Key Takeaways EMCOR posted record RPOs of $11.9B, up 32% year over year, driven by diverse end-market demand.The Miller Electric acquisition added $947M to RPOs and expanded EMCOR's electrical construction portfolio.U.S. Construction revenues rose, with Electrical Construction up 55.2% on strong data center project demand.EMCOR Group, Inc. (EME) has been benefiting from a combination of record project backlogs and robust demand across multiple end markets, particularly data centers, healthcare, manufacturin ...

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Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four main types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] - Each stock receives a rating from A to F based on its characteristics, with A indicating the highest potential for outperformance [2] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score is based on price trends and earnings outlook, utilizing factors like recent price changes and monthly earnings estimate shifts to identify high-momentum stocks [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies [6] Zacks Rank Integration - The Zacks Rank is a proprietary model that leverages earnings estimate revisions to guide investors in stock selection, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.75% since 1988 [7][9] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for optimal investment success [9][10] Company Spotlight: Emcor Group - Emcor Group is a leading provider of mechanical and electrical construction, industrial and energy infrastructure, and building services [11] - The company holds a Zacks Rank of 2 (Buy) and a VGM Score of B, indicating strong potential for growth [11] - Emcor is projected to achieve year-over-year earnings growth of 11.8% for the current fiscal year, with an upward revision in earnings estimates [12]

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Core Insights - EMCOR Group reported record-setting Q2 FY2025 results, with GAAP revenue of $4.30 billion and GAAP diluted EPS of $6.72, both exceeding analyst expectations [1][5] - The company experienced significant year-over-year growth, with revenue increasing by 17.2% and EPS by 28.0% [2][5] - Strong performance was driven by core business execution, growth in project backlog, and positive impacts from recent acquisitions [1][4] Financial Performance - GAAP revenue reached $4.30 billion, surpassing the estimated $4.11 billion, while GAAP EPS was $6.72 compared to the consensus of $5.74 [2][5] - Operating margin improved to 9.6%, up from 9.1% in Q2 2024 [2][5] - Net income rose to $302.2 million, a 22.1% increase from $247.6 million in Q2 2024 [2] Business Overview - EMCOR operates as a leading specialty contractor in the U.S., focusing on mechanical construction, electrical contracting, and industrial maintenance [3] - The company generates 97% of its revenue domestically, allowing it to leverage local market knowledge [3] Strategic Focus - Recent diversification into high-growth sectors such as data centers, healthcare, and sustainable energy is a key strategy for EMCOR [4] - The acquisition of Miller Electric has expanded the company's service offerings and project pipeline [4][6] Project Pipeline - Remaining Performance Obligations (RPOs) surged to a record $11.91 billion, reflecting a 32.4% year-over-year increase [2][8] - Data center projects are a primary growth driver, with significant expansion and complexity in the project scope [11] Segment Performance - U.S. Electrical Construction and Facilities Services revenue increased by 67.5% year-over-year, driven by the Miller Electric acquisition [6] - Mechanical Construction revenue grew by 6% year-over-year, with a record operating margin of 13.6% [6] - Industrial Services faced challenges, with a revenue decline of 13.3% [6] Cost Management - SG&A expenses rose to $418.6 million, or 9.7% of revenue, attributed to increased staffing and acquisition integration costs [7] - Management expects normalization of this expense ratio as integration costs decrease [7] Future Outlook - EMCOR raised its FY2025 revenue guidance to $16.4 billion–$16.9 billion and non-GAAP diluted EPS guidance to $24.50–$25.75 [15] - The company anticipates continued growth supported by a robust project backlog and strong execution [15]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported diluted earnings per share of $6.72, a 28% increase from $5.25 in the prior year [26] - Revenues reached a record $4.3 billion, representing a 17.4% increase year-over-year [6][14] - Operating cash flow was $194 million, with a strong balance sheet showing cash on hand of $486 million and a debt balance of $256.4 million [27][28] Business Line Data and Key Metrics Changes - The US Electrical Construction segment generated record revenues of $1.34 billion, up 67.5% due to strong organic growth and the acquisition of Miller Electric [15][20] - The US Mechanical Construction segment reported revenues of $1.76 billion, a 6% increase, primarily driven by network and communications projects [16][21] - US