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Emcor Group Up 8.64% To $301.44 After Earnings Beat

Wednesday, February 28, 2024 01:58 PM | InvestorsObserver Analysts

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Emcor Group Up 8.64% To $301.44 After Earnings Beat

Wednesday, February 28, 2024 - Emcor Group (EME) reported upside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Emcor Group were at $3.55. The company beat those estimates with an EPS of $4.47. The earnings per share of $4.47 (which represents a -26% EPS surprise) led to the company's profits rising 70% compared to last year when the firm reported an EPS of $2.63. The increase in Emcor Group's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $3.4 billion. That is an increase of 16.58% in revenues from the year-ago report and is 2.35% higher than consensus estimates set at $3.4 billion.

The stock is up 8.64% to $301.44 after the report.

Emcor Group's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 64. Meanwhile, the average Wall Street analyst rated the stock a Buy.

EMCOR Group Inc is one of the largest electrical, mechanical, construction, and facilities services firms in the United States. It provides a wide range of services, including the installation of electrical distribution systems, voice & data communication systems, and environmental controls within buildings. The company's services are provided to a broad range of commercial, industrial, utility, and institutional customers. Emcor Group enters contracts for large installation projects in the multimillion-dollar range, or smaller projects involving renovations and retrofit work. It also operates as a subcontractor to general contractors, systems suppliers, and property managers. It generates sales primarily in the United States, but the company does offer services United kingdom.

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