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| FOR: | | EMCOR GROUP, INC. |
| News Release | | |
| CONTACT: | | R. Kevin Matz Executive Vice President Shared Services (203) 849-7938 |
| | | |
| | | FTI Consulting, Inc. Investors: Nathan Elwell / Matt Steinberg (212) 850-5600 |
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| | | Linden Alschuler & Kaplan, Inc. Media: Lisa Linden / Mollie Fullington 212-575-4545 / 917-346-6123 |
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| EMCOR GROUP, INC. REPORTS THIRD QUARTER 2013 RESULTS |
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- Total Backlog Remains Strong at $3.39 Billion - |
- Quarter Three Operating Cash Flow - $120.3 Million - |
- Creates U.S. Industrial Services Segment, Includes Ohmstede and RepconStrickland - |
NORWALK, CONNECTICUT, October 24, 2013 - EMCOR Group, Inc. (NYSE: EME) today reported results for the third quarter ended September 30, 2013.
For the third quarter of 2013, net income attributable to EMCOR was $26.7 million, or $0.39 per diluted share. Excluding several one-time charges discussed below, non-GAAP net income was $32.6 million, or $0.48 per diluted share, compared to non-GAAP net income of $41.7 million, or $0.62 per diluted share, in the third quarter of 2012. Revenues in the third quarter of 2013 totaled $1.63 billion, compared to revenues of $1.61 billion in the year ago period.
Operating income for the third quarter of 2013 was $54.1 million, or 3.3% of revenues, which included operating losses and expenses aggregating approximately $3.9 million (including restructuring expenses of $1.9 million) primarily relating to the Company's decision to withdraw from the UK construction market. Additionally, included in the quarter's operating income were transaction expenses of $4.7 million associated with the Company's acquisition of RepconStrickland, Inc. Excluding these losses and expense items, the Company's non-GAAP operating income for the third quarter of 2013 was $62.7 million, or 3.9% of revenues, compared to non-GAAP operating income in the 2012 third quarter of $71.4 million, or 4.6% of revenues, as adjusted for 2012 UK construction operating losses.
Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share to the comparable GAAP figures.
Selling, general and administrative expenses were $149.7 million, or 9.2% of revenues including $4.7 million of transaction expenses referenced above in the third quarter of 2013, compared to $134.5 million, or 8.4% of revenues, in the year ago period.
The Company's income tax rate as reported in the 2013 third quarter was 46.4%, compared to an income tax rate of 40.5% in the year ago period.
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| EMCOR Reports Third Quarter Results | Page 2 |
Backlog as of September 30, 2013 was $3.39 billion, an increase of 0.3% from $3.38 billion at the end of the 2012 third quarter. Led by backlog growth in the transportation sector, combined with backlog growth in the water/wastewater and commercial sectors, EMCOR achieved modest backlog growth that more than offset backlog declines in the institutional, industrial and healthcare sectors. Backlog growth of $58 million for the quarter in the Company's domestic operations more than offset a backlog decline of $47 million related to the Company's decision to withdraw from the UK construction market. Total backlog increased 0.5% from $3.37 billion on December 31, 2012.
Following the acquisition of RepconStrickland in July 2013, to provide additional clarity and to reflect changes in its internal reporting regarding its organizational structure, EMCOR has divided its United States facilities services group into two separate segments. The operations that provide mobile mechanical services, site-based services and government services will now be in the segment known as “United States building services.” The operations that provide industrial maintenance and services for refineries and petrochemical plants will now be in the segment known as “United States industrial services.” This segment will include the businesses of Ohmstede, Redman Equipment and RepconStrickland.
Tony Guzzi, President and Chief Executive Officer of EMCOR Group commented, “We continued to execute our strategic initiatives as we operate in a slowly recovering non-residential construction market and under the overhang of sequestration. We produced solid growth in our U.S. electrical construction segment, with increased backlog. We were able to drive improved performance in our U.S. mechanical construction segment, despite lingering challenges from two projects that we outlined in our second quarter earnings conference call. Our new building services segment recorded a strong quarter, led by mobile mechanical and site-based services performance and higher margin work. However, as anticipated, the businesses in our industrial services segment could not replicate their unprecedented strong performance from last year, which related to three large non-recurring turnaround and repair projects performed in quarter three 2012. During the quarter ended September 30, 2013, we continued to feel the impact of sequestration on our government-related projects. The slowdown of government contract work, combined with the timing issues associated with IDIQ awards, will continue to hinder our near-term performance. We believe that many of the issues relating to sequestration will be resolved eventually. In the meantime, we are focused on factors within our control and are taking actions to optimize our operating performance and ensure we are well positioned to drive future growth.”