Building Services revenues increased by 1.6% to $793.2 million, with mechanical services showing robust growth [17][23] - Industrial Services revenues decreased by 13.3% to $281.1 million, impacted by lower field service volumes [18] Market Data and Key Metrics Changes - Remaining performance obligations (RPOs) reached a record $11.9 billion, a 32% increase year-over-year, driven by growth across nearly all market sectors [7][10] - RPOs in network and communications totaled $3.8 billion, while healthcare RPOs reached $1.4 billion, benefiting from the Miller Electric acquisition [11][12] Company Strategy and Development Direction - The company plans to continue disciplined capital allocation, with $430 million spent on share repurchases and $887 million on acquisitions in the first half of 2025 [8][28] - The focus remains on long-term secular trends in key markets, including data centers, healthcare, and manufacturing [29] - The company aims to leverage its strong balance sheet and healthy pipeline of acquisitions to support organic growth [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the markets served, particularly in manufacturing and healthcare, and expects to outperform non-residential construction [39][41] - There is acknowledgment of macroeconomic uncertainties, particularly around tariffs and trade, but guidance reflects potential impacts [30] - The company anticipates improvements in the Industrial Services segment as the year progresses [10][43] Other Important Information - The company achieved exceptional operating margins of 9.6%, a record for the second quarter [6][19] - SG&A expenses increased by $67.4 million, largely due to incremental expenses from acquired companies and increased headcount [25] Q&A Session Summary Question: Expectations for bookings in the second half of the year - Management indicated that they will continue to win their fair share of business and expect underlying strength to persist [38][39] Question: Activity in the industrial business post-administration change - Management noted an expected strengthening in midstream activity and other energy build-outs, particularly in LNG [43] Question: Strength in the UK market and sustainability - Increased volume and project activity are driving growth, with management expressing confidence in the sustainability of this performance [46][47] Question: M&A environment and pipeline of potential targets - Management confirmed that they are actively looking for acquisitions that fit their criteria and noted a competitive environment for larger deals [50][53] Question: Expansion of mechanical margins - Management attributed margin expansion to improved productivity, project sizes, and effective contract negotiation [54][56] Question: Pipeline perspective on pharma manufacturing - Management reported increased planning and activity in the pharma sector, particularly related to onshoring manufacturing [64][65] Question: Guidance raise implications - The guidance raise reflects strong Q2 performance and expectations for continued margin strength in the second half [70][74] Question: Capacity for prefabrication capabilities - Management confirmed ongoing efforts to expand prefabrication capabilities to enhance efficiency and volume [92][94]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported diluted earnings per share of $6.72, a 28% increase from $5.25 in the prior year [26] - Revenues reached a record $4.3 billion, representing a 17.4% increase year-over-year [6][14] - Operating cash flow was $194 million, with a total of $302.2 million generated year-to-date [27][28] - Remaining performance obligations (RPOs) increased to a record $11.9 billion, up 32% year-over-year [10][11] Business Line Data and Key Metrics Changes - US Electrical Construction revenues were a record $1.34 billion, increasing 67.5% due to strong organic growth and the acquisition of Miller Electric [14][15] - US Mechanical Construction revenues reached $1.76 billion, up 6%, primarily driven by network and communications projects [15][21] - US Building Services revenues increased by 1.6% to $793.2 million, with mechanical services showing robust growth [17][22] - Industrial Services revenues decreased by 13.3% to $281.1 million, impacted by lower field service volumes [18][22] Market Data and Key Metrics Changes - RPOs in the network and communications sector totaled $3.8 billion, driven by data center projects [11] - Healthcare RPOs reached $1.4 billion, bolstered by the acquisition of Miller Electric [11] - Manufacturing and industrial RPOs totaled $1 billion, benefiting from onshoring initiatives and food processing projects [12] - UK Building Services revenues increased by 26.3% to $134.6 million, primarily due to increased service revenues [19] Company Strategy and Development Direction - The company plans to raise its 2025 revenue and earnings guidance, expecting diluted earnings per share between $24.5 and $25.75 [29] - The focus remains on disciplined capital allocation, supported by a strong balance sheet and a healthy pipeline