filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our audited financial statements and should be read in conjunction with the consolidated financial statements, the related notes thereto and the report of our independent registered public accounting firm thereon included elsewhere in this and our previously filed annual reports on Form 10-K.
See Note 4 - Acquisitions of Businesses and Note 5 - Disposition of Assets of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for a discussion regarding acquisitions and dispositions. During the third quarter of 2014, we ceased construction operations in the United Kingdom. The results of the construction operations of our United Kingdom segment for all periods are presented as discontinued operations.
Income Statement Data
(In thousands, except per share data)
| Years Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Revenues | $ | 8,130,631 | $ | 7,686,999 | $ | 7,551,524 | $ | 6,718,726 | $ | 6,424,965 | |||||||||
| Gross profit | $ | 1,205,453 | $ | 1,147,012 | $ | 1,037,862 | $ | 944,479 | $ | 907,246 | |||||||||
| Impairment loss on goodwill and identifiable intangible assets | $ | 907 | $ | 57,819 | $ | 2,428 | $ | — | $ | 1,471 | |||||||||
| Gain on sale of building | $ | — | $ | — | $ | — | $ | — | $ | 11,749 | |||||||||
| Operating income | $ | 403,083 | $ | 328,902 | $ | 306,929 | $ | 285,336 | $ | 289,342 | |||||||||
| Net income attributable to EMCOR Group, Inc. | $ | 283,531 | $ | 227,196 | $ | 181,935 | $ | 172,286 | $ | 168,664 | |||||||||
| Basic earnings (loss) per common share: | |||||||||||||||||||
| From continuing operations | $ | 4.92 | $ | 3.85 | $ | 3.05 | $ | 2.74 | $ | 2.61 | |||||||||
| From discontinued operations | (0.04 | ) | (0.01 | ) | (0.05 | ) | (0.00 | ) | (0.07 | ) | |||||||||
| $ | 4.88 | $ | 3.84 | $ | 3.00 | $ | 2.74 | $ | 2.54 | ||||||||||
| Diluted earnings (loss) per common share: | |||||||||||||||||||
| From continuing operations | $ | 4.89 | $ | 3.83 | $ | 3.02 | $ | 2.72 | $ | 2.59 | |||||||||
| From discontinued operations | (0.04 | ) | (0.01 | ) | (0.05 | ) | (0.00 | ) | (0.07 | ) | |||||||||
| $ | 4.85 | $ | 3.82 | $ | 2.97 | $ | 2.72 | $ | 2.52 | ||||||||||
| Balance Sheet Data (In thousands) | |||||||||||||||||||
| As of December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Equity (1) | $ | 1,741,441 | $ | 1,674,117 | $ | 1,537,942 | $ | 1,480,056 | $ | 1,429,387 | |||||||||
| Total assets | $ | 4,088,807 | $ | 3,965,904 | $ | 3,852,438 | $ | 3,506,706 | $ | 3,354,558 | |||||||||
| Goodwill | $ | 990,887 | $ | 964,893 | $ | 979,628 | $ | 843,170 | $ | 834,102 | |||||||||
| Borrowings under revolving credit facility | $ | 25,000 | $ | 25,000 | $ | 125,000 | $ | — | $ | — | |||||||||
| Term loan, including current maturities | $ | 269,620 | $ | 284,810 | $ | 300,000 | $ | 315,000 | $ | 332,500 | |||||||||
| Other long-term debt, including current maturities | $ | 9 | $ | 20 | $ | 31 | $ | 44 | $ | 57 | |||||||||
| Capital lease obligations, including current maturities | $ | 4,213 | $ | 4,571 | $ | 3,732 | $ | 3,869 | $ | 2,883 |
| (1) | During 2018, we repurchased approximately 3.1 million shares of our common stock for approximately $216.2 million. Since the inception of the repurchase programs in 2011 through December 31, 2018, we have repurchased approximately 15.9 million shares of our common stock for approximately $791.5 million. We have paid quarterly dividends since October 25, 2011. We currently pay a regular quarterly dividend of $0.08 per share, and we expect that quarterly dividends will be paid in the foreseeable future. These transactions result in a reduction of our equity. |
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