Feb. 21, 2008 - EMCOR Reports 21% Revenue Increase For 2007
Revenues for the 2007 fourth quarter were $1.77 billion, an increase of 31.2 percent from revenues of $1.35 billion in the fourth quarter of last year. Organic revenue growth in the fourth quarter of 2007 was 21.9 percent.
As of Dec. 31, 2007, contract backlog reached a record $4.49 billion, an increase of 28.4 percent. Organic backlog growth, excluding the contribution from acquisitions made in 2007, was 23.8 percent.
“The fourth quarter was an emphatic conclusion to the most successful year in EMCOR history and was, in fact, our 50th consecutive profitable quarter,” said Frank T. MacInnis, chairman and chief executive officer of EMCOR Group. “We enter 2008 with strong momentum and excellent prospects for growth. Our backlog contains a solid mix of short-, medium- and long-term contracts, including some of the most prominent customers and projects in the country, providing us with solid revenue visibility. The integration of our recent strategic acquisitions is progressing very well, and we continue to build our presence in growth markets, such as oil and gas, healthcare and transportation, that are either independent of or countercyclical to broader economic trends.”
The company noted that, based on current market conditions and the makeup of its backlog, it expects to generate revenues for the 2008 full-year period of between $6.3 billion and $6.5 billion, and diluted earnings per share for 2008 of $2.08 to $2.28.