of acquisitions [30] - The company aims to leverage long-term trends in key markets such as data centers, healthcare, and high-tech manufacturing [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strength in the markets served, particularly in manufacturing and healthcare [40] - There is an acknowledgment of macroeconomic uncertainties, particularly around tariffs and trade, but the guidance reflects potential impacts [30] - The company expects improvements in the Industrial Services segment as the year progresses [10][45] Other Important Information - The company spent over $430 million on share repurchases and $887 million on acquisitions in the first half of 2025 [7][28] - Operating income for the quarter was $415.2 million, a 25% increase year-over-year, with an operating margin of 9.6% [19][20] Q&A Session Summary Question: Expectations for bookings in the second half of the year - Management indicated that they will continue to win their fair share of business and expect to see strength in various markets, including manufacturing and healthcare [38][40] Question: Activity in the industrial business post-administration change - Management noted that while the focus remains downstream, they expect strengthening activity, particularly in midstream and energy build-out projects [45] Question: Strength in the UK market and sustainability - The growth in the UK is attributed to increased project activity and service revenues, with management expressing confidence in its sustainability [48][49] Question: M&A environment and pipeline of potential targets - Management confirmed that they are actively looking for acquisition opportunities that align with their values and long-term growth strategy [53][56] Question: Mechanical margins and operating leverage - Management explained that the expansion in mechanical margins is driven by productivity improvements and effective project execution [57][60] Question: Pipeline perspective on pharma manufacturing - Management reported increased activity in pharma manufacturing, particularly related to onshoring initiatives [67][70] Question: Phase II award for semiconductor projects - The Phase II award is significant, valued at over $100 million, and reflects ongoing work at existing sites [71] Question: Guidance raise implications - The guidance raise reflects both strong Q2 performance and expectations for continued margin strength in the second half of the year [76][79] Question: Capacity for prefabrication and growth - Management confirmed ongoing efforts to expand prefabrication capabilities to enhance efficiency and support growth [99][100]

Financial Performance - Revenues for the second quarter of 2025 reached a record $4304 billion, a 174% increase compared to $3667 billion in the second quarter of 2024[7, 10] - Operating income for the second quarter of 2025 was $4152 million, representing 96% of revenues, an increase of $824 million or 248% year-over-year[7, 11] - Diluted earnings per share (EPS) for the second quarter of 2025 were $672, a 280% increase compared to $525 in the second quarter of 2024[7, 12] - For the six months ended June 30, 2025, revenues totaled $8171772 billion, a 151% increase from $7099173 billion in the same period of 2024[13] - Operating income for the first six months of 2025 was $733968 million, a 238% increase from $592761 million in the first six months of 2024[13] Remaining Performance Obligations (RPOs) - Record Remaining Performance Obligations (RPOs) reached $1191 billion, up $292 billion or 324% year-over-year, and up $181 billion or 179% from December 2024[7, 8, 9] Segment Performance - US Electrical Construction & Facilities Services revenues were $13402 million, a 5% increase[10] - US Mechanical Construction & Facilities Services revenues were $17553 million, a 6% increase[10] - US Building Services revenues were $7932 million, a 16% increase[10] Guidance - The company's current revenue guidance for 2025 is $164 billion to $169 billion[15] - The company's current operating margin guidance for 2025 is 90% to 94%[15] - The company's current non-GAAP diluted EPS guidance for 2025 is $2450 to $2575[15]

Financial Performance Overview [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) EMCOR Group reported record Q2 2025 results with significant growth in revenues, diluted EPS, and RPOs, leading to updated full-year guidance with increased non-GAAP diluted EPS Q2 2025 Key Performance Indicators | Metric | Q2 2025 Value | Year-over-Year Increase | | :--- | :--- | :--- | | Revenues | $4.30 billion | 17.4% | | Diluted EPS | $6.72 | 28.0% | | Remaining Performance Obligations (RPOs) | $11.91 billion | 32.4% | Updated Full-Year 2025 Guidance | Metric | Previous Guidance (4/30/25) | Current Guidance (7/31/25) | | :--- | :--- | :--- | | Revenues | $16.1B - $16.9B | $16.4B - $16.9B | | Non-GAAP Diluted EPS | $22.65 - $24.00 | $24.50 - $25.75 | [Q2 2025 Detailed Financial Results](index=1&type=section&id=Q2%202025%20Detailed%20Financial%20Results) In Q2 2025, revenues grew 17.4% to $4.30 billion, and net income