EMCOR Group, Inc. is a titan in the specialty construction and facilities services industry, recognized as one of the largest providers of electrical and mechanical construction services in the United States. Guided by its core principle, “Mission First, People Always,” EMCOR has earned a stellar reputation for excellence in field leadership, skilled labor, and disciplined capital allocation.
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The company operates across multiple high-growth sectors, delivering critical infrastructure solutions through a diverse portfolio of services. With a workforce of approximately 40,000 skilled employees, EMCOR’s commitment to mutual respect, trust, and safety underpins its success in various markets.
Company Profile
EMCOR Group, Inc. is a premier provider of electrical and mechanical construction, facilities services, building services, and industrial services, with primary operations in the United States and a strategic presence in the United Kingdom. The company specializes in designing, integrating, installing, operating, maintaining, and protecting facilities and critical infrastructures across diverse sectors, including network and communications, high-tech manufacturing, healthcare, commercial, institutional, and industrial markets. EMCOR’s disciplined capital allocation, strategic positioning in growth markets, and exceptional project execution have driven remarkable performance over one-year, three-year, five-year, and ten-year periods, with 2024 marking a standout year.
The company’s workforce is a cornerstone of its success, with approximately 63% of its 40,000 employees represented by various unions under 425 collective bargaining agreements. EMCOR fosters a safe and productive work environment, emphasizing mutual respect and trust. Its company-wide program to share best safety practices, coupled with an online safety training platform accessible via mobile devices, ensures employee safety and operational efficiency. EMCOR’s values—Mission First, People Always—guide its focus on attracting and retaining top talent, ensuring excellence in project delivery and customer satisfaction.
Led by Chairman, President, and CEO Anthony J. Guzzi, EMCOR’s leadership team has been instrumental in driving growth since Guzzi joined in 2001. The company adheres to high standards of corporate governance, with codes of conduct available to stakeholders at no cost by contacting EMCOR at 301 Merritt Seven, Norwalk, CT 06851-1092, or by calling (203) 849-7800. EMCOR’s strategic investments in people, end markets, and technology, combined with its ability to deliver exceptional value, position it as a trusted partner for clients across multiple industries.
Business Segments
EMCOR Group, Inc. operates through five key business segments, each contributing to its diversified revenue stream of $14.57 billion in 2024. These segments include United States Electrical Construction and Facilities Services, United States Mechanical Construction and Facilities Services, United States Building Services, United States Industrial Services, and United Kingdom Building Services. Below is a detailed breakdown of each segment, including their revenue contributions.
1. United States Electrical Construction and Facilities Services
- Description: This segment focuses on the design, integration, installation, start-up, operation, and maintenance of electrical systems, including power distribution, lighting systems, low-voltage systems (e.g., fire and security systems), voice and data communication systems, and renewable energy solutions. EMCOR’s expertise supports projects in data centers, commercial buildings, and industrial facilities.
- Key Markets: Network and communications (data centers, data and fiber projects, cabling), commercial, institutional, healthcare, and transportation.
- Revenue Contribution (2024): Approximately $2.29 billion, representing 15.7% of total revenues.
- Details: This segment accounted for 34% of the combined electrical and mechanical construction revenues, which together contributed 67% of EMCOR’s 2024 revenues. Strong demand in high-tech sectors, particularly data centers, drives growth, with EMCOR providing critical electrical infrastructure.
2. United States Mechanical Construction and Facilities Services
- Description: This segment specializes in mechanical systems, including HVAC, plumbing, piping, and process systems, with a focus on energy-efficient and sustainable solutions. EMCOR’s mechanical expertise supports complex projects in high-tech manufacturing, healthcare, and institutional facilities.
- Key Markets: Data centers, semiconductor facilities, biotech, life sciences, pharmaceutical facilities, and healthcare.
- Revenue Contribution (2024): Approximately $4.79 billion, representing 32.9% of total revenues.
- Details: As the largest contributor to construction-related revenues, this segment accounts for 66% of the combined electrical and mechanical construction revenues. Its performance in 2024 was fueled by demand for mechanical systems in data centers and high-tech manufacturing.
3. United States Building Services
- Description: This segment provides comprehensive facilities management, including HVAC and building controls service, retrofit projects, electrical retrofits, and low-voltage project work. Services are offered on a contractual basis for specified periods or through individual task orders.
- Key Markets: Commercial, institutional, healthcare, and government facilities.
- Revenue Contribution (2024): Approximately $5.83 billion, representing 40.0% of total revenues.
- Details: The largest revenue contributor, this segment leverages long-standing client relationships to expand service offerings. Growth in 2024 was driven by demand for energy-efficient retrofit and maintenance services.
