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EMCOR

EMCOR (EME) Q1 2025 Earnings

Reported Apr 30, 2025 at 12:28 PM ET · SEC Source

Q1 25 EPS

$5.41

BEAT +16.97%

Est. $4.63

Q1 25 Revenue

$3.87B

BEAT +2.20%

Est. $3.78B

vs S&P Since Q1 25

+65.5%

BEATING MARKET

EME +100.7% vs S&P +35.2%

Market Reaction

Did EME Beat Earnings? Q1 2025 Results

EMCOR Group kicked off 2025 with a record-setting first quarter, posting non-GAAP diluted EPS of $5.41 against a consensus estimate of $4.63, a beat of nearly 17%, while revenue climbed 12.7% year-over-year to $3.87 billion, edging past the $3.78 bil… Read more EMCOR Group kicked off 2025 with a record-setting first quarter, posting non-GAAP diluted EPS of $5.41 against a consensus estimate of $4.63, a beat of nearly 17%, while revenue climbed 12.7% year-over-year to $3.87 billion, edging past the $3.78 billion Wall Street had expected. The standout driver was the U.S. Electrical Construction segment, which saw revenue surge 42.3% to $1.09 billion and delivered a 12.5% operating margin, powered in large part by the Miller Electric acquisition that closed during the quarter and contributed $183 million in revenues. U.S. Mechanical Construction added to the momentum with 10.2% revenue growth and an 11.9% operating margin, while record remaining performance obligations of $11.75 billion, up 28.1% year-over-year, underscore the depth of the company's backlog heading into the rest of the year. Management reaffirmed full-year 2025 revenue guidance of $16.1 billion to $16.9 billion and raised the floor on its non-GAAP EPS range to $22.65, citing confidence in execution despite acknowledging potential tariff headwinds and a slower-than-expected start to the industrial turnaround season.

Key Takeaways

  • • U.S. Electrical Construction segment revenue growth of 42.3% driven by Miller Electric acquisition and organic demand
  • • U.S. Mechanical Construction segment revenue growth of 10.2% with 11.9% operating margin
  • • Virtual design and construction technologies and prefabrication capabilities improving productivity
  • • Strong project execution across diverse end markets including network and communications, healthcare, and manufacturing
  • • Record remaining performance obligations of $11.75 billion, up 28.1% year-over-year
24/7 Wall St

EME YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

EME Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

EME Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Our first quarter results—which include 12.7% year-over-year revenue growth, a 22.6% increase in operating income, and $11.75 billion in remaining performance obligations—demonstrate the continued strength of our business. Once again, results were driven by our U.S. Electrical Construction and U.S. Mechanical Construction segments, which had year-over-year revenue growth of 42.3% and 10.2%, respectively, and operating margins of 12.5% and 11.9%, respectively. Our performance reflects our customers' confidence in our ability to execute complex projects across diverse end markets, as well as our proactive expansion into new geographies, and our productivity resulting from the use of virtual design and construction technologies and prefabrication capabilities. Coupled with sustained excellence in labor planning, large project coordination, and the sharing of best practices, we delivered exceptional results for our customers.”

— Tony Guzzi, Q1 2025 Earnings Press Release

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