Emcor Group shares rose 5.2% by 12:30 p.m. ET Thursday after the company beat Q3 expectations, with adjusted EPS of $9.60 versus analysts' $8.37 forecast and sales above $5.5 billion against an expected $5.2 billion. GAAP EPS was $9.04, up 38% year over year, and operating margin reached 9.8%, up 40 basis points, with CEO Tony Guzzi calling the results “exceptional.” Free cash flow for the year reached $989.6 million, up 42%. Emcor raised its outlook to at least $20.6 billion in 2026 revenue and roughly $35 per share in adjusted earnings. The author estimates that if GAAP profit is about 6% lower, it could be around $33 per share, a 21.5x P/E that still looks relatively cheap for a stock growing earnings 29%.
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