Emcor: Where Lights Should Be FlashingBy
One example of a non-Internet company making money--but being ignored by the bull market--is EMCOR Group (EMCG). The largest mechanical and electrical construction service company in North America, EMCOR operates almost everywhere: In New York, it installs and services the traffic lights. In London, it manages the entire electrical and mechanical system at Heathrow Airport. And in Las Vegas, it is in charge of all the bright lights and electrical systems in many casinos such as Caesars Palace. But
EMCOR's stock has gone nowhere. In the past seven months, it has been stuck in the low 20s. Yet EMCOR's business is humming. The Street will be in for a shock when EMCOR reports fourth-quarter earnings: Consensus estimate is for the company to earn 71 cents a share. But some investors think EMCOR will pull a surprise and post about 85 cents instead. For all of 1999, it will post around $2.15 on revenues of nearly $2.9 billion. A big investor says EMCOR is one of the biggest bargains around. "When the market wakes up to these kinds of profitable companies, EMCOR should hit 35," he says. EMCOR declined comment.
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