EMCOR Group Guides FY23 Revenues Above Estimates; Boosts Dividend

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, EMCOR Group, Inc. (EME) initiated its earnings and revenue guidance for the full-year 2023.

For fiscal 2023, the company now projects earnings in a range of $8.75 to $9.50 per share on revenues between $12.0 billion and $12.5 billion.

On average, four analysts polled by Thomson Reuters expect the company to report earnings of $9.06 per share on revenues of $11.75 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income of $126.3 million or $2.63 per share, higher than $101.7 million or $1.89 per share in the prior year quarter.

Revenues for the quarter grew 11.7 percent to $2.95 billion from $2.64 billion in the same quarter last year.

The Street was looking for earnings of $2.27 per share on revenues of $2.89 billion for the quarter.

The Company today announced that its Board of Directors has approved an increase to the Company's regular quarterly dividend to $0.18 per share from $0.15 per share. The Board expects to declare this cash dividend starting in the second quarter of 2023.

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