THIRD QUARTER 2024 PRESS RELEASE Document EXHIBIT 99.1 FOR: EMCOR GROUP, INC. News Release CONTACT: Andrew G. Backman Vice President Investor Relations (203) 849-7938 FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706 EMCOR GROUP, INC. REPORTS THIRD QUARTER 2024 RESULTS Record Quarterly Revenues of $3.70 billion, 15.3% Increase Year-over-Year Record Quarterly Diluted EPS of $5.80, 62.5% Increase Year-over-Year Record Remaining Performance Obligations of $9.79 billion, 13.4% Increase Year-over-Year 2024 Revenue Guidance of at least $14.5 billion (previously $14.5 billion - $15.0 billion) 2024 Diluted EPS Guidance Range Increased to $20.50 - $21.00 (previously $19.00 - $20.00) NORWALK, CONNECTICUT, October 31, 2024 - EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended September 30, 2024. Third Quarter 2024 Results of Operations For the third quarter of 2024, revenues totaled $3.70 billion, up 15.3% from the third quarter of 2023. Net income for the third quarter of 2024 was $270.3 million, or $5.80 per diluted share, compared to net income of $169.4 million, or $3.57 per diluted share, for the third quarter of 2023. Net income for the third quarter of 2023 included a long-lived asset impairment charge of $2.4 million, or $1.7 million net of tax. Excluding this impairment charge, non-GAAP net income for the third quarter of 2023 was $171.1 million, or $3.61 per diluted share. Operating income for the third quarter of 2024 was $363.5 million, or 9.8% of revenues, compared to operating income of $235.0 million, or 7.3% of revenues, for the third quarter of 2023. Excluding the previously referenced impairment charge, non-GAAP operating income for the third quarter of 2023 was $237.3 million, or 7.4% of revenues. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $34.5 million and $30.3 million for the third quarter of 2024 and 2023, respectively. – MORE – Page 2 Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures. Selling, general and administrative expenses for the third quarter of 2024 totaled $371.2 million, or 10.0% of revenues, compared to $308.1 million, or 9.6% of revenues, for the third quarter of 2023. The Company's income tax rate for the third quarter of 2024 was 27.4%, compared to 27.7% for the third quarter of 2023. Remaining performance obligations (“RPO”) as of September 30, 2024 were a record $9.79 billion compared to $8.64 billion as of September 30, 2023, an increase of $1.15 billion year-over-year. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “Our team continued to perform exceptionally well and delivered another great quarter, maintaining our momentum and again setting new records across key financial and operational metrics. Record RPOs of $9.8 billion, along with a robust and diverse pipeline of future opportunities, demonstrates the continued demand for our services. Our record operating cash flow and strong and liquid balance sheet enable us to compete and win on sophisticated projects, and support our organic growth and balanced capital allocation strategy.” First Nine Months 2024 Results of Operations Revenues for the first nine months of 2024 totaled $10.80 billion, an increase of 18.1%, compared to $9.14 billion for the first nine months of 2023. Net income for the first nine months of 2024 was $715.0 million, or $15.21 per diluted share, compared to net income of $421.5 million, or $8.85 per diluted share, for the first nine months of 2023. Excluding the impact of the previously referenced impairment charge recorded in the third quarter of 2023, non-GAAP net income for the first nine months of 2023 was $423.2 million, or $8.88 per diluted share. Operating income for the first nine months of 2024 was $956.3 million, or 8.9% of revenues, compared to operating income of $586.6 million, or 6.4% of revenues, for the first nine months of 2023. Excluding the previously referenced impairment charge, non-GAAP operating income for the first nine months of 2023 was $588.9 million. Operating income included depreciation and amortization expense, inclusive of amortization of identifiable intangible assets, of $98.4 million and $87.8 million for the first nine months of 2024 and 2023, respectively. Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures. – MORE – Page 3 Selling, general and administrative expenses totaled $1.05 billion, or 9.7% of revenues, for the first nine months of 2024, compared to $882.7 million, or 9.7% of revenues, for the first nine months of 2023. Mr. Guzzi continued, “Our Electrical and Mechanical Construction segments continued their very strong performance, with combined third quarter revenue growth of nearly 24% and a combined operating margin of 13.3%. With quarterly and year-to-date revenue growth of 25% and 32%, respectively, our Mechanical Construction segment again generated record revenues, and achieved record operating margins of 12.9% in the quarter and 12.2% year-to-date. Our Electrical Construction segment also posted record revenues, with growth of 21% on a quarterly basis and 19% for the year-to-date period, and achieved record operating margins of 14.1% in the quarter and 12.4% year-to-date. Our impressive execution and performance were driven by excellent field leadership and a commitment to continuous innovation, coupled with a favorable mix of work including data centers and semi-conductor plants, other high-tech and traditional manufacturing projects, and growing demand within the institutional, healthcare, and water and wastewater sectors. Our U.S. Building Services segment performed as expected, with our mechanical services business benefiting from strong performance across its portfolio of work, including HVAC retrofits, repair service, building controls upgrades, and service maintenance agreements. This segment continues to experience quality aftermarket opportunities across most sectors. Our Industrial Services segment continues to experience a gradual resumption of demand, performing well in both the field and our shops as we execute against a more typical fall turnaround season. Our U.K. Building Services segment also continues to perform well in a difficult market, winning new work and poised to secure additional opportunities with customers that demand a strong technical solution for their facilities.” Full Year 2024 Guidance Based on year-to-date 2024 performance, current operating conditions, and near-term visibility, the Company is: 1. Adjusting its full-year 2024 revenue guidance to at least $14.5 billion, from the prior guidance range of $14.5 billion - $15.0 billion. 2. Increasing its full-year 2024 diluted earnings per share guidance range to $20.50 - $21.00, from the prior guidance range of $19.00 - $20.00. Mr. Guzzi concluded, “Given our momentum and execution to date, in addition to our record RPOs and strong and diverse project pipeline, we are again raising our 2024 diluted earnings per share guidance. We remain confident in our strategic positioning within growth-oriented sectors and geographies and believe our dedication to operational excellence and prudent capital allocation will deliver continued value for our customers and shareholders." – MORE – Page 4 Third Quarter Earnings Conference Call Information EMCOR Group's third quarter conference call will be broadcast live via internet today, Thursday, October 31, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com . About EMCOR EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com . EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com . Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR. Forward Looking Statements: This release and related presentation contain forward-looking statements. Such statements speak only as of October 31, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations and timing of future projects; our ability to support organic growth and balanced capital allocation; market opportunities; market growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the impact of claims and litigation, the nature and extent of supply chain disruptions impacting availability and pricing of materials, global conflicts, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com . Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures: This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies. – MORE – EMCOR GROUP, INC. FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share information) (Unaudited) For the quarters ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Revenues $ 3,696,924 $ 3,207,598 $ 10,796,097 $ 9,143,652 Cost of sales 2,962,198 2,662,126 8,788,061 7,672,058 Gross profit 734,726 545,472 2,008,036 1,471,594 Selling, general and administrative expenses 371,188 308,139 1,051,737 882,684 Impairment loss on long-lived assets — 2,350 — 2,350 Operating income 363,538 234,983 956,299 586,560 Net periodic pension income (cost) 227 (284) 670 (840) Interest income (expense), net 8,312 (90) 21,959 (4,614) Income before income taxes 372,077 234,609 978,928 581,106 Income tax provision 101,814 64,863 263,944 159,292 Net income including noncontrolling interests 270,263 169,746 714,984 421,814 Net income attributable to noncontrolling interests — 337 — 337 Net income attributable to EMCOR Group, Inc. $ 270,263 $ 169,409 $ 714,984 $ 421,477 Basic earnings per common share $ 5.83 $ 3.59 $ 15.27 $ 8.88 Diluted earnings per common share $ 5.80 $ 3.57 $ 15.21 $ 8.85 Weighted average shares of common stock outstanding: Basic 46,394,857 47,173,974 46,829,458 47,446,298 Diluted 46,588,760 47,398,197 47,016,072 47,642,763 Dividends declared per common share $ 0.25 $ 0.18 $ 0.68 $ 0.51 EMCOR GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,035,534 $ 789,750 Accounts receivable, net 3,509,202 3,203,490 Contract assets 296,523 269,885 Inventories 94,475 110,774 Prepaid expenses and other 70,681 73,072 Total current assets 5,006,415 4,446,971 Property, plant, and equipment, net 204,547 179,378 Operating lease right-of-use assets 322,912 310,498 Goodwill 1,002,218 956,549 Identifiable intangible assets, net 648,123 586,032 Other assets 137,737 130,293 Total assets $ 7,321,952 $ 6,609,721 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 897,059 $ 935,967 Contract liabilities 1,881,444 1,595,109 Accrued payroll and benefits 753,680 596,936 Other accrued expenses and liabilities 312,799 315,107 Operating lease liabilities, current 80,245 75,236 Total current liabilities 3,925,227 3,518,355 Operating lease liabilities, long-term 269,517 259,430 Other long-term obligations 368,089 361,121 Total liabilities 4,562,833 4,138,906 Equity: Total EMCOR Group, Inc. stockholders’ equity 2,758,082 2,469,778 Noncontrolling interests 1,037 1,037 Total equity 2,759,119 2,470,815 Total liabilities and equity $ 7,321,952 $ 6,609,721 EMCOR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2024 and 2023 (In thousands) (Unaudited) 2024 2023 Cash flows - operating activities: Net income including noncontrolling interests $ 714,984 $ 421,814 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 41,799 38,444 Amortization of identifiable intangible assets 56,559 49,335 Provision for credit losses 12,585 5,256 Non-cash expense for impairment of long-lived assets — 2,350 Non-cash share-based compensation expense 16,170 10,703 Other reconciling items (7,893) (9,121) Changes in operating assets and liabilities, excluding the effect of businesses acquired 104,198 (42,884) Net cash provided by operating activities 938,402 475,897 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (189,208) (89,741) Proceeds from sale or disposal of property, plant, and equipment 2,765 12,015 Purchases of property, plant, and equipment (57,244) (56,306) Net cash used in investing activities (243,687) (134,032) Cash flows - financing activities: Proceeds from revolving credit facility — 100,000 Repayments of revolving credit facility — (100,000) Repayments of long-term debt — (142,813) Repayments of finance lease liabilities (2,144) (2,138) Dividends paid to stockholders (31,884) (24,198) Repurchases of common stock (405,425) (105,299) Taxes paid related to net share settlements of equity awards (12,095) (5,365) Issuances of common stock under employee stock purchase plan 943 6,769 Payments for contingent consideration arrangements (4,427) (3,113) Net cash used in financing activities (455,032) (276,157) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7,377 856 Increase in cash, cash equivalents, and restricted cash 247,060 66,564 Cash, cash equivalents, and restricted cash at beginning of year (1) 789,750 457,068 Cash, cash equivalents, and restricted cash at end of period (2) $ 1,036,810 $ 523,632 _________ (1) Includes $0.6 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2022. (2) Includes $1.3 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of September 30, 2024. EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended September 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 845,030 23 % $ 697,406 22 % United States mechanical construction and facilities services 1,662,211 45 % 1,329,600 41 % United States building services 796,923 21 % 