EMCOR Q4 Results Top Estimates, Lifts Dividend; Sees FY24 Results Above Market; Stock Up

(RTTNews) - EMCOR Group, Inc. (EME), a provider of electrical and mechanical construction services, reported Wednesday that fourth-quarter net income was $211.52 million or $4.47 per share, compared to $126.30 million or $2.63 per share last year.

Revenues totaled $3.44 billion, an increase of 16.6 percent from $2.95 billion for the fourth quarter of 2022.

Analysts on average expected the company to report earnings of $3.55 per share on sales of $3.36 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company announced that its Board of Directors has approved an increase to regular quarterly dividend to $0.25 per share from $0.18 per share. The Board expects to declare the cash dividend starting in the second quarter of 2024.

Looking ahead for fiscal 2024, EMCOR expects earnings per share to be in the range of $14 to $15 and revenues to be between $13.5 billion and $14.0 billion.

Analysts expect the company to report earnings of $13.13 per share on sales of $13.46 billion.

In pre-market activity on the NYSE, EMCOR shares were gaining around 4.7 percent to trade at $290.50.

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