EMCOR and IES see sluggish market in 2003

Two of the largest electrical contractors in the United States, EMCOR Group Inc., Norwalk, Conn., and Integrated Electrical Services Inc., Houston, expect uncertain business conditions in 2003.

EMCOR, the nation's third largest electrical contractor in CEE News' 2002 Top 50 listing, reported total company sales of $4 billion in 2002, and expects its revenue to increase to the $4.4 billion to $4.6 billion range in 2003. In 2001, its electrical contracting business accounted for 39 percent of sales. The company expects its recent acquisition of Consolidated Engineering Services, Inc., to contribute between $400 million and $450 million to 2003 revenues.

The company, which was ranked by CEE News magazine as the largest electrical contractor in the United States with $1.69 billion in 2001 sales, reported first-quarter revenues for fiscal 2003 at $348.6 million, compared to revenues of $375.2 million for the first quarter a year ago. The 7 percent decrease in revenue is a result of non-core divestitures that occurred during the fourth quarter of 2002, the significant reduction in communications work versus a year ago and continued softness in the commercial and industrial market.