Slide 1: Quarter Two 2023 Financial Results
QUARTER TWO 2023 FINANCIAL RESULTS JULY 27, 2023
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
SECOND 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
SECOND 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 3
Slide 4: 2023 Qtr. 2 Executive Summary
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 2 EXECUTIVE SUMMARY » Strong operating performance in Qtr. 2 ▪ Record quarterly revenues, operating income, operating margin, and diluted EPS 2023 2022 $Δ ▪ Revenues $3,045M $2,707M $338M ▪ Operating Income $196.7M $137.6M $59M ‒ OI as a % of Revenue 6
Slide 5: 2023 Qtr. 2 Executive Summary
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 2 EXECUTIVE SUMMARY » Strong execution across all segments » Solid growth in network & communications (data centers and low voltage), high-tech manufacturing (semiconductor, EV value chain, biotech, life sciences and pharmaceutical) and healthcare proj
Slide 6: 2023 Qtr. 2 Executive Summary: RPOs
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 2 EXECUTIVE SUMMARY » RPOs total $8.29 billion, up 28.2% compared to 6/30/22 ▪ U.S. RPOs UP $1.83 billion or 29.0% June 2023 vs. June 2022 $1,653M ‒ Combined U.S. Construction Segments UP 32.6% ‒ U.S. Building Services Segment UP $159M 14.5% ‒ U.S. Ind
Slide 7: 2023 Qtr. 2 Financial Results Highlights: Revenues
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 2 FINANCIAL RESULTS HIGHLIGHTS » Consolidated quarterly revenues of $3.05 billion Change from Qtr. 2 2022 Qtr. 2 ($ Millions) (Unaudited) 2023 $ % U.S. Electrical Construction & Facilities Services $ 678.2 $ 114.0 20.2% U.S. Mechanical Construction & F
Slide 8: 2023 Qtr. 2 Financial Results Highlights: Operating Income
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 QTR. 2 FINANCIAL RESULTS HIGHLIGHTS » Operating income of $196.7 million or 6.5% of revenues Operating Margin For the Quarter Ended Operating Income For the Quarter Ended June 30, 2023: June 30, (Unaudited) 2023 2022 ▪ U.S. Electrical Construction and Facil
Slide 9: Key Financial Data – Income Statement
SECOND QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended June 30, Variance 2023 2022 $ % Revenues $ 3,045,622 $ 2,707,388 $ 338,234 12.5% Gross Profit 490,060 383,008 107,052 28.0% 16.1% 14.1% Selling, G
Slide 10: Key Financial Data – Income Statement (Six Months)
SECOND QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Six Months Ended June 30, Variance 2023 2022 $ % Revenues $ 5,936,054 $ 5,299,937 $ 636,117 12.0% Gross Profit 926,122 735,563 190,559 25.9% 15.6% 13.9% Selling
Slide 11: Key Financial Data – Balance Sheet
SECOND QUARTER 2023 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) (Unaudited) 06/30/23 12/31/22 Cash $ 503,052 $ 456,439 Working Capital $ 860,159 $ 708,451 Goodwill $ 927,485 $ 919,151 Identifiable Intangible Assets, Net $ 574,475 $ 593,975 Total Debt (excludes operating leases
Slide 12: Driving Profitable Organic Growth
SECOND QUARTER 2023 FINANCIAL RESULTS DRIVING PROFITABLE ORGANIC GROWTH Electrification / EV High-Tech Manufacturing / Data Centers /Connectivity Value Chain Life Sciences » Electric Vehicle and Battery » Semiconductor Manufacturing » Continued Demand Drivers Plant Construction » Pharmaceutical / Bi
Slide 13: Remaining Performance Obligations
SECOND QUARTER 2023 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $8.29 billion By Segment ($ Millions) (Unaudited) By Market Sector ($ Millions) (Unaudited) $9,000 $9,000 $9,000 $8,286 $8,286 $8,000 $8,000 $8,000 $8,000 $7,459 $7,459 $7,000 $7,000 $7,000 $6,461 $6,461 $6,000
Slide 14: 2023 Outlook for Remainder of Year
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 - OUTLOOK FOR REMAINDER OF YEAR » Non-residential market is projected to grow for remainder of 2023 ▪ Resilient demand and projected growth in network & communications (data centers) and high-tech manufacturing projects (semiconductor and EVs / EV value cha
Slide 15: Guidance - Revised
SECOND QUARTER 2023 FINANCIAL RESULTS 2023 GUIDANCE - REVISED Revenues $12.0 - $12.5 Billion Diluted EPS* $10.75 - $11.25 Was $9.25 - $10.00 * Assumes 27.5% to 28.0% effective tax rate 15
Slide 16: SECOND QUARTER 2023 FINANCIAL RESULTS
SECOND QUARTER 2023 FINANCIAL RESULTS 16