Emcor Group, Inc. Q4 FY2023 results: revenue $3.4 billion, up 16.6% on the year

Emcor Group, Inc. (EME) reported revenue of $3.4 billion for Q4 FY2023, the quarter ended 31 December 2023, up 16.6% on the same quarter a year earlier. Net income was $212 million, up 67.5% on the year, and diluted earnings per share $4.47. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$3.4 billionup 16.6%

Net income$212 millionup 67.5%

Diluted EPS$4.47

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,439	3,208	n/a	n/a
Cost of revenue	2,821	2,662	n/a	n/a
Gross profit	618	545	n/a	n/a
Gross margin	18.0%	17.0%	n/a
Selling, general and administrative	329	308	n/a	n/a
Operating income	289	235	n/a	n/a
Operating margin	8.4%	7.3%	n/a
Pre-tax income	292	235	n/a	n/a
Income tax	80.2	64.9	n/a	n/a
Effective tax rate	27.5%	27.6%	n/a
Net income	212	169	n/a	n/a
Net margin	6.2%	5.3%	n/a
Diluted EPS	$4.47	$3.57	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	424	261	n/a	n/a
Capital expenditure	22.1	19.7	n/a	n/a
Free cash flow	402	241	n/a	n/a
Free cash flow margin	11.7%	7.5%	n/a
Depreciation and amortisation	31.2	30.3	n/a	n/a
Buybacks	22.4	0.0	n/a	n/a
Dividends paid	8.5	8.5	n/a	n/a
Dividend per share	$0.18	$0.18	n/a	n/a
Diluted shares, weighted	48m	47m	n/a	n/a
Shares outstanding at period end	47m	47m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	6,610	6,224	n/a	n/a
Cash and equivalents	790	524	n/a	n/a
Receivables	3,203	3,064	n/a	n/a
Goodwill	957	953	n/a	n/a
Long-term debt including finance leases	2.8	97.5	n/a	n/a
Operating lease liabilities	259	256	n/a	n/a
Finance lease liabilities	2.8	n/a	n/a	n/a
Shareholders' equity	2,470	2,279	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304	4,302	4,513	4,628	5,155
Cost of revenue	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471	3,466	3,622	3,764	4,133
Gross profit	545	618	589	684	735	757	723	834	835	891	864	1,022
Gross margin	17%	18%	17%	19%	20%	20%	19%	19%	19%	20%	19%	20%
SG&A	308	329	329	351	371	368	404	419	430	462	460	475
Operating income	235	289	260	333	364	389	319	415	406	574	404	547
Operating margin	7%	8%	8%	9%	10%	10%	8%	10%	9%	13%	9%	11%
Pre-tax income	235	292	268	339	372	398	324	412	408	578	410	552
Tax rate	28%	28%	26%	27%	27%	27%	26%	27%	28%	25%	26%	27%
Net income	169	212	197	248	270	292	241	302	295	435	305	404
Net margin	5%	6%	6%	7%	7%	8%	6%	7%	7%	10%	7%	8%
Diluted EPS	$3.57	$4.47	$4.17	$5.25	$5.80	$6.30	$5.26	$6.72	$6.57	$9.64	$6.84	$9.06
Operating cash flow	261	424	132	280	526	469	108	194	476	524	0.6	289
Capital expenditure	19.7	22.1	20.3	19.3	17.7	17.7	26.1	28.0	26.7	31.9	28.7	31.1
Free cash flow	241	402	112	260	509	452	82.3	166	449	492	-28.2	258
Buybacks	0.0	22.4	39.0	110	256	84.4	225	207	0.0	154	87.1	181
Dividends paid	8.5	8.5	8.5	11.7	11.7	11.5	11.5	11.2	11.2	11.2	17.8	17.8
Shares outstanding	47m	47m	47m	47m	46m	46m	45m	45m	45m	45m	44m	44m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0000105634-24-000006: the filing on EDGAR. All of Emcor Group, Inc.'s filings: EDGAR company page.

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