Analyst Consensus ?
ConsensusBuy12 ratings
Bullish975.0%
Neutral325.0%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
EMCOR Group, Inc. · EME · FY2024 Q2 · Calendar Q3 2024
EMCOR posts record Q2 as construction demand drives growth
The supplied analysis supports a constructive but qualified view: resilient high-tech manufacturing and data-center demand, a near-record backlog, margin expansion, and raised guidance provide evidence of operating momentum. The case is tempered by commercial-sector headwinds, labor constraints, execution risk, and questions about the durability of the high-tech pipeline.
Reported Before market openNYSEIndustrials
$28.57B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$5.25
Consensus $3.76
EPS surprise
+39.6%
Reported versus consensus
Reported revenue
$3.67B
Consensus $3.52B
Revenue surprise
+4.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.8%
Event window
SPY move
-0.5%
Same window
Abnormal move
-2.3%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
+7.5%
Up to 20 sessions
EMESPY benchmark
Ask FN2 about EME FY2024 Q2
Transcript, numbers and history already loaded
Why did EME fall 2.8% after beating EPS estimates in FY2024 Q2?What changed in EME's guidance and outlook in FY2024 Q2?Give me the bull and bear case for EME after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the supplied Q2 analysis describes another record quarter, a larger near-record RPO backlog, four acquisitions totaling $173 million net of cash, and a further increase in full-year revenue and EPS guidance. Analyst focus shifted toward bid margins versus execution productivity, labor availability, and the sustainability of high-tech demand.
Guidance delta
Management raised FY2024 revenue guidance to $14.5-$15 billion and EPS guidance to $16.5-$20 per share, according to the supplied analysis.
Key takeaways
- EMCOR reported record Q2 revenue, operating income, operating margin, and EPS, with revenue up 20.4% year over year.
- Mechanical and Electrical Construction led growth, supported by high-tech manufacturing, data-center, and healthcare demand.
- RPO backlog reached nearly $9 billion, while Building Services faced commercial contract non-renewals.
- Management linked future execution to workforce development, VDC/BIM, prefabrication, acquisitions, and disciplined capital allocation.
Management priorities
- Expand Mechanical Construction, Building Services, and Industrial Services through strategic acquisitions.
- Invest in workforce development, VDC/BIM technology, and prefabrication.
- Build presence in Texas, the Midwest, Arizona, and other high-growth regions.
- Balance shareholder returns with reinvestment in the business.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$665.93Current
$713Low
$964.4Average
$1,200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 20, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 10, 2026 |
| UBS | Buy | Buy | Maintain | Jul 31, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Stifel | Buy | Buy | Maintain | Mar 3, 2026 |
| DA Davidson | Buy | Buy | Maintain | Feb 27, 2026 |
| Baird | Outperform | Outperform | Maintain | Feb 27, 2026 |
| Keybanc | Overweight | Downgrade | Jan 17, 2023 | |
| Sidoti & Co. | Buy | Neutral | Upgrade | May 16, 2022 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2019 |
| Imperial Capital | In Line | In Line | Maintain | Feb 27, 2013 |
| Gilford Securities | Buy | Buy | Maintain | Jan 10, 2013 |
| FBR Capital | Market Perform | Outperform | Downgrade | Jul 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $665.93. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $795 | $716.79 | +19.4% | Oct 20, 2026 |
| D.A. Davidson | Analyst unavailable | $1,047 | $818.18 | +57.2% | Aug 10, 2026 |
| Cantor Fitzgerald | Manish Somaiya | $1,047 | $816.9 | +57.2% | Aug 10, 2026 |
| UBS | Analyst unavailable | $1,065 | $809.83 | +59.9% | Jul 31, 2026 |
| Oppenheimer | Analyst unavailable | $1,200 | $819.85 | +80.2% | Jul 31, 2026 |
| Oppenheimer | Brent Thielman | $1,100 | $855.26 | +65.2% | May 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $918 | $876.17 | +37.9% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $901 | $793.35 | +35.3% | Apr 16, 2026 |
| UBS | Avinatan Jaroslawicz | $945 | $708.49 | +41.9% | Mar 6, 2026 |
| Stifel Nicolaus | Brian Brophy | $814 | $744.86 | +22.2% | Mar 2, 2026 |
| Stifel Nicolaus | Brian Brophy | $754 | $694.21 | +13.2% | Jan 26, 2026 |
| D.A. Davidson | Analyst unavailable | $800 | $648 | +20.1% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $713 | $648 | +7.1% | Oct 31, 2025 |
| UBS | Avinatan Jaroslawicz | $750 | $625 | +12.6% | Aug 5, 2025 |
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Start freeCompany context
Snapshot as of publicationEMCOR Group, Inc. specializes in delivering comprehensive electrical and mechanical construction services, alongside integrated facilities management solutions, primarily serving clients across the United States and the United Kingdom. The company's construction expertise spans the entire project lifecycle, encompassing initial design and integration through installation, commissioning, operation, and ongoing maintenance. This includes vital electrical infrastructure such as power transmission, distribution, and generation systems, advanced energy efficiency solutions, and premise-specific electrical and lighting systems. They also implement sophisticated process instrumentation for critical industries like refining, chemical processing, and food production, in addition to low-voltage networks covering fire alarms, security, process controls, and voice/data communications. Furthermore, EMCOR handles public infrastructure projects involving roadway and transit lighting, signaling, and fiber optic lines.…
Historical context
All EME earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FIX Comfort Systems USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.2% | -8.5% | Comfort Systems USA: Strong Growth, Record Backlog, Margin Watchpoints |
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-26T23:10:42.259614+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T23:10:42.256745+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.