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| Emcor posts rise in quarterly profit Emcor Group, Inc. reported net income of $60.3 million for the 2008 fourth quarter, an increase of 19.8% over net income of $50.3 million in the fourth quarter of 2007. In the 2008 fourth quarter, revenues were $1.68 billion compared to $1.77 billion in the fourth quarter of 2007. Operating income in the 2008 fourth quarter was $100.9 million, an increase of 17.2% from operating income of $86.1 million in the same quarter a year ago. As a percentage of revenues, operating income rose to a record 6.0% from 4.9% in the 2007 fourth quarter. Contract backlog as of December 31, 2008 was $4.00 billion, compared to backlog of $4.49 billion as of December 31, 2007 and $4.42 billion at the end of the 2008 third quarter. The decline in backlog was principally attributable to a decrease in the hospitality / gaming sector, particularly in the Las Vegas market, and the commercial sector mitigated by growth in the transportation, industrial, institutional and water and wastewater sectors. For the 2008 full-year period, Emcor reported net income of $182.2 million, an increase of 43.7% over net income of $126.8 million in 2007. Revenues in the 2008 full-year period rose 14.5% to $6.79 billion from $5.93 billion in 2007. Operating income was $302.6 million, or 4.5% of revenues for the 2008 full-year period, an increase of 51.4% over operating income of $199.8 million, or 3.4% of revenues, in the same period last year. Emcor Group expects to generate “base line” revenues of between $6.0 billion and $6.3 billion and is highly confident of its ability to generate 2009 full year diluted “base line” EPS from continuing operations of $1.80. write your comments about the article :: © 2009 Construction News :: home page |