EMCOR Group, Inc. (EME): debt financing — EMCOR Q1 record revenue $2.89B, EPS $2.32 (+66.9% YoY); raises FY EPS guidance

EMCOR Group, Inc.

2023-Q1 EPS reported $2.32 revenue$2,890,432,000

Record Q1 revenues of $2.89B, up 11.5% YoY; diluted EPS of $2.32 vs $1.39.
Remaining performance obligations of $7.87B, up 32.3% YoY.
Raises FY2023 diluted EPS guidance to $9.25-$10.00 from $8.75-$9.50; revenue guidance unchanged at $12.0-12.5B.
U.S. Electrical Construction revenue +23.5% YoY; U.S. Mechanical Construction operating margin 8.0%.
U.K. Building Services revenue and operating income declined due to recessionary pressure and FX headwinds.

item 1.01 item 2.02 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMCOR Group, Inc. amended credit facility with Bank of Montreal (as Agent) and certain other lenders at Adjusted Term SOFR plus 1.00% to 1.75%.

Instrument: credit facility
Counterparty: Bank of Montreal (as Agent) and certain other lenders
Rate: Adjusted Term SOFR plus 1.00% to 1.75%
Event: amendment

Exact text from the filing

The Credit Amendment provides for, among other changes, the replacement of the London interbank offered rate-based interest rate with a term secured overnight financing rate-based interest rate plus a 0.10% credit spread adjustment (the “Adjusted Term SOFR”). SOFR borrowings under the Credit Agreement, as amended, bear interest at Adjusted Term SOFR plus 1.00% to 1.75%, based on certain financial tests.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EMCOR Group, Inc. reported first quarter 2023 results: revenue $2.89 billion, net income $111.5 million, EPS $2.32 per diluted share. Guidance raised.

Period: first quarter 2023
Revenue: $2.89 billion
Net income: $111.5 million
EPS: $2.32 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

- Record First Quarter Revenues of $2.89 billion, 11.5% Increase Year-over-Year - - Record First Quarter Diluted EPS of $2.32, 66.9% Increase Year-over-Year - - Record Remaining Performance Obligations of $7.87 billion, 32.3% Increase Year-over-Year - - Increases 2023 Diluted EPS Guidance Range to $9.25 - $10.00 from $8.75 - $9.50 -

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EMCOR Group, Inc. amended First Amendment to Sixth Amended and Restated Credit Agreement with Bank of Montreal, as Agent, and certain other lenders (effective 2023-04-28).

Action: amendment
Agreement: credit facility
Counterparty: Bank of Montreal, as Agent, and certain other lenders
Effective: 2023-04-28

Exact text from the filing

entered into the First Amendment to Sixth Amended and Restated Credit Agreement (the “Credit Amendment”) dated as of April 28, 2023 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof.

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EMCOR Group, Inc. filing history →

Source: SEC EDGAR

accession 0000105634-23-000016

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