Slide 1: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results EMCOR af
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
FOURTH QUARTER AND FULL-YEAR 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
Slide 3: EMCOR Participants
FOURTH QUARTER AND FULL-YEAR 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 – Fourth Quarter 2024
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS EXECUTIVE SUMMARY – FOURTH QUARTER 2024 ($ Millions, except per share information) (Unaudited) 4Q24 4Q23 Change ($) Change (%) Revenues $3,770 $3,439 $331 9.6% Operating Income $389 $289 $100 34.4% Operating Margin 10.3% 8.4% Diluted EPS $6.32 $4.4
Slide 5: Executive Summary – Full Year 2024
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS EXECUTIVE SUMMARY – FULL YEAR 2024 ($ Millions, except per share information) FY24 FY23 Change ($) Change (%) Revenues $14,566 $12,583 $1,983 15.8% Operating Income1 $1,345 $876 $469 53.6% Operating Margin1 9.2% 7.0% Diluted EPS2 $21.52 $13.31 $8.2
Slide 6: Fourth Quarter – Revenues
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS FOURTH QUARTER – REVENUES » Consolidated quarterly revenues of $3.77 billion Variance from Fourth Quarter 2023 ($ Millions) (Unaudited) 4Q24 $ % U.S. Electrical Construction & Facilities Services $ 933.2 $ 169.8 22.2% U.S. Mechanical Construction &
Slide 7: Fourth Quarter – Operating Income
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS FOURTH QUARTER – OPERATING INCOME » $388.6 million or 10.3% of revenues; +$99.4 million Y/Y Variance from Fourth Quarter 2023 ($ Millions) (Unaudited) 4Q24 $ % U.S. Electrical Construction & Facilities Services $ 147.9 $ 71.6 93.9% U.S. Mechanical
Slide 8: Key Financial Data – Income Statement
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended December 31, Variance 2024 2023 $ % Revenues $ 3,770,019 $ 3,439,221 $ 330,798 9.6% Gross Profit 757,015 617,745 139,270 22.5% 20.1%
Slide 9: Key Financial Data – Income Statement
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) For the Year Ended December 31, Variance 2024 2023 $ % Revenues $ 14,566,116 $ 12,582,873 $ 1,983,243 15.8% Gross Profit 2,765,051 2,089,339 675,712 32.3% 19.0% 16.6%
Slide 10: Key Financial Data – Balance Sheet
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) 12/31/24 12/31/23 Cash $ 1,339,550 $ 789,750 Working Capital $ 1,235,326 $ 928,616 Goodwill $ 1,018,415 $ 956,549 Identifiable Intangible Assets, Net $ 648,180 $ 586,032 Total Debt (excludes operatin
Slide 11: Miller Electric Acquisition
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS MILLER ELECTRIC ACQUISITION Transaction Highlights Overview of Miller Electric » All-cash acquisition for $865 million, subject to ~$805M 8% customary adjustments, which closed on February FY2024E Revenue 6% Other 3, 2025 Infrastructure 24% Data Ce
Slide 12: Well-Positioned to Benefit from Multiple Trends Driving Profitable Organic Growth
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS WELL-POSITIONED TO BENEFIT FROM MULTIPLE TRENDS DRIVING PROFITABLE ORGANIC GROWTH Data Centers Re-Shoring Electrification Energy Efficiency and and and and Connectivity Nearshoring EV Value Chain Sustainability ✓ Continued ✓ Critical supply ✓ Energ
Slide 13: Remaining Performance Obligations
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $10.1 billion; +$1.25 billion Y/Y By Segment ($ Millions) By Market Sector ($ Millions) (Unaudited) $11,000 $11,000 $10,102 $10,102 $10,000 $10,000 $9,000 $8,847 $9,000 $8,847 $8,000 $8,000 $7,459
Slide 14: 2025 Guidance and Summary
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS 2025 GUIDANCE AND SUMMARY Guidance Revenues $16.1 billion - $16.9 billion Operating Margin 8.5% - 9.2% Diluted EPS1 $22.25 - $24.00 » Record RPOs of $10.1 billion; Remain optimistic about growth prospects and margin profile » Continuing to perform
Slide 15: Capital Allocation Trends
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS CAPITAL ALLOCATION TRENDS EMCOR Capital Allocation by Year (%) 100% 4.9% 90% 24.4% 13.2% 80% 36.7% 38.1% ~55% 5.0% 49.3% 51.7% 50.1% 70% 61.7% 58.5% 10.3% 60% 7.5% 79.0% 9.7% 50% 13.6% 7.7% 5.6% 7.4% 40% 81.9% 23.4% 5.2% 11.4% 5.3% 9.6% 30% 60.3% 2
Slide 16: FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS 16