Emcor Narrows 2025 Revenue Guidance

Emcor reported third-quarter revenue of about $4.30 billion, up roughly 16% year-over-year, and net income of $295.4 million, with adjusted EPS around $6.57 (some filings show $6.59). The company raised its 2025 adjusted EPS guidance to $25.00–$25.75 and narrowed full-year revenue guidance to $16.7–$16.8 billion (midpoint $16.75 billion). Management cited strong execution, an all-time high in Remaining Performance Obligations and a robust pipeline as drivers of the outlook. Shares fell about 13% in premarket trading despite large year-to-date gains as investors weighed the guidance tweak and mixed beats/misses versus estimates. Underlying fundamentals remain healthy, with a five-year revenue CAGR near 12.7%, operating margin around 9.4%, free-cash-flow margin softened to 10.4% from 13.8%, and ROCE near 37% alongside a 44% increase in capital employed.