rose to $302.2 million, with operating income increasing to $415.2 million and operating margin expanding to 9.6% Q2 2025 vs. Q2 2024 Financial Comparison | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $4.30 billion | $3.67 billion | | Net Income | $302.2 million | $247.6 million | | Diluted EPS | $6.72 | $5.25 | | Operating Income | $415.2 million | $332.8 million | | Operating Margin | 9.6% | 9.1% | - Selling, general and administrative (SG&A) expenses were **$418.6 million**, representing **9.7% of revenues**, a slight increase from 9.6% in Q2 2024[4](index=4&type=chunk) [First Six Months 2025 Financial Results](index=2&type=section&id=First%20Six%20Months%202025%20Financial%20Results) For the first half of 2025, revenues increased by 15.1% to $8.17 billion, with net income at $542.8 million, and non-GAAP diluted EPS reaching $12.11 after adjusting for acquisition costs First Six Months 2025 vs. 2024 Financial Comparison | Metric | H1 2025 (GAAP) | H1 2024 (GAAP) | | :--- | :--- | :--- | | Revenues | $8.17 billion | $7.10 billion | | Net Income | $542.8 million | $444.7 million | | Diluted EPS | $11.96 | $9.41 | | Operating Income | $734.0 million | $592.8 million | | Operating Margin | 9.0% | 8.3% | - The results for the first six months of 2025 include **$9.4 million** (**$6.9 million after-tax**) in transaction costs related to the acquisition of Miller Electric Company[8](index=8&type=chunk) - Excluding acquisition costs, non-GAAP operating income for H1 2025 was **$743.3 million**, with a non-GAAP operating margin of **9.1%**[9](index=9&type=chunk) Operational Performance and Business Outlook [Management Commentary](index=2&type=section&id=Management%20Commentary) The CEO highlighted an outstanding second quarter, driven by strong execution and robust demand for specialty contracting services, with Electrical and Mechanical Construction segments achieving record revenues and operating margins - Management attributes the strong performance to a **17.4% quarterly revenue growth** and an exceptional **9.6% operating margin**, driven by solid execution across diverse sectors[7](index=7&type=chunk) - The Electrical Construction segment's quarterly revenue grew **67.5%** with a record Q2 operating margin of **11.8%**[12](index=12&type=chunk) - The Mechanical Construction segment also achieved record revenues and record quarterly operating margins of **13.6%**[12](index=12&type=chunk) [Remaining Performance Obligations (RPOs)](index=2&type=section&id=Remaining%20Performance%20Obligations%20%28RPOs%29) As of June 30, 2025, RPOs reached a record $11.91 billion, a significant year-over-year increase, with growth across most market sectors, partially offset by progress in High-Tech Manufacturing - RPOs reached a record **$11.91 billion** as of June 30, 2025, up from **$9.00 billion** a year prior[6](index=6&type=chunk) - Significant RPO growth was seen in the Network and Communications, Institutional, Manufacturing and Industrial, Healthcare, and Hospitality and Entertainment sectors[6](index=6&type=chunk) - RPOs in the High-Tech Manufacturing sector decreased due to progress on existing construction projects[6](index=6&type=chunk) [Full-Year 2025 Guidance](index=3&type=section&id=Full-Year%202025%20Guidance) EMCOR has updated its full-year 2025 guidance, narrowing the revenue forecast to between $16.4 billion and $16.9 billion and increasing the non-GAAP diluted EPS forecast to a range of $24.50 to $25.75 Full-Year 2025 Guidance Update | Metric | Current Guidance (7/31/25) | Previous Guidance (4/30/25) | | :--- | :--- | :--- | | Revenues | $16.4B - $16.9B | $16.1B - $16.9B | | Operating Margin | 9.0% - 9.4% | 8.5% - 9.2% | | Non-GAAP Diluted EPS* | $24.50 - $25.75 | $22.65 - $24.00 | *Excludes acquisition related transaction costs Segment Performance [Segment Revenues](index=8&type=section&id=Segment%20Revenues) For Q2 2025, total revenues were driven by strong growth in the U.S. Electrical Construction segment, which increased to $1.34 billion, while the U.S. Mechanical Construction segment remained the largest contributor at $1.76 billion Revenues by Segment - Q2 (in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. Electrical Construction | $1,340,247 | $799,994 | | U.S. Mechanical Construction | $1,755,258 | $1,655,181 | | U.S. Building Services | $793,259 | $781,108 | | U.S. Industrial Services | $281,072 | $324,047 | | U.K. Building Services | $134,564 | $106,567 | Revenues by Segment - Six Months (in thousands) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | U.S. Electrical Construction | $2,428,091 | $1,564,705 | | U.S. Mechanical Construction | $3,327,860 | $3,082,846 | | U.S. Building Services | $1,535,882 | $1,562,268 | | U.S. Industrial Services | $640,074 | $678,100 | | U.K. Building Services | $239,865 | $211,254 | [Segment Operating Income](index=9&type=section&id=Segment%20Operating%20Income) In Q2 2025, operating income was led by the U.S. Mechanical Construction segment at $238.7 million and the U.S. Electrical Construction segment at $157.6 million, both