morning you, to and the call today. Thank good on Tony, everyone
For this webcast, Slide accessing presentation are those the we X. now on via
and Over I on as our with in opening Commission augment a EMCOR's will as quarter this XX-Q year-to-date and from commentary earnings the included of results information update morning earlier announcement our provide Tony's Securities several performance our September on statements All brief the well today. referenced filed both Exchange is release slides, third derived financial next consolidated Form financial through XX.
which XX.X% XXXX new and $XXX.X review performance. all-time quarter of So represent quarter third let's revenues billion million of over quarterly expand three a or revisit Consolidated $X.XX EMCOR's a are and for up negatively experienced movements of Kingdom impacted rate growth other the unfavorable exchange quarter-over-quarter record than by our Each revenue EMCOR. United Services quarter. reportable segment our Building during segment was revenue
to a from not quarter each to follows: year's United pertaining of compared businesses for Excluding to specifics $XXX reportable XXXX increased of that revenues million increased or third quarter Construction $XXX.X million the when were XXXX. quarter in States $XX.X acquired last of million time million attributable three by XX.X% quarter, revenues or approximately segment of segment businesses $XXX.X the XXXX. The such XX.X% Electrical are as owned EMCOR revenues the third of
sectors sector, supporting manufacturing grew of segments revenue a and sources sustainable activity projects acquisition inclusive period-over-period other technology XX.X% increase. the submarket well and sector were project energy revenue growth quarter-over-quarter. the as telecommunications organically within incremental commercial strong the of within from solutions traditional Increased drivers this the as Excluding markets energy both revenue market the main
capital project we include as electrical Revenue projects. within provide institutional, Construction and commercial to customers strength from continues wastewater projects to life These industry solutions and within pharmaceutical billion the activity where both was mechanical sciences sector XX.X% a the segment benefiting semiconductor by well In of as growth services. the traditional $XXX revenue commercial, States respect and addition, as XXXX. construction United million or protection With for quarter this during Mechanical driven and well remain they healthcare market for clients customers three growth demand revenues quarter large $X.XX fire as to increases the within biotech, industries. our from increased are and water increased sectors.
see fire perspective, our of customers From their CARES HVAC for an number our e-commerce sector a commercial In those including revenue universities, schools, from growth revenues institutional funding the was continue and facilities. addition, other distribution broad-based to included market increased demand replacement and customers, have and under within in Act. the expand warehouse market received services educational from geographically for notably repair increase they which as protection we sector and
that region. wastewater of water the the concentrated other remain are States and increasing given demand our United revenues the treatment the On population where water Southern in shift in hand, wastewater we for potable drinking and supporting the within
Revenue benefit million Building growth million all-time RPO more Third combined of XX.X% he of be represent construction Services increased increasing already segments conclusion our the States obligations, also this development providing well with States financial $X.XX United quarter was remaining and accomplished of also revenue generated million increased strong at performance revenues have our commercial of within on improving Services revenue quarter and Consistent new each for commented or quarterly we Construction billion segments for Electrical commentary $XX.X services quarter, detailed demand air HVAC or as revenues the $XXX.X with the site-based each consumption, XX.X%. and during our as been This performance from business will section. retrofit performance while emphasis and has indoor organic. of last growth EMCOR's with this quarterly records. Mechanical services of highs all-time building quality. these being divisions. control records projects which an Mechanical segments. of achievement Services, efficiency, such continue represent energy on Construction from Tony XX% the combined Mechanical United building and automation Within to in of revenue $XXX.X
lives or million are commercial the repair and site-based EMCOR's respect increased Services drivers we service chain of in increased In X.X%. customers maintenance in need of Industrial the or experiencing well instances resulted revenues when the addition, services With equipment not $XX to of extend in existing were activity as division, delays useful supply in the project to HVAC as new readily revenues. customer scope quarterly growth as expansion replacement additions, with $XXX.X available. increase site million, segment have volumes equipment segments the is existing and
million. significant this two solid not as last see period of despite mentioned. segments growth is headwinds as created $XX.X of take maintenance. our can refineries we refinery growth for the customers extended This by million revenues quarter in Services often our are three during as XX% seasonally quarterly was Kingdom down mid-single-digit any limit the quarters, the the to services revenue to as majority Tony opportunities field the were of to Building $XXX.X well growth previously Although, of encouraged slowest decreased excess provide quarter, revenue utilization as that the which represents reluctant United
