Analyst Consensus ?
ConsensusBuy12 ratings
Bullish975.0%
Neutral325.0%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
EMCOR Group, Inc. · EME · FY2024 Q3 · Calendar Q4 2024
EMCOR raises EPS outlook as data-center backlog expands
The quarter supports a constructive but conditional view of EMCOR's growth trajectory: record RPOs, data-center and high-tech manufacturing demand, strong cash conversion, and a higher EPS outlook provide evidence of resilient demand. The key test is whether backlog converts to revenue while favorable mix, VDC, and prefabrication continue to support margins despite commercial-sector, labor, cost, and project-timing risks.
Reported Before market openNYSEIndustrials
$31.83B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$5.80
Consensus $4.98
EPS surprise
+16.5%
Reported versus consensus
Reported revenue
$3.70B
Consensus $3.76B
Revenue surprise
-1.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.3%
Event window
SPY move
-2.0%
Same window
Abnormal move
+5.3%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+14.4%
Up to 20 sessions
EMESPY benchmark
Ask FN2 about EME FY2024 Q3
Transcript, numbers and history already loaded
Why did EME rise 3.3% after beating EPS estimates in FY2024 Q3?What changed in EME's guidance and outlook in FY2024 Q3?Give me the bull and bear case for EME after FY2024 Q3 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, EMCOR's latest analysis shows continued record performance and a larger backlog opportunity. RPOs grew 13.4% year over year, data-center RPOs reached $2.1 billion, and management raised full-year EPS guidance to $20.50-$21 while narrowing revenue guidance to $14.5-$15 billion. The company also reported approximately $189 million of acquisitions during the first nine months and emphasized continued investment in VDC, prefabrication, geographic expansion, and complementary acquisitions.
Guidance delta
Management raised FY2024 EPS guidance to $20.50-$21 and narrowed revenue guidance to $14.5-$15 billion.
Key takeaways
- Q3 revenue reached $3.7 billion, up 15.3% year over year, while operating income rose 54.7%.
- Record RPOs of $9.8 billion were led by data centers, high-tech manufacturing, water and wastewater, and healthcare.
- Data-center RPOs grew 55% year over year to $2.1 billion, which management linked to emerging AI-driven demand.
- Cash generation, VDC and prefabrication efficiencies, and acquisitions remain central to the growth and margin story.
Management priorities
- Expand virtual design and construction and prefabrication across segments
- Pursue greenfield expansion and complementary acquisitions
- Increase site-based service offerings and technical-services differentiation
- Balance organic investment, acquisitions, dividends, and share repurchases
Follow EME with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$721.66Current
$713Low
$983.22Average
$1,200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 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 |
|---|---|---|---|---|
| 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 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 8, 2025 |
| 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 $721.66. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| D.A. Davidson | Analyst unavailable | $1,047 | $818.18 | +45.1% | Aug 10, 2026 |
| Cantor Fitzgerald | Manish Somaiya | $1,047 | $816.9 | +45.1% | Aug 10, 2026 |
| UBS | Analyst unavailable | $1,065 | $809.83 | +47.6% | Jul 31, 2026 |
| Oppenheimer | Analyst unavailable | $1,200 | $819.85 | +66.3% | Jul 31, 2026 |
| Oppenheimer | Brent Thielman | $1,100 | $855.26 | +52.4% | May 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $918 | $876.17 | +27.2% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $901 | $793.35 | +24.9% | Apr 16, 2026 |
| UBS | Avinatan Jaroslawicz | $945 | $708.49 | +30.9% | Mar 6, 2026 |
| Stifel Nicolaus | Brian Brophy | $814 | $744.86 | +12.8% | Mar 2, 2026 |
| Stifel Nicolaus | Brian Brophy | $754 | $694.21 | +4.5% | Jan 26, 2026 |
| D.A. Davidson | Analyst unavailable | $800 | $648 | +10.9% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $713 | $648 | -1.2% | Oct 31, 2025 |
| UBS | Avinatan Jaroslawicz | $750 | $625 | +3.9% | Aug 5, 2025 |
Track every rating change on EME the moment it posts. Free to start.
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 |
|---|---|---|---|---|
| JBHT J.B. Hunt Transport Services, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | -2.0% | J.B. Hunt: Strong demand, but margin repair remains central |
| FAST Fastenal Company | FY2026 Q3 · Calendar Q4 2026 | +3.3% | +1.1% | Fastenal Q3: Share Gains and Digital Adoption Lift Growth |
Latest beats and misses
Who reports nextBeat on EPS
Get the EME recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-18T21:20:47.997100+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T21:20:47.994368+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 2026-10-18. For educational purposes only; not investment advice.