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Emcor Reports Record Results
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Business New Haven
5/13/2002
By: BNH
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NORWALK - Emcor Group Inc. (NYSE: EME) reported record first-quarter net income of $7.3 million, or 47 cents per diluted share, a 28.2 percent increase over first quarter 2001 net income. First quarter 2002 revenues totaled $810.3 million, compared to revenues of $837.6 million a year ago.
Gross profit in the first quarter increased 11 percent to $89.4 million from $80.5 million a year ago. Operating income for the quarter was $12.5 million, compared with operating income of $10.8 million in last year's first quarter. As a percentage of revenues, gross profit in the 2002 first quarter was 11 percent, compared with a gross profit margin of 9.6 percent in the year ago period. Emcor Group provides mechanical and electrical construction and facilities services worldwide.
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