817,718 26 % United States industrial services 286,410 8 % 252,148 8 % Total United States operations 3,590,574 97 % 3,096,872 97 % United Kingdom building services 106,350 3 % 110,726 3 % Total operations $ 3,696,924 100 % $ 3,207,598 100 % For the nine months ended September 30, 2024 % of Total 2023 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 2,409,735 22 % $ 2,020,319 22 % United States mechanical construction and facilities services 4,745,057 44 % 3,602,271 39 % United States building services 2,359,191 22 % 2,318,105 25 % United States industrial services 964,510 9 % 875,314 10 % Total United States operations 10,478,493 97 % 8,816,009 96 % United Kingdom building services 317,604 3 % 327,643 4 % Total operations $ 10,796,097 100 % $ 9,143,652 100 % EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended September 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 119,118 14.1 % $ 63,127 9.1 % United States mechanical construction and facilities services 214,831 12.9 % 138,476 10.4 % United States building services 55,562 7.0 % 57,156 7.0 % United States industrial services 3,292 1.1 % (174) (0.1) % Total United States operations 392,803 10.9 % 258,585 8.3 % United Kingdom building services 5,497 5.2 % 8,869 8.0 % Corporate administration (34,762) — (30,121) — Impairment loss on long-lived assets — — (2,350) — Total operations 363,538 9.8 % 234,983 7.3 % Other items: Net periodic pension income (cost) 227 (284) Interest income (expense), net 8,312 (90) Income before income taxes $ 372,077 $ 234,609 For the nine months ended September 30, 2024 % of Segment Revenues 2023 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 299,284 12.4 % $ 154,365 7.6 % United States mechanical construction and facilities services 578,991 12.2 % 344,550 9.6 % United States building services 135,860 5.8 % 140,943 6.1 % United States industrial services 34,004 3.5 % 22,733 2.6 % Total United States operations 1,048,139 10.0 % 662,591 7.5 % United Kingdom building services 16,651 5.2 % 20,220 6.2 % Corporate administration (108,491) — (93,901) — Impairment loss on long-lived assets — — (2,350) — Total operations 956,299 8.9 % 586,560 6.4 % Other items: Net periodic pension income (cost) 670 (840) Interest income (expense), net 21,959 (4,614) Income before income taxes $ 978,928 $ 581,106 EMCOR GROUP, INC. RECONCILIATION OF ORGANIC REVENUE GROWTH (In thousands, except for percentages) (Unaudited) The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and nine months ended September 30, 2024. For the quarter ended September 30, 2024 For the nine months ended September 30, 2024 $ % $ % GAAP revenue growth $ 489,326 15.3 % $ 1,652,445 18.1 % Incremental revenues from acquisitions (84,935) (2.7) % (173,738) (1.9) % Organic revenue growth, a non-GAAP measure $ 404,391 12.6 % $ 1,478,707 16.2 % EMCOR GROUP, INC. RECONCILIATION OF 2024 AND 2023 NON-GAAP MEASURES (In thousands, except for percentages and per share data) (Unaudited) In our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter and nine months ended September 30, 2023. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures. For the quarter ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 GAAP operating income $ 363,538 $ 234,983 $ 956,299 $ 586,560 Impairment loss on long-lived assets — 2,350 — 2,350 Non-GAAP operating income $ 363,538 $ 237,333 $ 956,299 $ 588,910 For the quarter ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 GAAP operating margin 9.8 % 7.3 % 8.9 % 6.4 % Impairment loss on long-lived assets — % 0.1 % — % 0.0 % Non-GAAP operating margin 9.8 % 7.4 % 8.9 % 6.4 % For the quarter ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 GAAP net income $ 270,263 $ 169,409 $ 714,984 $ 421,477 Impairment loss on long-lived assets — 2,350 — 2,350 Tax effect of impairment loss on long-lived assets — (651) — (651) Non-GAAP net income $ 270,263 $ 171,108 $ 714,984 $ 423,176 For the quarter ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 GAAP diluted earnings per common share $ 5.80 $ 3.57 $ 15.21 $ 8.85 Impairment loss on long-lived assets — 0.05 — 0.05 Tax effect of impairment loss on long-lived assets — (0.01) — (0.01) Non-GAAP diluted earnings per common share $ 5.80 $ 3.61 $ 15.21 $ 8.88 _________ Amounts presented in this table may not foot due to rounding. # # #

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.