showing significant growth and margin expansion, while U.S. Industrial Services reported a small operating loss Operating Income by Segment - Q2 (in thousands) | Segment | Q2 2025 Income | Q2 2025 Margin | Q2 2024 Income | Q2 2024 Margin | | :--- | :--- | :--- | :--- | :--- | | U.S. Electrical Construction | $157,644 | 11.8% | $88,577 | 11.1% | | U.S. Mechanical Construction | $238,737 | 13.6% | $213,440 | 12.9% | | U.S. Building Services | $50,045 | 6.3% | $46,839 | 6.0% | | U.S. Industrial Services | ($419) | (0.1)% | $12,746 | 3.9% | | U.K. Building Services | $8,425 | 6.3% | $5,777 | 5.4% | Operating Income by Segment - Six Months (in thousands) | Segment | H1 2025 Income | H1 2025 Margin | H1 2024 Income | H1 2024 Margin | | :--- | :--- | :--- | :--- | :--- | | U.S. Electrical Construction | $293,701 | 12.1% | $180,166 | 11.5% | | U.S. Mechanical Construction | $425,484 | 12.8% | $364,160 | 11.8% | | U.S. Building Services | $86,468 | 5.6% | $80,298 | 5.1% | | U.S. Industrial Services | $6,341 | 1.0% | $30,712 | 4.5% | | U.K. Building Services | $13,412 | 5.6% | $11,154 | 5.3% | Consolidated Financial Statements [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations shows a 17.4% revenue increase for Q2 2025 and a 15.1% increase for the first six months, with improved gross profit margins and substantial net income growth, leading to diluted EPS of $6.72 for the quarter and $11.96 for the six-month period Key Income Statement Items (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $4,304,400 | $3,666,897 | $8,171,772 | $7,099,173 | | Gross Profit | $833,771 | $684,001 | $1,556,489 | $1,273,310 | | Operating Income | $415,212 | $332,808 | $733,968 | $592,761 | | Net Income | $302,160 | $247,572 | $542,837 | $444,721 | | Diluted EPS | $6.72 | $5.25 | $11.96 | $9.41 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $8.40 billion from $7.72 billion at year-end 2024, primarily due to acquisitions, while cash and cash equivalents decreased significantly to $486.0 million and total liabilities grew to $5.35 billion Key Balance Sheet Items (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $485,988 | $1,339,550 | | Accounts receivable, net | $4,114,857 | $3,577,537 | | Goodwill | $1,351,824 | $1,018,415 | | Total Assets | $8,400,480 | $7,716,473 | | Total Liabilities | $5,346,908 | $4,777,779 | | Total Equity | $3,053,572 | $2,938,694 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash provided by operating activities decreased to $302.2 million, while substantial cash was used in investing activities for acquisitions and in financing activities for common stock repurchases Key Cash Flow Items - Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $302,158 | $411,958 | | Net cash used in investing activities | ($938,825) | ($211,139) | | Net cash used in financing activities | ($231,125) | ($181,444) | | Decrease in cash | ($853,234) | $18,448 | - Major uses of cash in H1 2025 included **$887.2 million** for business acquisitions and **$432.2 million** for common stock repurchases[25](index=25&type=chunk) Supplemental Information [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company provides a reconciliation of non-GAAP measures to GAAP, primarily adjusting for transaction expenses related to the Miller Electric acquisition, resulting in non-GAAP operating income of $743.3 million and non-GAAP diluted EPS of $12.11 for the first six months of 2025 - Organic revenue growth for Q2 2025 was **8.4%**, after excluding a **9.0%** contribution from acquisitions. For the first six months, organic growth was **6.9%**[32](index=32&type=chunk) Reconciliation of H1 2025 Non-GAAP Operating Income (in thousands) | Metric | Amount | | :--- | :--- | | GAAP operating income | $733,968 | | Transaction expenses (Miller Electric) | $9,353 | | **Non-GAAP operating income** | **$743,321** | Reconciliation of H1 2025 Non-GAAP Diluted EPS | Metric | Amount | | :--- | :--- | | GAAP diluted EPS | $11.96 | | Transaction expenses (Miller Electric) | $0.20 | | Tax effect of transaction expenses | ($0.05) | | **Non-GAAP diluted EPS** | **$12.11** |

Core Insights - Emcor Group (EME) reported quarterly earnings of $6.72 per share, exceeding the Zacks Consensus Estimate of $5.68 per share, and showing an increase from $5.25 per share a year ago, resulting in an earnings surprise of +18.31% [1] - The company achieved revenues of $4.3 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.95%, compared to $3.67 billion in the same quarter last year [2] - Emcor Group's stock has increased approximately 40.9% year-to-date, significantly outperforming the S&P 500's gain of 8.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $6.23 on revenues of $4.18 billion, and for the current fiscal year, it is $23.59 on revenues of $16.42 billion [7] - The estimate revisions trend for Emcor Group was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Building Products - Heavy Construction industry, to which Emcor Group belongs, is currently ranked in the top 4% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]