Mr. Guzzi continued, “As we look to the long-term, we are making significant progress to improve the strength and profitability of the Company. We completed the acquisition of RepconStrickland in late July and have made significant progress with its integration. Our customers have been very pleased with the combination of our businesses, and we look forward to our new U.S. industrial services segment making meaningful contributions in the years to come. Also, our efforts to exit the UK construction business are progressing well.”
Mr. Guzzi concluded, “From a financial standpoint, we are pleased with the strength of our balance sheet, supported by robust operating cash flows. However, the effects of less than expected 2013 revenue growth, combined with sequestration and the recent government shutdown, are expected to impact our fourth quarter results. Therefore, we are adjusting our 2013 full-year guidance to reflect these issues. Going forward, while we continue to operate in an economic environment that remains challenging and unpredictable, we are optimistic that the non-residential market should improve in 2014. Further, we executed several critical initiatives and acquisitions that will likely drive earnings growth in 2014.”
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| EMCOR Reports Third Quarter Results | Page 3 |
Revenues for the first nine months of 2013 totaled $4.75 billion, slightly higher compared to $4.73 billion for the first nine months of 2012.
Net income attributable to EMCOR for the first nine months of 2013 was $77.9 million, or $1.14 per diluted share. Excluding losses associated with the withdrawal from the UK construction market, transaction expenses associated with the acquisition of RepconStrickland and restructuring expenses in the first nine months of 2013, non-GAAP net income was $99.7 million, or $1.46 per diluted share, compared to non-GAAP net income of $103.8 million, or $1.53 per diluted share, in the year ago period as adjusted for 2012 UK construction losses.
Operating income in the first nine months of 2013 was $141.5 million, or 3.0% of revenues. Excluding the items mentioned in the immediately preceding paragraph, non-GAAP operating income for the 2013 nine-month period was $170.5 million, or 3.6% of revenues, compared to non-GAAP operating income of $175.9 million, or 3.8% of revenues, in the prior year period.
Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share to the comparable GAAP figures
For the first nine months of 2013, SG&A totaled $427.9 million, or 9.0% of revenues, compared to $406.7 million, or 8.6% of revenues, in the first nine months of 2012.
The Company noted that, based on the current size and mix of its backlog and assuming the continuation of current market conditions, it now expects to generate revenues in 2013 of approximately $6.45 billion, and now expects non-GAAP diluted earnings per share for 2013 of $2.10 to $2.25, excluding the above-mentioned expenses associated with the withdrawal from the UK construction market, transaction expenses from the RepconStrickland acquisition and restructuring expenses. Including these items, the Company expects to generate GAAP diluted earnings per share of $1.75 to $1.90.
EMCOR Group, Inc. is a Fortune 500 worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services. This press release and other press releases may be viewed at the Company's Web site at www.emcorgroup.com.
EMCOR Group's third quarter conference call will be available live via internet broadcast today, Thursday, October 24, at 10:30 AM Eastern Daylight Time. You can access the live call through the Home Page of the Company's Web site at www.emcorgroup.com.
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| EMCOR Reports Third Quarter Results | Page 4 |
This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any such comments are based upon information available to EMCOR management and its perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, backlog mix, projects with varying profit margins, and selling, general and administrative expenses. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR's services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2012 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements.
EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
(In thousands, except share and per share information)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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| | | | | | | | | | | | | | | | |
| | | For the three months ended September 30, | | For the nine months ended September 30, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| Revenues | | $ | 1,629,067 |
| | $ | 1,606,242 |
| | $ | 4,754,221 |
| | $ | 4,734,798 |
|
| Cost of sales | | 1,422,757 |
| | 1,402,994 |
| | 4,175,238 |
| | 4,156,893 |
|
| Gross profit | | 206,310 |
| | 203,248 |
| | 578,983 |
| | 577,905 |
|
| Selling, general and administrative expenses | | 149,722 |
| | 134,477 |
| | 427,855 |
| | 406,656 |
|
| Restructuring expenses | | 2,466 |
| | 145 |
| | 9,642 |
| | 145 |
|
| Operating income | | 54,122 |
| | 68,626 |
| | 141,486 |
| | 171,104 |
|
| Interest expense | | (2,352 | ) | | (1,807 | ) | | (5,978 | ) | | (5,460 | ) |
| Interest income | | 235 |
| | 381 |
| | 862 |
| | 1,165 |
|
| Income before income taxes | | 52,005 |
| | 67,200 |
| | 136,370 |
| | 166,809 |
|
| Income tax provision | | 23,112 |
| | 26,890 |
| | 55,285 |
| | 64,711 |
|
| Net income including noncontrolling interests | | 28,893 |
| | 40,310 |
| | 81,085 |
| | 102,098 |
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| Less: Net income attributable to noncontrolling interests | | (2,203 | ) | | (729 | ) | | (3,214 | ) | | (1,924 | ) |
| Net income attributable to EMCOR Group, Inc. | | $ | 26,690 |
| | $ | 39,581 |
| | $ | 77,871 |
| | $ | 100,174 |
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| | | | | | | | | |
| Basic earnings per common share | | $ | 0.40 |
| | $ | 0.59 |
| | $ | 1.16 |
| | $ | 1.50 |
|
| Diluted earnings per common share | | $ | 0.39 |
| | $ | 0.59 |
| | $ | 1.14 |
| | $ | 1.48 |
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| | | | | | | | | |
| Weighted average shares of common stock outstanding: | | |
| | | | | | |
| Basic | | 67,174,848 |
| | 66,568,318 |
| | 67,127,149 |
| | 66,667,681 |
|
| Diluted | | 68,163,701 |
| | 67,511,707 |
| | 68,119,740 |
| | 67,717,704 |
|
| | | | | | | | | |
| Dividends declared per common share | | $ | 0.06 |
| | $ | — |
| | $ | 0.12 |
| | $ | 0.15 |
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EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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| | | | | | | | |
| | | September 30, 2013 (Unaudited) | | December 31, 2012 |
| ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 444,037 |
| | $ | 605,303 |
|
| Accounts receivable, net | | 1,286,237 |
| | 1,221,956 |
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| Costs and estimated earnings in excess of billings on uncompleted contracts | | 110,241 |
| | 93,061 |
|
| Inventories | | 42,724 |
| | 50,512 |
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| Prepaid expenses and other | | 85,247 |
| | 73,621 |
|
| Total current assets | | 1,968,486 |
| | 2,044,453 |
|
| Investments, notes and other long-term receivables | | 5,865 |
| | 4,959 |
|
| Property, plant & equipment, net | | 123,138 |
| | 116,631 |
|
| Goodwill | | 829,316 |
| | 566,588 |
|
| Identifiable intangible assets, net | | 550,785 |
| | 343,748 |
|
| Other assets | | 29,169 |
| | 30,691 |
|
| Total assets | | $ | 3,506,759 |
| | $ | 3,107,070 |
|
| LIABILITIES AND EQUITY | | |
| | |
|
| Current liabilities: | | |
| | |
|
| Borrowings under revolving credit facility | | $ | — |
| | $ | — |
|
| Current maturities of long-term debt and capital lease obligations | | 1,882 |
| | 1,787 |
|
| Accounts payable | | 479,604 |
| | 490,621 |
|
| Billings in excess of costs and estimated earnings on uncompleted contracts | | 390,606 |