4. United States Industrial Services
- Description: This segment focuses on industrial clients, providing equipment maintenance, repair, and retrofitting for refineries, manufacturing plants, and other industrial facilities. Services include specialized mechanical and electrical work.
- Key Markets: Refineries, petrochemical plants, and manufacturing facilities.
- Revenue Contribution (2024): Part of the remaining 11.4% of revenues (approximately $1.66 billion, combined with UK Building Services).
- Details: This segment supports industrial clients with critical maintenance services, contributing to EMCOR’s diversified portfolio.
5. United Kingdom Building Services
- Description: This segment provides facilities management, HVAC, and electrical services in the United Kingdom, building on EMCOR’s construction expertise to serve commercial and institutional clients.
- Key Markets: Commercial, institutional, and government facilities in the UK.
- Revenue Contribution (2024): Part of the remaining 11.4% of revenues (approximately $150 million, estimated based on exchange rate impacts).
- Details: The segment faced challenges in 2024 due to the loss of certain facilities maintenance contracts but benefited from favorable exchange rate movements for the British pound versus the U.S. dollar ($1.4 million positive impact).
Revenue Breakup Summary (2024):
- Total Revenues: $14.57 billion
- Electrical Construction and Facilities Services: 15.7% ($2.29 billion)
- Mechanical Construction and Facilities Services: 32.9% ($4.79 billion)
- Building Services: 40.0% ($5.83 billion)
- Industrial Services and UK Building Services: 11.4% (approximately $1.66 billion, combined estimate).
EMCOR’s diversified segments enable it to serve a wide range of industries, ensuring resilience and growth across economic cycles.
Products and Services Offered
EMCOR Group, Inc. offers a comprehensive suite of services across its business segments, focusing on electrical and mechanical construction, facilities services, and industrial services. Below is a detailed list of key services, along with their revenue contributions in 2024.
1. Electrical Construction Services
- Description: Design, integration, installation, start-up, operation, and maintenance of electrical systems, including power distribution, lighting, low-voltage systems (e.g., fire alarms, security systems), voice and data communication systems, and renewable energy solutions.
- Applications: Data centers, commercial buildings, healthcare facilities, transportation infrastructure, and institutional projects.
- Revenue Contribution (2024): Approximately $2.29 billion (15.7% of total revenues).
- Details: Critical for high-tech sectors like data centers, these services ensure reliable power infrastructure. EMCOR’s expertise in low-voltage systems, such as fire suppression and alarm systems, enhances safety and compliance.
2. Mechanical Construction Services
- Description: Design, installation, operation, and maintenance of mechanical systems, including HVAC, plumbing, piping, process systems, and energy-efficient solutions.
- Applications: Semiconductor facilities, biotech, life sciences, pharmaceutical plants, healthcare facilities, and data centers.
- Revenue Contribution (2024): Approximately $4.79 billion (32.9% of total revenues).
- Details: A cornerstone of EMCOR’s operations, this service line drives growth in high-tech manufacturing and data centers, with expertise in complex systems like process piping.
3. Building Services
- Description: Facilities management, including HVAC and building controls service, retrofit projects, electrical retrofits, and low-voltage project work, offered on contractual or task-order bases.
- Applications: Commercial, institutional, healthcare, and government facilities.
- Revenue Contribution (2024): Approximately $5.83 billion (40.0% of total revenues).
- Details: This segment focuses on energy efficiency and sustainability, serving clients on local, regional, and national levels.
4. Industrial Services
- Description: Maintenance, repair, and retrofitting for industrial facilities, including refineries, petrochemical plants, and manufacturing facilities, with specialized mechanical and electrical services.
- Applications: Refineries, manufacturing plants, and other industrial facilities.
- Revenue Contribution (2024): Part of the remaining 11.4% ($1.66 billion, combined with UK Building Services).
- Details: These services ensure operational efficiency and reliability for industrial clients.
5. Fire Suppression and Alarm Systems
- Description: Installation and maintenance of fire suppression and alarm systems, integrated with low-voltage electrical services.
- Applications: Commercial buildings, data centers, healthcare facilities, and institutional projects.
- Revenue Contribution (2024): Included within electrical construction services (15.7% of total revenues).
- Details: Essential for safety and compliance in high-risk environments.
6. Renewable Energy Solutions
- Description: Design and installation of renewable energy systems, such as solar and wind power infrastructure, supporting sustainable energy goals.
- Applications: Commercial, institutional, and industrial facilities.
- Revenue Contribution (2024): Included within electrical and mechanical construction services (combined 48.6% of total revenues).
- Details: Aligns with growing demand for sustainable solutions, enhancing EMCOR’s energy-efficient offerings.
