收购战略能够创建产品投资组合并扩展企业的全球市场分布，但是其实收购的作用远不止此，一次小规模的收购往往能够令一项业务多元化。没有任何一家企业会比EmcorGroup(代號:EME) 更懂得收购的内涵和精髓了，这是一家全美最大的电子机械装置服务供货商，公司同时还经营着一家设备管理服务单位，名为EFS。拥有来自商业、工业、效能以及机构领域广泛的客户群，EmcorGroup更多面临的是来自当地同水平企业的激烈竞争。但是项目越是庞大，竞争对手圈越会缩小，深谙此道的 EmcorGroup早在一年前就斥资4.55亿美元从First Reserve处收购了Ohmstede。在过去五年中，公司更是斥资1.2亿美元进行收购战略。
对于EmcorGroup来说，收购Ohmstede一役是史无前例的，但此举对于打开一大新兴市场——炼油厂保养和维修——是极有意义的。此项收购交易结束后，公司表示将染指炼油厂保养和维修这一市场。Stifel Nicolaus分析师Jeffrey Beach表示：“对于EmcorGroup来说首要的目的在于使其终端市场多元化，而一个更加广阔的客户群体将有助于降低运营风险性。”
多元化战略使得EmcorGroup能够稳稳立足于这样一个单一型产品和服务市场中，公司在过去十年中通过收购小型企业获得了巨大的产业协同效益。“我们预计EmcorGroup将进行新一轮收购计划，在周期性较弱的市场中获得一定的份额。”二季度公司拥有2.755亿美元的流动现金，2.014亿美元的债务以及9.63亿美元的股东股票。基于炼油厂保养维修的强劲终端市场，分析师看好EmcorGroup的业务拓展能力。
未来9-12个月内公司订单量将达到46.7亿美元，同比增长10%；约有25%的订单将在短期内完成，并不会影响长期订单量。公司预计在工业、运输以及污水处理市场有较为强劲的市场需求，但是商业和医用订单量自去年以来有所下降。管理层已经将原来的周期性产品和业务进行了多元化拓展，更多地向设施维修服务、炼油厂保养等领域拓展。
二季度公司每股收益上涨了85%至0.72美元，ThomsonReuters分析师预期的为0.56美元。营收上涨了26%至17.2亿美元，主要是受到机械和电子系统强劲的销售额促进。公司CEo表示：“在我们所有的业务板块中，杰出的执行能力和运营表现比比皆是。”他还表示公司的设施维修服务将持续创造利润，EFS创造了4.032亿美元的营收，同比上涨了79%，约有69%的营收是来自被收购企业的。
EFS小组的美国电子服务业务主要提供低压到高压系统，此项服务的销售额上涨了26%至4.299亿美元。美国市场的机械销售额上涨了12%至6.267 亿美元，而加拿大部门销售额则上涨了30%至9650万美元。如果明年美国经济不再下滑，公司的订单量将大涨，毛利润也将十分可观。
Investor's Business Daily
Maintenance Company Keeps The Lights Burning In Big Buildings
Friday August 8, 6:16 pm ET
Brad Kelly An acquisition can build up a product portfolio and enhance a global footprint. But possibly even more important, a smart purchase can diversify a business.
And no company understands the importance of a strategic acquisition -- big or small -- better than Emcor Group (NYSE:EME - News).
The company is the largest contractor of electrical and mechanical installation services in the U.S. It also runs a facilities management services unit, known as EFS.
With a broad range of commercial, industrial, utility and institutional customers, Emcor faces most of its competition at the local level. But the bigger the project becomes, the smaller the pool of rivals, says FBR Capital Markets analyst Alex Rygiel.
A year ago, Emcor spent $455 million in cash to buy Ohmstede from private equity firm First Reserve. In the past five years alone, the Norwalk, Conn.-based company has shelled out more than $120 million for acquisitions aside from last summer's blockbuster deal.
Biggest Acquisition
The price tag on the Ohmstede deal far exceeded any acquisition in the past. But it was important because it opened the door for Emcor into a new and growing market: refinery maintenance and repair services.
After the deal was closed, Emcor said the newly acquired company will provide it with the opportunity to significantly expand its ongoing presence in the robust oil refinery and petrochemical markets.
"The No. 1 theme for Emcor is the diversification of its end markets," Stifel Nicolaus analyst Jeffrey Beach said. "A broader customer base allows it to reduce its vulnerability to cyclicality."
Diversification gives you more stability because a down market in one product or service line may be compensated for by another product or service.
Emcor has spent the past decade acquiring smaller companies with synergies that diversify its businesses, bolsters its services portfolio or both.
"We expect (that Emcor) will make additional acquisitions to improve its exposure to less-cyclical markets and facilities services businesses, which would drive overall growth," Rygiel said.
At the end of the second quarter, Emcor had cash of $275.5 million, debt of $201.4 million and shareholders' equity of $963 million, according to FBR Capital Markets.
As the U.S. economy's woes continue, Emcor's ability to rely on strong end-markets such as refineries and nonresidential construction has helped offset its businesses related to historically cyclical sectors.
A good indication of future growth -- nine to 12 months -- is the company's backlog, which stood at an all-time high of $4.67 billion, up 10% from a year earlier.
However, not all its work is tied up in backlog. About 25% is done in the short-term time period and it never impacts long-term contracted work, Beach says.
Emcor is seeing strong demand in the industrial, transportation and water and wastewater markets. But commercial and hospitality backlog has slipped a bit since the end of last year.
A concern investors have about the company is its exposure to the construction sector. Management has diversified its business away from cyclical markets with more recurring facilities services business, refinery maintenance and industrial exposure.
"Any downside to its businesses related to construction sectors will be limited," Rygiel said.
Emcor's diversification efforts have really paid off. Second-quarter profit soared 85% to 72 cents a share, excluding a one-time charge related to an adverse jury verdict in a construction contract case. Analysts polled by Thomson Reuters expected 56 cents.
Revenue rose 26% to $1.72 billion, above views, driven by strong sales and orders for mechanical and electrical systems as well as the positive impact from recent acquisitions.
"Excellent execution and performance was evidenced across all of our business segments, driven by our focus on sectors that can grow through the current economic cycle such as health care, industrial, transportation and water and wastewater treatment," said the company's CEO Frank MacInnis in a post-earnings statement.
He added that Emcor's facilities services business continues to increase its profitability while growing both organically and through acquisitions.
EFS revenue shot up 79% to $403.2 million. About 69 percentage points came from acquisitions and the rest stemmed from its mobile mechanical services, which have been increasing as a percentage of sales.
The EFS unit oversees any renovation or expansion of a building, operations and maintenance, facility diagnostics and energy audits.
Its U.S. electrical business services low- to high-voltage systems. The unit's sales jumped 26% to $429.9million, due to hospitality and industrial projects. U.S. mechanical sales were up 12% to $626.7 million.
Its Canadian division, which offers the same services as in the U.S., swelled 30% to $96.5 million. The results were helped by strong health care, automotive and power generation contracts.
U.K. Problems
While revenue increased across all business segments, the breaks have slammed on Emcor's U.K. business. Sales across the pond dipped 1% to $166.6 million.
The U.K. division services Heathrow Airport, the London Tube and government facilities.
But Emcor greatly has downsized its services of light rail projects, which led to losses in the year-ago period as well.
While the majority of its revenue is generated here in the U.S., Emcor's focus on the diversification of its businesses will keep it afloat in 2009.
If the U.S. economy does slide into a recession next year, Emcor's backlog would plateau and margins would contract mildly, Beach says, but he added that Emcor would survive.
"The company diversification efforts will enable it to weather the storm," he said.
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