EMCOR(EME) - 2024 Q4 - Annual Results

Revenue Performance - Record quarterly revenues of $3.77 billion, a 9.6$3.44 billion in Q4 2023[2] - Full-year revenues reached $14.57 billion, up 15.8$12.58 billion in 2023[7] - Revenues for Q4 2024 reached $3,770,019 thousand, a 9.6$3,439,221 thousand in Q4 2023[20] - The United States mechanical construction and facilities services segment generated $6,405,657 thousand in revenue for 2024, a 26.2$5,074,803 thousand in 2023[27] - The U.S. Mechanical Construction segment achieved 26.2% annual revenue growth, primarily organic, driven by strong performance across various end markets[10] - The U.S. Electrical Construction segment reported revenue growth of 20.1% and an operating margin of 13.4% for the full year[11] - Organic revenue growth for the year ended December 31, 2024, was $1,731,703, which is a 13.8$6.32, compared to $4.47 in Q4 2023, marking a significant increase[2] - Full-year diluted EPS was$21.52, up from $13.31 in 2023[7] - Basic earnings per share for 2024 were$21.61, a 61.5% increase from $13.37 in 2023[20] - Non-GAAP diluted earnings per common share for the year ended December 31, 2024, was$21.52, compared to $13.34 in 2023, marking a 61.8$1,344,863, representing a 53.4% increase from $875,756 in 2023[33] - Total United States operations generated operating income of$1,467,732 for the year ended December 31, 2024, up 49.8% from $979,654 in 2023[33] - Operating income for Q4 2024 was$388.6 million, or 10.3% of revenues, compared to 8.4% in Q4 2023[3] - The total operating income margin for the year ended December 31, 2024, was 9.2%, an increase from 7.0% in 2023[33] Cash Flow and Assets - Net cash provided by operating activities for 2024 was $1,407,894 thousand, a significant increase from$899,655 thousand in 2023, representing a 56.3% growth[24] - Total assets increased to $7,716,473 thousand in 2024, up from$6,609,721 thousand in 2023, reflecting a growth of 16.7%[22] - Cash and cash equivalents rose to $1,339,550 thousand in 2024, compared to$789,750 thousand in 2023, marking a 69.5% increase[22] - Total liabilities increased to $4,777,779 thousand in 2024, up from$4,138,906 thousand in 2023, a rise of 15.5%[22] Future Outlook - The company expects 2025 revenues to be between $16.1 billion and$16.9 billion, with diluted EPS guidance of $22.25 to$24.00[12] - The share repurchase program was increased by $500 million, reflecting the company's commitment to returning capital to shareholders[13] Segment Performance - The United States electrical construction and facilities services segment reported operating income of$447,186 for the year ended December 31, 2024, up 93.9% from $230,640 in 2023[33] - The United Kingdom building services segment reported operating income of$21,485 for the year ended December 31, 2024, down from $25,681 in 2023[33] Other Financial Metrics - Remaining performance obligations as of December 31, 2024, were a record$10.10 billion, a 14.2% increase year-over-year[5] - Gross profit for the year 2024 was $2,765,051 thousand, up 32.4$2,089,339 thousand in 2023[20] - Interest income for the year ended December 31, 2024, was $31,625, a significant increase from an expense of$1,784 in 2023[33] - Incremental revenues from acquisitions negatively impacted organic revenue growth by $77,802 for the quarter ended December 31, 2024[31] - The company declared dividends of$0.93 per common share for 2024, up from $0.69 in 2023, reflecting a 34.8% increase[20]