Norwalk industrial construction company Emcor Group Inc. said its fourth-quarter profit dropped 35 percent due to a large write-down.
Emcor’s profit slid to $39.2 million, or 58 cents per share, from $60.3 million, or 90 cents per share, in the same period a year before.
The latest quarter included an impairment charge of $13.5 million, or 14 cents per share, for changes in the value of trade names and customer relationships connected to businesses Emcor acquired.
Emcor said its revenue fell 19 percent to $1.36 billion from $1.68 billion.
According to Thomson Reuters, analysts expected a profit of 49 cents per share and $1.36 billion in revenue.
For the full year, Emcor’s profit fell 12 percent to $160.8 million, or $2.38 per share, from $182.2 million, or $2.71 per share. Its annual revenue slid 18 percent to $5.55 billion from $6.79 billion.
The company said those declines will continue if economic conditions do not improve. Based on the state of the market, Emcor said it expects 2010 profit of $1.45 to $1.85 per share and about $5 billion in revenue. Analysts projected profit of $2.11 per share and $5.64 billion in revenue. (AP)