| | 383,527 |
|
| Accrued payroll and benefits | | 241,181 |
| | 224,555 |
|
| Other accrued expenses and liabilities | | 178,743 |
| | 194,029 |
|
| Total current liabilities | | 1,292,016 |
| | 1,294,519 |
|
| Borrowings under revolving credit facility | | 400,000 |
| | 150,000 |
|
| Long-term debt and capital lease obligations | | 3,195 |
| | 4,112 |
|
| Other long-term obligations | | 376,347 |
| | 301,260 |
|
| Total liabilities | | 2,071,558 |
| | 1,749,891 |
|
| Equity: | | |
| | |
|
| Total EMCOR Group, Inc. stockholders’ equity | | 1,422,188 |
| | 1,346,080 |
|
| Noncontrolling interests | | 13,013 |
| | 11,099 |
|
| Total equity | | 1,435,201 |
| | 1,357,179 |
|
| Total liabilities and equity | | $ | 3,506,759 |
| | $ | 3,107,070 |
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EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2013 and 2012
(In thousands) (Unaudited)
|
| | | | | | | | |
| | | 2013 | | 2012 |
| Cash flows - operating activities: | | | | |
| Net income including noncontrolling interests | | $ | 81,085 |
| | $ | 102,098 |
|
| Depreciation and amortization | | 25,907 |
| | 22,577 |
|
| Amortization of identifiable intangible assets | | 21,317 |
| | 22,336 |
|
| Deferred income taxes | | (666 | ) | | 949 |
|
| Excess tax benefits from share-based compensation | | (1,267 | ) | | (5,636 | ) |
| Equity income from unconsolidated entities | | (880 | ) | | (628 | ) |
| Other non-cash items | | 1,860 |
| | 3,753 |
|
| Distributions from unconsolidated entities | | 634 |
| | 867 |
|
| Changes in operating assets and liabilities, excluding the effect of businesses acquired | | (59,943 | ) | | (103,285 | ) |
| Net cash provided by operating activities | | 68,047 |
| | 43,031 |
|
| Cash flows - investing activities: | | |
| | |
|
| Payments for acquisitions of businesses, net of cash acquired, and related contingent consideration agreement | | (448,943 | ) | | (20,613 | ) |
| Proceeds from sale of property, plant and equipment | | 1,171 |
| | 1,830 |
|
| Purchase of property, plant and equipment | | (24,006 | ) | | (29,356 | ) |
| Purchase of short-term investments | | — |
| | (22,433 | ) |
| Maturity of short-term investments | | 4,616 |
| | 22,490 |
|
| Net cash used in investing activities | | (467,162 | ) | | (48,082 | ) |
| Cash flows - financing activities: | | |
| | |
|
| Proceeds from revolving credit facility | | 250,000 |
| | — |
|
| Repayments of long-term debt | | (6 | ) | | (38 | ) |
| Repayments of capital lease obligations | | (1,256 | ) | | (1,654 | ) |
| Dividends paid to stockholders | | (8,052 | ) | | (9,988 | ) |
| Repurchase of common stock | | (4,998 | ) | | (23,912 | ) |
| Proceeds from exercise of stock options | | 2,320 |
| | 2,953 |
|
| Payments to satisfy minimum tax withholding | | (927 | ) | | (1,654 | ) |
| Issuance of common stock under employee stock purchase plan | | 2,088 |
| | 1,913 |
|
| Payments for contingent consideration arrangements | | (537 | ) | | (5,748 | ) |
| Distributions to noncontrolling interests | | (1,300 | ) | | (1,600 | ) |
| Excess tax benefits from share-based compensation | | 1,267 |
| | 5,636 |
|
| Net cash provided by (used in) financing activities | | 238,599 |
| | (34,092 | ) |
| Effect of exchange rate changes on cash and cash equivalents | | (750 | ) | | 2,201 |
|
| Decrease in cash and cash equivalents | | (161,266 | ) | | (36,942 | ) |
| Cash and cash equivalents at beginning of year | | 605,303 |
| | 511,322 |
|
| Cash and cash equivalents at end of period | | $ | 444,037 |
| | $ | 474,380 |
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EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands) (Unaudited)
|
| | | | | | | | |
| | | For the three months ended September 30, |
