UPDATE 2-Emcor Q4 profit falls, gives weak 2010 outlook

* Q4 EPS $0.58 vs $0.90 a year ago

* Revenue down 19 pct

* Sees 2010 EPS $1.45-$1.85 vs est $2.11

* Shares fall 4 pct before the bell
(Adds details, share movement)

Feb 25 (BestGrowthStock) – Emcor Group Inc (EME.N: ), a construction
and engineering company, said its quarterly profit fell 35
percent, hurt by higher expenses, and forecast full-year
earnings below market estimates, sending its shares down 4
percent.

The company said it was cautious about the broader economic
environment with a continuing lack of visibility in some of its
end markets.

Backlog trends indicate that the commercial and hospitality
and gaming sectors continue to show significant softness in
demand, Emcor Chief Executive Frank MacInnis said in a
statement.

Backlog was $3.15 billion as of Dec. 31, a 21 percent fall
from last year.

Emcor expects more technically sophisticated projects under
the stimulus package entering the market, MacInnis said.

But a shift in mix towards a greater percentage of public
and quasi-public projects will affect margins during 2010, the
company said.

Emcor sees 2010 earnings of $1.45 to $1.85 a share, on
revenue of about $5 billion.

Analysts on average were expecting earnings of $2.11 a
share, before special items, on revenue of $5.64 billion,
according to Thomson Reuters I/B/E/S.

For the fourth quarter, net income fell to $39.2 million,
or 58 cents a share, from $60.3 million, or 90 cents a share, a
year ago.

The latest quarter’s results include a non-cash impairment
charge of 14 cents a share, Emcor said.

Revenue fell 19 percent to $1.36 billion, while selling,
general and administrative expenses rose 6 percent to $153.8
million.

Analysts on average had expected earnings of 49 cents a
share, before special items, on revenue of $1.36 billion.

Shares of the company fell 4 percent to $22.76 in
pre-market trade Thursday. They closed at $23.60 Wednesday on
the New York Stock Exchange.

Stock Market Report

(Reporting by Divya Sharma in Bangalore; Editing by Anne
Pallivathuckal and Gopakumar Warrier)

UPDATE 2-Emcor Q4 profit falls, gives weak 2010 outlook