Emcor Group (EME) FY2022 results: revenue $11.1 billion, up 11.8% on the year

Emcor Group, Inc. (EME) reported revenue of $11.1 billion for fiscal 2022, the year ended 31 December 2022, up 11.8% on the year before. Net income was $406 million, up 5.9%, and diluted earnings per share $8.10. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$11.1 billion

+11.8% on the year

FY2015FY2022

Operating margin

5.1%

5.4% a year earlier

FY2015FY2022

Net income

$406 million

+5.9% on the year

FY2015FY2022

Diluted EPS

$8.10

+14.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	11,076	9,904	8,797	+11.8%
Cost of revenue	9,473	8,402	7,402	+12.7%
Gross profit	1,604	1,502	1,395	+6.8%
Gross margin	14.5%	15.2%	15.9%
Selling, general and administrative	1,039	971	904	+7.0%
Operating income	565	531	257	+6.4%
Operating margin	5.1%	5.4%	2.9%
Interest expense	13.2	6.1	9.0	+117.4%
Pre-tax income	559	529	252	+5.6%
Income tax	153	146	119	+4.8%
Effective tax rate	27.3%	27.5%	47.3%
Net income	406	384	133	+5.9%
Net margin	3.7%	3.9%	1.5%
Diluted EPS	$8.10	$7.06	$2.40	+14.7%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	498	319	806	+56.2%
Capital expenditure	49.3	36.2	48.0	+36.2%
Free cash flow	449	283	758	+58.7%
Free cash flow margin	4.1%	2.9%	8.6%
Cash from investing	-141	-153	-94.9
Cash from financing	-710	-245	-172
Depreciation and amortisation	47.3	48.3	46.7	-2.2%
Buybacks	661	196	113	+237.8%
Dividends paid	27.2	28.2	17.7	-3.5%
Dividend per share	$0.54	$0.52	$0.32	+3.8%
Diluted shares, weighted	50m	54m	55m	-7.7%
Shares outstanding at period end	48m	53m	55m	-10.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,974	2,252	2,053	-12.4%
Non-controlling interest	0.7	0.7	0.6	0.0%
Debt	247	262	277	-5.5%
Operating lease liabilities	221	221	205	-0.0%
Finance lease liabilities	3.8	4.7	6.0	-19.3%
Other liabilities	3,079	2,701	2,523	+14.0%
Total liabilities and equity	5,525	5,441	5,064	+1.5%
Fixed assets	158	152	158	+3.8%
Goodwill	919	890	852	+3.2%
Intangible assets	594	589	583	+0.8%
Cash and equivalents	456	821	903	-44.4%
Receivables	2,567	2,205	1,922	+16.5%
Other assets	830	784	646	+5.9%
Total assets	5,525	5,441	5,064	+1.5%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.