| | | 2013 | | 2012 |
| Revenues from unrelated entities: | | | | |
| United States electrical construction and facilities services | | $ | 340,529 |
| | $ | 318,960 |
|
| United States mechanical construction and facilities services | | 616,403 |
| | 593,448 |
|
| United States building services | | 457,777 |
| | 444,510 |
|
| United States industrial services | | 110,879 |
| | 125,412 |
|
| Total United States operations | | 1,525,588 |
| | 1,482,330 |
|
| United Kingdom construction and facilities services | | 103,479 |
| | 123,912 |
|
| Total worldwide operations | | $ | 1,629,067 |
| | $ | 1,606,242 |
|
| | | | | |
| | | For the nine months ended September 30, |
| | | 2013 | | 2012 |
| Revenues from unrelated entities: | | |
| | |
|
| United States electrical construction and facilities services | | $ | 984,443 |
| | $ | 905,343 |
|
| United States mechanical construction and facilities services | | 1,741,483 |
| | 1,794,268 |
|
| United States building services | | 1,361,392 |
| | 1,341,940 |
|
| United States industrial services | | 335,358 |
| | 288,605 |
|
| Total United States operations | | 4,422,676 |
| | 4,330,156 |
|
| United Kingdom construction and facilities services | | 331,545 |
| | 404,642 |
|
| Total worldwide operations | | $ | 4,754,221 |
| | $ | 4,734,798 |
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EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands) (Unaudited)
|
| | | | | | | | |
| | | For the three months ended September 30, |
| | | 2013 | | 2012 |
| Operating income (loss): | | | | |
| United States electrical construction and facilities services | | $ | 23,971 |
| | $ | 22,146 |
|
| United States mechanical construction and facilities services | | 27,421 |
| | 30,359 |
|
| United States building services | | 23,285 |
| | 17,690 |
|
| United States industrial services | | 307 |
| | 11,129 |
|
| Total United States operations | | 74,984 |
| | 81,324 |
|
| United Kingdom construction and facilities services | | 1,136 |
| | 1,646 |
|
| Corporate administration | | (19,532 | ) | | (14,199 | ) |
| Restructuring expenses | | (2,466 | ) | | (145 | ) |
| Total worldwide operations | | 54,122 |
| | 68,626 |
|
| Other corporate items: | | |
| | |
| Interest expense | | (2,352 | ) | | (1,807 | ) |
| Interest income | | 235 |
| | 381 |
|
| Income before income taxes | | $ | 52,005 |
| | $ | 67,200 |
|
| | | | | |
| | | For the nine months ended September 30, |
| | | 2013 | | 2012 |
| Operating income (loss): | | |
| | |
|
| United States electrical construction and facilities services | | $ | 68,147 |
| | $ | 68,121 |
|
| United States mechanical construction and facilities services | | 56,809 |
| | 82,688 |
|
| United States building services | | 52,928 |
| | 33,653 |
|
| United States industrial services | | 26,319 |
| | 22,617 |
|
| Total United States operations | | 204,203 |
| | 207,079 |
|
| United Kingdom construction and facilities services | | (2,122 | ) | | 9,090 |
|
| Corporate administration | | (50,953 | ) | | (44,920 | ) |
| Restructuring expenses | | (9,642 | ) | | (145 | ) |
| Total worldwide operations | | 141,486 |
| | 171,104 |
|
| Other corporate items: | | | | |
| Interest expense | | (5,978 | ) | | (5,460 | ) |
| Interest income | | 862 |
| | 1,165 |
|
| Income before income taxes | | $ | 136,370 |
| | $ | 166,809 |
|
EMCOR GROUP, INC.
RECONCILIATION OF 2013 AND 2012 OPERATING INCOME
(In thousands) (Unaudited)
In our press release, we provide actual 2013 and 2012 third quarter and year-to-date September 30, 2013 and 2012 operating income. The following table provides a reconciliation between 2013 and 2012 operating income based on non-GAAP measures to the most direct comparable GAAP measures.
