Emcor Group (EME) FY2019 results: revenue $9.2 billion, up 12.8% on the year
Emcor Group, Inc. (EME) reported revenue of $9.2 billion for fiscal 2019, the year ended 31 December 2019, up 12.8% on the year before. Net income was $325 million, up 14.7%, and diluted earnings per share $5.75. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$9.2 billion
+12.8% on the year
FY2012FY2019
Operating margin
5.0%
5.0% a year earlier
FY2012FY2019
Net income
$325 million
+14.7% on the year
FY2012FY2019
Diluted EPS
$5.75
+18.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
9,175
8,131
7,687
+12.8%
Cost of revenue
7,819
6,925
6,540
+12.9%
Gross profit
1,356
1,205
1,147
+12.5%
Gross margin
14.8%
14.8%
14.9%
Selling, general and administrative
893
799
759
+11.8%
Operating income
461
403
329
+14.3%
Operating margin
5.0%
5.0%
4.3%
Interest expense
13.8
13.5
12.8
+2.0%
Pre-tax income
451
395
319
+14.1%
Income tax
126
109
90.7
+15.3%
Effective tax rate
27.9%
27.6%
28.5%
Net income
325
284
227
+14.7%
Net margin
3.5%
3.5%
3.0%
Diluted EPS
$5.75
$4.85
$3.82
+18.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
356
271
366
+31.2%
Capital expenditure
48.4
43.5
34.7
+11.4%
Free cash flow
307
228
331
+35.0%
Free cash flow margin
3.3%
2.8%
4.3%
Cash from investing
-345
-118
-138
Cash from financing
-19.2
-253
-228
Depreciation and amortisation
43.9
38.5
39.9
+14.2%
Buybacks
0.0
216
93.2
Dividends paid
17.9
18.6
19.0
-3.7%
Dividend per share
$0.32
$0.32
$0.32
0.0%
Diluted shares, weighted
57m
58m
60m
-3.3%
Shares outstanding at period end
56m
56m
59m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,057
1,741
1,673
+18.2%
Non-controlling interest
0.6
0.9
0.8
-27.9%
Debt
312
296
310
+5.6%
Operating lease liabilities
205
0.0
n/a
Finance lease liabilities
5.6
n/a
n/a
Other liabilities
2,250
2,052
1,982
+9.7%
Total liabilities and equity
4,830
4,089
3,966
+18.1%
Fixed assets
156
134
127
+16.3%
Goodwill
1,064
991
965
+7.4%
Intangible assets
611
488
495
+25.2%
Cash and equivalents
359
364
467
-1.4%
Receivables
2,031
1,774
1,608
+14.5%
Other assets
609
338
303
+80.4%
Total assets
4,830
4,089
3,966
+18.1%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.