EMCOR Group Misses Wall Street Estimates (EME)

EMCOR Group, Inc. EME on Tuesday morning released financial results that failed to meet Wall Street expectations. EMCOR Group, Inc reported a 3rd quarter net loss of $175.6 million, or $2.64 per share, compared to net income of $40 million, or 59 cents, a year earlier. Excluding special items, the company earned 45 cents per share. Revenue fell to $1.28 billion, down from $1.37 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 50 cents per share, on revenue of $1.3 billion. Chairman and CEO Frank T. MacInnis said, “We continue to be encouraged by the underlying results of our businesses through the third quarter, which largely reflected steady performance and solid operational execution. While the impairment charge taken during the quarter was required, it is the result of weak industry-wide conditions in the refining sector and not something specific to our operations, which we believe remain well positioned to take advantage of an upturn in that marketplace when it occurs.” EMCOR Group, Inc. (EME) ended the previous trading session at $25.65 per share. Analysts covering the company's stock have a consensus price target of $34 per share. Read more from Benzinga's Company news.