EMCOR Group, Inc. (EME)

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Emcor Group Inc. (EME)

Q3 2008 Earnings Call

October 23, 2008 10:30 am ET


Frank T. MacInnis – Chairman of the Board, Chief Executive Officer

Anthony J. Guzzi – President, Chief Operating Officer

Mark A. Pompa – Chief Financial Officer, Executive Vice President

Gordon McCoun – Senior Managing Director

R. Kevin Matz – Executive Vice President, Shared Services


Alex Rygiel – Friedman, Billings, Ramsey Group, Inc.

John Rogers – D.A. Davidson & Co.

Tahira Afzal – KeyBanc Capital Markets

Richard Paget – Morgan Joseph & Co., Inc.

Rich Wesolowski - Sidoti & Company



Good morning, my name is Christine and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group third quarter 2008 earnings conference call. (Operator Instructions) Thank you. I would now like turn the conference over to Mr. Gordon McCoun. Sir, you may begin your conference.

Gordon McCoun

Thank you and good morning everyone. I’d like to welcome you the EMCOR Group conference call. We’re here to discuss the company’s 2008 third quarter results which were reported this morning. I’d now like to turn the call over to Kevin Matz, Executive Vice President, Shared Services, who will introduce management. Kevin, please go ahead.

R. Kevin Matz

Thank you, Gordon, and good morning, everyone. Welcome to EMCOR Group’s earnings conference call for the third quarter of 2008. For those of you who are accessing the call via the Internet in our website, welcome, and we hope you have arrived at the beginning of the slide presentation that will accompany our remarks today.

Currently, everyone accessing the slides should be on slide 1 which is the EMCOR title slide. Please advance to slide 2.

Slide 2 depicts the executives who are with me to discuss the quarter and nine months results. They are Frank MacInnis, Chairman and Chief Executive Officer; Tony Guzzi, President and Chief Operating Officer; Mark Pompa, our Executive Vice President and Chief Financial Officer; Mava Heffler, Vice President of Marketing and Communications; and our Executive Vice President and General Counsel, Sheldon Cammaker.

For call participants who are not accessing the conference call via the Internet, this presentation including the slides will be archived in the Investor Relations section of our website under presentations. You can find us at emcorgroup.com

Before we begin, I want to remind you that this discussion may contain certain forward-looking statements. Any such statements are based upon information available to EMCOR management’s perception as of this date and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from the forward-looking statements. Accordingly, these statements are no guarantee of future performance.

Such risks and uncertainties include, but are not limited to, adverse change of economic conditions, changes in the political environment, changes in the specific markets for EMCOR services, adverse business conditions, increased competition, mix of business, and risks associated with foreign operations. Certain number of risks and factors associated with EMCOR’s business are also discussed in the company’s 2007 Form 10-K and 10-Q for the third quarter ended September 30, 2008, and in other reports filed from time to time with the Securities and Exchange Commission.

With that said, please let me turn the call over to Frank. Frank?

Frank T. MacInnis

Thank you, Kevin. You always manage to have it end happily. Good morning, everyone, and welcome to our 55th regular quarterly conference call for investors, analysts and other friends of EMCOR Group.

Today’s call is being conducted as usual by telephone and by simultaneous webcast. And I’ll be referring from time to time to a slide number to identify the relevant slide for webcast participants. Right now, we’re still on slide 2.

The focus of today’s call will be on the 2008 third quarter and year-to-date earnings press release and Form 10-Q that we issued and filed earlier this morning. We’ll conduct this call in our customary way. First, a brief discussion of those operating results including highlights of segment performance, cash flow from operations and overall quality of earnings. After commenting on our quarter-end balance sheet and liquidity, I’ll discuss the recent evolution and current status of our contract backlog portfolio with special emphasis on industry sectors that may experience changes in demand patterns.

Then I will turn the call over to Tony Guzzi, our President and COO for his comments on some notable recent contract awards from around our broad and diverse group of operating companies, followed by a new analysis of our fastest growing business segment, US facility services. During our respective presentations, Tony and I will do our best to evaluate EMCOR’s excellent current performance and future prospects in light of the challenging macroeconomic circumstances in which most large companies are operating today.

I’ll talk about trends that will define our performance through the fourth quarter and into early 2009. And I’ll provide modified revenue and earnings guidance for the 2008 full-year period.

At that point, there will be an opportunity for our listeners to make comments or to ask us questions. And you can see from slide 2 that a number of our senior officers are on hand to provide helpful answers. So let’s begin. Please move to slide 3.

In mid-1995, EMCOR began a record of consistent profitable operations that continues unbroken today, 53 consecutive profitable quarters later. Recent events have shown how difficult it is even for well-capitalized, well-managed companies to achieve such a record of consistent performance. It’s worth noting that EMCOR’s 13 and a half year of profit record includes several significant market cycles, an indication that our business model works in a variety of macroeconomic circumstances.

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