Emcor Group's 3Q profit beats expectations
NORWALK, Conn. (AP) — Emcor Group Inc., a contractor to the electric power industry, said Thursday that its third-quarter net income fell 3 percent. When discounting a unit sold off last year, however, profit rose 22 percent, besting Wall Street expectations.
The Norwalk, Conn., company raised its guidance for the year, and shares rose $2.65, or 9.3 percent, to close at $31.14 Thursday. It said its construction business did well, and it focused on controlling costs in an environment it called "choppy."
Emcor said it expected full-year earnings between $2 and $2.10 per share, up from an earlier forecast of $1.80 to $2 per share. Analysts were expecting $1.96.
The company pegged 2012 revenue at $6.4 billion, up $100 million from an earlier forecast. Analysts were expecting $6.33 billion.
Third-quarter net income totaled $39.6 million, or 59 cents per share, from $40.8 million, or 60 cents per share, a year ago. Last year's results included $8.4 million in income from a Canadian subsidiary, which it sold in August 2011. Stripping out that unit, profit rose to $39.6 million from $32.3 million.
Revenue grew 8 percent to $1.61 billion.
Analysts surveyed by FactSet expected earnings of 49 cents per share on $1.6 billion in revenue.