Slide 1: Quarter Three 2023 Financial Results
QUARTER THREE 2023 FINANCIAL RESULTS OCTOBER 26, 2023
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
THIRD 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 obl
Slide 3: EMCOR Participants
THIRD QUARTER 2023 FINANCIAL RESULTS EMCOR PARTICIPANTS » Tony Guzzi Chairman, President & Chief Executive Officer » Mark Pompa EVP & Chief Financial Officer » Maxine Mauricio EVP & General Counsel » Kevin Matz EVP, Shared Services » Andy Backman VP, Investor Relations 3
Slide 4: 2023 Qtr. 3 – Executive Summary
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 3 – EXECUTIVE SUMMARY » Excellent operating performance in Qtr. 3 ▪ Record quarterly revenues, gross profit, operating income, operating margin, and diluted EPS ($ Millions, except per share information) 2023 2022 $Δ Revenues: $3,207 $2,826 $381 Operati
Slide 5: 2023 Qtr. 3 – Executive Summary
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 3 – EXECUTIVE SUMMARY » Outstanding volume growth and improved profitability driven by solid execution » Continued strength in: ▪ Network & communications (data centers and low voltage), high-tech manufacturing (semiconductor, EV value chain, biotech, l
Slide 6: 2023 Qtr. 3 – Remaining Performance Obligations
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 3 – REMAINING PERFORMANCE OBLIGATIONS » RPOs total $8.64 billion, up 21.6% compared to 9/30/22 ($ Millions) ▪ U.S. RPOs UP $1.52 billion or 21.9% Sept. 2023 vs. Sept. 2022 ‒ Combined U.S. Construction Segments UP $1,329 23.3% ‒ U.S. Building Services Se
Slide 7: 2023 Qtr. 3 – Revenues
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 3 – REVENUES » Consolidated quarterly revenues of $3.21 billion Change from Qtr. 3 2022 Qtr. 3 ($ Millions) (Unaudited) 2023 $ % U.S. Electrical Construction & Facilities Services $ 697.4 $ 64.0 10.1% U.S. Mechanical Construction & Facilities Services 1
Slide 8: 2023 Qtr. 3 – Operating Income
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 3 – OPERATING INCOME » Operating income of $235.0 million or 7.3% of revenues Operating Margin For the Quarter Ended Operating Income (Loss) For the Quarter Ended September 30, 2023: September 30, (Unaudited) 2023 2022 ▪ U.S. Electrical Construction and
Slide 9: Key Financial Data – Income Statement
THIRD QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended September 30, Variance 2023 2022 $ % Revenues $ 3,207,598 $ 2,826,361 $ 381,237 13.5% Gross Profit 545,472 413,231 132,241 32.0% 17.0% 14.6% Sellin
Slide 10: Key Financial Data – Income Statement (Nine Months)
THIRD QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Nine Months Ended September 30, Variance 2023 2022 $ % Revenues $ 9,143,652 $ 8,126,298 $ 1,017,354 12.5% Gross Profit 1,471,594 1,148,794 322,800 28.1% 16.1% 14
Slide 11: Key Financial Data – Balance Sheet
THIRD QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) (Unaudited) 09/30/23 12/31/22 Cash $ 523,632 $ 456,439 Working Capital $ 836,093 $ 708,451 Goodwill $ 953,359 $ 919,151 Identifiable Intangible Assets, Net $ 600,790 $ 593,975 Total Debt (excludes operating leases)
Slide 12: Driving Profitable Organic Growth
THIRD 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 » Pharmac
Slide 13: Remaining Performance Obligations
THIRD QUARTER 2023 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $8.64 billion By Segment ($ Millions) (Unaudited) By Market Sector ($ Millions) (Unaudited) $9,000 $9,000 $9,000 $8,635 $8,635 $8,000 $8,000 $8,000 $7,459 $7,459 $7,101 $7,101 $7,000 $7,000 $7,000 $7,000 $6,000
Slide 14: 2023 – Outlook for Remainder of Year
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 - OUTLOOK FOR REMAINDER OF YEAR » Our target markets continue to show resiliency ▪ Continued demand and growth in network & communications (data centers) and high-tech manufacturing projects (semiconductor and EVs / EV value chain / batteries) ▪ Strength in
Slide 15: Guidance - Revised
THIRD QUARTER 2023 FINANCIAL RESULTS 2023 GUIDANCE - REVISED Revenues ~$12.5 Billion Non-GAAP Diluted EPS* $12.25 - $12.65 Was $10.75 - $11.25 * Assumes 27.5% to 28.0% effective tax rate and excludes impact of impairment loss on long-lived assets 15
Slide 16: THIRD QUARTER 2023 FINANCIAL RESULTS
THIRD QUARTER 2023 FINANCIAL RESULTS 16