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UPDATE 1-Emcor Q3 results lag estimates, raises FY adj EPS view
November 2, 2010 / 12:39 PM / 7 years ago

UPDATE 1-Emcor Q3 results lag estimates, raises FY adj EPS view

* Q3 adj EPS $0.45 vs est $0.50

* Q3 rev $1.27 bln vs est $1.3 bln

* Ups FY adj EPS view to $1.78-$1.90

* Backs FY 2010 rev view about $5 bln

Nov 2 (Reuters) - Construction and engineering company Emcor Group Inc (EME.N) posted lower-than-expected quarterly results hurt by lower sales and higher restructuring expenses, but raised its full-year adjusted earnings outlook.

The company, which makes systems for power generation and distribution, voice and data communications and heating, ventilation and air-conditioning (HVAC), now sees full-year adjusted earnings of $1.78-$1.90 a share, up from its prior view of $1.60-$1.85 a share.

For the third quarter, the company reported a loss of $175.6 million, or $2.64 a share, compared with a profit of $40 million, or 59 cents a share a year ago.

Excluding a non-cash impairment charge, the company which competes with Comfort Systems USA Inc (FIX.N), Integrated Electrical Services Inc (IESC.O) and Johnson Controls Inc (JCI.N), earned 45 cents a share.

Revenue fell 7 percent to $1.27 billion. Restructuring expenses rose 19 times to $1.7 million.

Analysts on average had expected earnings of 50 cents a share, before special items, on revenue of $1.3 billion, according to Thomson Reuters I/B/E/S.

Shares of the Norwalk, Connecticut-based company closed at $25.65 on Monday on the New York Stock Exchange. They have gained about 10 percent in value since Aug. 16, when Breeden Capital Management said it acquired a stake in the company.

Reporting by Divya Sharma in Bangalore; Editing by Prem Udayabhanu divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net

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