)
SECOND QUARTER 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Six Months Ended June 30, Variance 2024 2023 $ % Revenues $ 7,099,173 $ 5,936,054 $ 1,163,119 19.6% Gross Profit 1,273,310 926,122 347,188 37.5% 17.9% 15.6% Sel
Slide 9: Key Financial Data – Balance Sheet
SECOND QUARTER 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) (Unaudited) 06/30/24 12/31/23 Cash $ 807,318 $ 789,750 Working Capital $ 1,067,557 $ 928,616 Goodwill $ 998,571 $ 956,549 Identifiable Intangible Assets, Net $ 661,920 $ 586,032 Total Debt (excludes operating leas
Slide 10: Well-Positioned to Benefit from Multiple Trends Driving Profitable Organic Growth
SECOND QUARTER 2024 FINANCIAL RESULTS WELL-POSITIONED TO BENEFIT FROM MULTIPLE TRENDS DRIVING PROFITABLE ORGANIC GROWTH Data Centers Re-Shoring Electrification Energy Efficiency Legislative and and and and Tailwinds Connectivity Nearshoring EV Value Chain Sustainability ✓ Continued ✓ Critical supply
Slide 11: Remaining Performance Obligations
SECOND QUARTER 2024 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $9.0 billion; +$713 million Y/Y By Segment ($ Millions) (Unaudited) By Market Sector ($ Millions) (Unaudited) $10,000 $10,000 $10,000 $10,000 $8,999 $8,847 $8,999 $9,000 $9,000 $8,847 $9,000 $9,000 $8,286 $8,28
Slide 12: 2024 Guidance - Revised
SECOND QUARTER 2024 FINANCIAL RESULTS 2024 GUIDANCE - REVISED Revised Guidance Prior Guidance Revenues $14.5 Billion - $15.0 Billion $14.0 Billion - $14.5 Billion Diluted EPS1 $19.00 - $20.00 $15.50 - $16.50 » RPOs of $9.0 billion at near record levels, along with a robust pipeline, continue to prov
Slide 13: Capital Allocation Trends
SECOND QUARTER 2024 FINANCIAL RESULTS CAPITAL ALLOCATION TRENDS EMCOR Capital Allocation by Year (%) 100% 4.9% 90% 24.4% 13.2% 80% 36.7% 38.1% 39.0% ~53% 49.3% 51.7% 46.9% 5.0% 70% 61.7% 10.3% 60% 7.5% 79.0% 5.3% 9.7% 50% 13.6% 10.3% 5.7% 7.7% 7.4% 40% 81.9% 23.4% 11.9% 5.3% 9.6% 21.0% 30% 60.3% 12.
Slide 14: Thank You
SECOND QUARTER 2024 FINANCIAL RESULTS Thank You 14