EMCOR Group Reports 15.8% Revenue Growth to $14.57 Billion for Fiscal Year 2024

EMCOR Group, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, achieving revenues of approximately $14.57 billion, a 15.8% increase from $12.58 billion in 2023. The company's gross profit also rose to $2.77 billion, representing a gross profit margin of 19.0%, up from 16.6% the previous year. Operating income reached a record $1.34 billion, or 9.2% of revenues, compared to $875.8 million, or 7.0% of revenues, in 2023. Net income attributable to EMCOR was $1.01 billion, translating to diluted earnings per share of $21.52, a notable increase from $13.31 in the prior year.

The company experienced growth across most of its reportable segments, with the United States mechanical construction and facilities services segment generating $6.41 billion in revenues, a 26.2% increase from $5.07 billion in 2023. The United States electrical construction and facilities services segment also saw a revenue increase to $3.34 billion, up 20.1% from the previous year. The United States building services segment reported revenues of $3.11 billion, slightly down from $3.12 billion, while the United States industrial services segment increased to $1.28 billion, a 9.4% rise. The United Kingdom building services segment's revenues decreased to $425.5 million from $436.4 million.

Strategically, EMCOR made seven acquisitions in 2024, totaling $231.1 million, which contributed approximately $251.5 million to revenues. These acquisitions included companies in electrical contracting, plumbing services, and mechanical construction, enhancing EMCOR's capabilities and geographic reach. The company also reported a total employee headcount of approximately 40,400, with about 63% represented by unions under various collective bargaining agreements.

Looking ahead, EMCOR's management expressed optimism about future growth, driven by strong demand across various sectors, including high-tech manufacturing and healthcare. The company anticipates continued capital and maintenance spending from its diverse customer base, which spans commercial, industrial, and governmental sectors. However, management acknowledged potential risks, including economic downturns, supply chain disruptions, and labor shortages, which could impact future performance. The company remains committed to maintaining its competitive position through strategic acquisitions and expanding its service offerings.