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| | | | | | | | | | | | | | | | |
| | | For the three months ended September 30, | | For the nine months ended September 30, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| GAAP operating income | | $ | 54,122 |
| | $ | 68,626 |
| | $ | 141,486 |
| | $ | 171,104 |
|
| Transaction expenses related to the acquisition of RepconStrickland, Inc. | | 4,689 |
| | — |
| | 6,050 |
| | — |
|
| EMCOR UK construction operating losses | | 2,057 |
| | 2,819 |
| | 13,968 |
| | 4,765 |
|
| EMCOR UK restructuring expenses | | 1,865 |
| | — |
| | 8,990 |
| | — |
|
| Non-GAAP operating income, excluding RepconStrickland transaction expenses, UK losses and UK restructuring expenses | | $ | 62,733 |
| | $ | 71,445 |
| | $ | 170,494 |
| | $ | 175,869 |
|
EMCOR GROUP, INC.
RECONCILIATION OF 2013 AND 2012 NET INCOME
(In thousands) (Unaudited)
In our press release, we provide actual 2013 and 2012 third quarter and year-to-date September 30, 2013 and 2012 net income attributable to EMCOR Group, Inc. The following table provides a reconciliation between 2013 and 2012 net income attributable to EMCOR Group, Inc. based on non-GAAP measures to the most direct comparable GAAP measures.
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| | | | | | | | | | | | | | | | |
| | | For the three months ended September 30, | | For the nine months ended September 30, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| GAAP net income attributable to EMCOR Group, Inc. | | $ | 26,690 |
| | $ | 39,581 |
| | $ | 77,871 |
| | $ | 100,174 |
|
Transaction expenses related to the acquisition of RepconStrickland, Inc. (1) | | 2,898 |
| | — |
| | 4,256 |
| | — |
|
EMCOR UK construction losses (2) | | 1,579 |
| | 2,128 |
| | 10,721 |
| | 3,598 |
|
EMCOR UK restructuring expenses (3) | | 1,431 |
| | — |
| | 6,900 |
| | — |
|
| Non-GAAP net income attributable to EMCOR Group, Inc., excluding RepconStrickland transaction expenses, UK losses and UK restructuring expenses | | $ | 32,598 |
| | $ | 41,709 |
| | $ | 99,748 |
| | $ | 103,772 |
|
(1) Amount is net of tax effect of $1.8 million in the quarter and in the nine-month period.
(2) Amount is net of tax effect of $0.5 million in the 2013 quarter and $3.2 million in the 2013 nine-month period.
Amount is net of tax effect of $0.7 million in the 2012 quarter and $1.2 million in the 2012 nine-month period.
(3) Amount is net of tax effect of $0.4 million in the quarter and $2.1 million in the nine-month period.
EMCOR GROUP, INC.
RECONCILIATION OF 2013 AND 2012 DILUTED EARNINGS PER SHARE FIGURES
(Unaudited)
In our press release, we provide actual 2013 and 2012 third quarter and year-to-date September 30, 2013 and 2012 diluted earnings per share. The following table provides a reconciliation between 2013 and 2012 EPS based on non-GAAP measures to the most direct comparable GAAP measures.
|
| | | | | | | | | | | | | | | | |
| | | For the three months ended September 30, | | For the nine months ended September 30, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| GAAP diluted earnings per common share | | $ | 0.39 |
| | $ | 0.59 |
| | $ | 1.14 |
| | $ | 1.48 |
|
Transaction expenses related to the acquisition of RepconStrickland, Inc. (1) | | 0.04 |
| | — |
| | 0.06 |
| | — |
|
EMCOR UK construction losses (2) | | 0.02 |
| | 0.03 |
| | 0.16 |
| | 0.05 |
|
EMCOR UK restructuring expenses (3) | | 0.02 |
| | — |
| | 0.10 |
| | — |
|
| Non-GAAP diluted earnings per common share, excluding RepconStrickland transaction expenses, UK losses and UK restructuring expenses | | $ | 0.48 |
| | $ | 0.62 |
| | $ | 1.46 |
| | $ | 1.53 |
|
(1) Amount is net of tax effect of $1.8 million in the quarter and in the nine-month period.
(2) Amount is net of tax effect of $0.5 million in the 2013 quarter and $3.2 million in the 2013 nine-month period.
Amount is net of tax effect of $0.7 million in the 2012 quarter and $1.2 million in the 2012 nine-month period.
(3) Amount is net of tax effect of $0.4 million in the quarter and $2.1 million in the nine-month period.
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