EMCOR Group (EME) Q4 2024 earnings summary

Executive summary

• Achieved record quarterly and annual revenues, operating income, margins, and diluted EPS for Q4 and FY2024, with strong growth across nearly all financial metrics and key sectors.

• FY2024 revenue reached $14.6 billion, up 15.8% year-over-year, with operating income of $1.35 billion and operating margin of 9.2%.

• Remaining performance obligations (RPOs) reached a record $10.1 billion, up 14.2% year-over-year, providing strong visibility into 2025.

• Completed seven acquisitions in 2024, including Miller Electric for $865 million, expanding Southeast presence and capabilities.

• Net income for 2024 was $1.0 billion ($21.52/diluted share), both record highs.

Financial highlights

• Q4 2024 revenue was $3.77 billion, up 9.6% year-over-year; operating income was $389 million, with a 10.3% margin.

• Full-year diluted EPS was $21.52, up 61.7% year-over-year; operating cash flow for 2024 was $1.41 billion.

• Organic revenue growth for 2024 was 13.8%.

• Construction segments drove 16% year-over-year revenue growth; U.S. Electrical Construction revenue rose 22%, Mechanical Construction up 12.8%.

• SG&A expenses for 2024 were $1.42 billion (9.7% of revenues).

Outlook and guidance

• 2025 revenue guidance: $16.1–$16.9 billion, including Miller acquisition; diluted EPS expected between $22.25 and $24.00.

• Operating margin guidance for 2025: 8.5%–9.2%, with 25–30 bps impact from Miller intangible amortization.

• Miller Electric expected to contribute 35–50% of 2025 revenue growth and be modestly accretive to EPS.

• Optimistic outlook supported by record RPOs and robust demand in data centers, healthcare, manufacturing, and energy efficiency.

• Continued focus on organic growth, disciplined acquisitions, and balanced capital allocation.