Revenue Breakup Summary (2024):
- Electrical Construction Services: 15.7% ($2.29 billion)
- Mechanical Construction Services: 32.9% ($4.79 billion)
- Building Services: 40.0% ($5.83 billion)
- Industrial Services and Others (including UK Building Services): 11.4% ($1.66 billion).
EMCOR’s service portfolio meets diverse client needs, from construction to ongoing maintenance, ensuring long-term value and efficiency.
Company History
EMCOR Group, Inc. has a storied history of growth and adaptation, establishing itself as a leader in specialty construction and facilities services. While specific founding details are not provided, key milestones and strategic developments highlight EMCOR’s evolution into a market leader.
Early Development and Growth
EMCOR’s origins lie in its expertise in electrical and mechanical construction, which it has expanded to include comprehensive facilities and industrial services. Strategic acquisitions, disciplined capital allocation, and a focus on high-growth markets have driven its growth.
Key Milestones
- Pre-2001: EMCOR established a strong foundation in electrical and mechanical construction, serving traditional markets.
- 2001: Anthony J. Guzzi joined as Chief Operating Officer, marking the start of a transformative era.
- 2004: Guzzi was appointed President, shaping EMCOR’s strategic direction.
- 2011: Guzzi became CEO, leading significant growth and market expansion.
- 2018: Guzzi assumed the role of Chairman, reinforcing leadership in long-term strategy.
- 2022: EMCOR acquired six companies for $1.008 billion, enhancing capabilities in electrical, mechanical, and industrial services.
- 2024: EMCOR achieved revenues of $14.57 billion, a 15.8% increase from $12.58 billion in 2023, with operating income of $1.3449 billion and a 9.2% operating margin.
Strategic Evolution
EMCOR has adapted to market dynamics by expanding beyond traditional construction into building and industrial services. Its focus on high-growth sectors like data centers and high-tech manufacturing has capitalized on emerging opportunities. Safety initiatives, such as the online training platform, and investments in technology and cybersecurity reflect EMCOR’s commitment to operational excellence.
Brands
EMCOR Group, Inc. operates through subsidiaries rather than distinct consumer-facing brands. Its trade names, tied to subsidiaries, are critical to its market presence. Below is an overview of brand-related information.
Subsidiary Trade Names
EMCOR’s goodwill includes trade names not subject to amortization. As of October 1, 2024, annual impairment testing confirmed no impairment, reflecting their value.
- Key Trade Names: Tied to subsidiaries in electrical construction, mechanical construction, and building services (specific names not listed).
- Revenue Contribution (2024): Embedded within segment revenues:
- Electrical Construction: 15.7% ($2.29 billion)
- Mechanical Construction: 32.9% ($4.79 billion)
- Building Services: 40.0% ($5.83 billion)
- Industrial Services and UK Building Services: 11.4% ($1.66 billion).
Brand Strategy
EMCOR leverages subsidiary reputations to deliver high-quality services, maintaining a cohesive corporate identity while allowing localized expertise.
Geographical Presence
EMCOR Group, Inc. has a dominant presence in the United States and a strategic foothold in the United Kingdom. Below is a breakdown of its geographical operations and revenue contributions.
1. United States
- Description: EMCOR’s primary operations are in the U.S., providing electrical and mechanical construction, building services, and industrial services across high-growth markets.
- Key Markets: Network and communications, high-tech manufacturing, commercial, institutional, healthcare, transportation, and industrial facilities.
- Revenue Contribution (2024): Approximately 99% ($14.42 billion, derived from total revenues minus UK’s estimated contribution).
- Details: Supported by a network of subsidiaries and a 40,000-strong workforce, U.S. operations drive EMCOR’s revenue.
2. United Kingdom
- Description: Focuses on building services, including facilities management, HVAC, and electrical services for commercial and institutional clients.
- Key Markets: Commercial, institutional, and government facilities.
- Revenue Contribution (2024): Approximately 1% ($150 million, estimated).
- Details: Faced challenges in 2024 due to lost contracts but benefited from favorable exchange rates.
Revenue Breakup Summary (2024):
- United States: 99% ($14.42 billion)
- United Kingdom: 1% ($150 million).
Financial Performance
EMCOR Group, Inc.’s 2024 financial performance was exceptional, as detailed in its consolidated financial statements. Below are the streamlined Profit & Loss, Balance Sheet, and Cash Flow Statement tables, excluding rows with no data.
Consolidated Profit & Loss Statement (In Thousands)
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenues | $14,566,116 | $12,582,573 | $11,076,120 |
| Cost of Sales | $11,801,065 | $10,492,534 | $9,455,932 |
| Gross Profit | $2,765,051 | $2,090,039 | $1,620,188 |
| Selling, General, and Administrative Expenses | $1,420,151 | $1,202,239 | $1,014,188 |
| Operating Income | $1,344,900 | $887,800 | $606,000 |
| Interest Expense | $3,800 | $17,200 | $13,200 |
| Income Before Income Taxes | $1,341,100 | $870,600 | $592,800 |
| Income Tax Provision | $370,200 | $239,500 | $152,600 |
| Net Income Including Noncontrolling Interests | $970,900 | $631,100 | $440,200 |
| Net Income Attributable to EMCOR Group, Inc. | $970,900 | $631,100 | $440,200 |
Consolidated Balance Sheet (In Thousands)
| Item | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Accounts Receivable, Net | $3,577,500 | $3,203,500 |
Note: The document provides limited balance sheet data, with only accounts receivable figures available.
Consolidated Cash Flow Statement (In Thousands)
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Income Including Noncontrolling Interests | $970,900 | $631,100 | $440,200 |
| Net Cash Used in Investing Activities | ($138,000) | Not Provided | Not Provided |
Note: Limited cash flow data is provided, with only net income and 2024 investing activities figures available.
Financial Highlights:
- Revenue Growth: 15.8% increase from $12.58 billion in 2023 to $14.57 billion in 2024.
- Operating Income: Rose to $1.3449 billion in 2024 from $887.8 million in 2023, with a 9.2% operating margin.
- Net Income: Reached $970.9 million in 2024, up from $631.1 million in 2023.
- Gross Profit Margin: Improved to 19.0% in 2024 from 16.6% in 2023.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
EMCOR operates through wholly-owned subsidiaries, with no associates mentioned. Below is an overview based on available data.
Significant Subsidiaries
The document references significant subsidiaries under Exhibit 21, but specific names are not fully listed. They align with the business segments:
- Electrical Construction Subsidiaries:
- Description: Provide electrical construction and facilities services.
- Revenue Contribution (2024): 15.7% ($2.29 billion).
- Details: Serve data centers, commercial, and institutional markets.
- Mechanical Construction Subsidiaries:
- Description: Specialize in HVAC, plumbing, and process piping.
- Revenue Contribution (2024): 32.9% ($4.79 billion).
- Details: Key in high-tech manufacturing and data centers.
- Building Services Subsidiaries:
- Description: Offer facilities management and retrofit services.
- Revenue Contribution (2024): 40.0% ($5.83 billion).
- Details: Serve commercial, institutional, and government clients.
- Industrial Services Subsidiaries:
- Description: Provide maintenance and retrofitting for industrial facilities.
- Revenue Contribution (2024): Part of 11.4% ($1.66 billion).
- Details: Support refineries and manufacturing plants.
- UK Building Services Subsidiaries:
- Description: Provide facilities management in the UK.
- Revenue Contribution (2024): Part of 11.4% ($150 million estimated).
- Details: Serve commercial and institutional clients.
Ownership: All significant subsidiaries are wholly-owned (100%).
Revenue Breakup Summary (2024):
- Embedded within segment revenues, as outlined above.
Physical Properties
EMCOR’s physical properties include offices, facilities, and job sites. Limited specific details are provided, but key points include:
- Corporate Headquarters: 301 Merritt Seven, Norwalk, CT 06851-1092.
- Regional Offices: Across the U.S. for electrical, mechanical, and building services.
- UK Facilities: Support building services operations.
- Job Sites: Temporary facilities at client locations (e.g., data centers, hospitals).
- Property, Plant, and Equipment: Includes machinery and tools, recorded on the balance sheet (specific figures not provided).
- Leases: Operating and finance lease liabilities support operations.
Board of Directors
EMCOR’s Board of Directors includes:
- John W. Altmeyer: CEO of GAF.
- Amy E. Dahl: Vice President, International Business and Strategy, The Toro Company.
- Anthony J. Guzzi: Chairman, President, and CEO, age 60, with EMCOR since 2001.
- Ronald L. Johnson: Senior Vice President of Strategic Initiatives.
Investment Details
- 2022 Acquisitions: Six companies for $1.008 billion (electrical, mechanical, industrial services).
- 2024 Investing Activities: Net cash used increased by $138 million, driven by acquisitions and capital expenditures.
- Cybersecurity: Investments in IT and third-party cybersecurity firms.
Future Investment Plans
- People Development: Training and safety programs.
- End Markets: Expansion in data centers, high-tech manufacturing, and renewable energy.
- Acquisitions: Strategic growth through acquisitions.
- Technology and Cybersecurity: Enhanced IT infrastructure.
- Sustainability: Emissions reduction targets, potentially requiring future expenditures.
Conclusion
EMCOR Group, Inc. is a leader in specialty construction and facilities services, with a diversified portfolio, strong financial performance, and strategic vision. Its 2024 revenues of $14.57 billion, robust operations, and commitment to innovation position it for continued success, making it a compelling choice for stakeholders.