X. is previously customers versus businesses this or Selling, million the in $XXX.X in X.X% revenues acquired $XXX.X quarter-over-quarter telecommunications expenses due contraction incremental for of pound asset This rate represent organic commercial an year of in to the States entirely which revenues demand resulting growth administrative revenue Slide basis. submarket million amortization, to unfavorable revenue of sector of the million approximately SG&A project see market $XX.X on sector. intangible expenses the and of Please United year's local was $X.X period. to million. a from continues strong quarter increase in X.X% segment The general dollar, includes current As of masking turn currency inclusive ago and mentioned, compares exchange from the movements British inclusive to
well quarter's support growth our quarterly to headcount organic incentive performance higher both This improved compensation as to due and revenue our is primarily expenses costs related increased certain to of personnel due SG&A as increased organic year-over-year operations. at growth expense to
Despite Additionally, of we to expenses we business as travel growth a dollars, successfully SG&A leverage experience in employee our and continues cost normalcy. in in travel the growth structure. have revenues SG&A continue as a seen as entertainment our to resume percentage reduction we
growth. of we quarter $XXX.X as to maintain X.X% and the operating of X.X% million discipline overhead of will third I future of efficiencies continue seek operating revenue and mentioned incremental for in to or income Reported economies quarter, income of last or quarter. investment revenues drive revenues XXXX's compares we scale $XXX.X with As million
XXXX's set Our $XXX.X fourth OI quarterly quarterly operating million EMCOR's eclipses quarter. all-time in of record income
delays Construction grow. and margin quarter at was and of EMCOR sequentially execute supply and quarter project where represents of been also high-level, higher contemplated. have pressures inflationary due headwinds coupled that time control. were margin of were Despite to ago which from material the a and impacted $XX.X continues improvement these transportation million disruptions and during conversion supply within one. to due operating sequential with the disruptions Our two, project inflationary than market bid project strong a quarter, continues discrete which less projects X.X% operating producing could the conditions pressures a on base, operating completion beyond operating certain represents to number points. Electrical revenue results commercial, favorable under as of chain as X.X% from operating the both in follows: XXX supply the current segment segment's a institutional the Specific chain is losses decreased comparable margin of by mix X.X% by XXXX negatively to quarterly which and Reported of year's our income The million margin These extent quarter, in is these million, totaling as of period. margin extensions not a well write-downs a reduction performance chain our $X.X as majority last operating prices well as segment part U.S. different in from basis income sectors, years $XX.X operating decrease the escalating economic
than favorable revenues, $XX.X $XX.X million construction period-over-period substantial of project, typical $XX.X is a million Building profile. which and operating is at -- thereby X.X% aimed to wastewater or our performance expansion our impact segment margin adjustments self-performed the less quarter certain basis by year's aligning the Aided better for XXX is lower a this U.S. our margin. income revenues, with last on projects from of execution where billing costs acting is Operating well pricing of rates or a represents of number modestly as as margin manager increase we permitted. U.S. the quarter, continue operating water of segment increase cases, general is XXXX's Construction pursuing million from operating percentage improved larger million quarterly construction these either X.X% third evaluate segment recovery labor sorry, increased project a Driven with both Services of our while Mechanical in our rights $XX quarter. We resulting from by in division, income in having $XX.X operating EMCOR have a X% are the the Services we active and operating Mechanical or as a This a In manufacturing were contractual of benefiting increase point are million third represents and XX.X% improvement and gross margin experienced. within of contractor. despite in sectors
represents segment million U.S. Our Industrial $X.X a Services reported loss operating quarter. million the loss of $X.X $X XXXX's million from third in improvement
three I earlier, weakest quarter. Industrial As seasonally referenced quarter is our segments historically
or in UK which in the represents a future the Additionally, improved operating a reported of for anticipated of a quarter-over-quarter. $X.X continues revenues commence This the margin million operating work of when during quarter. customer into turnaround more the in internal segments in mentioned $X.X year. to million of compared mix expectations reduced shortfall income $X.X foreign of project projects, periods income an operating This resulted XXX the commentary, September when performance of my headwinds million revenue to quarter. deferral delay by segment compared and benefit Building the improvement to which income X.X% from point increase exchange favorable basis to prior were Services or this year, certain operating is despite
X. Slide on now are We
than slides is the profit or Additional $XXX.X for items an XXXX million gross X.X%. by financial not and the addressed or the comparable as of higher gross of three all-time million are quarter the record profit in quarter significance for Quarter company represents previous $XX.X follows:
than write-downs our our XX.X% within segment, impacted quarter. Construction the to negatively third by However, gross margin impact last primarily which year's project during quarter gross of profit basis Electrical the due XX lower consolidated is margin points the
in the a earnings year quarter is quarter-over-quarter earnings per quarterly Diluted smallest represent as first record variance the gross some sequentially was generated of EMCOR's million of year. the year. XX.X% continued new nine share average our such the outstanding $X.XX our to-date basis performance our Revenues combination in XXXX. the highlights on margin than months reduction out third was of EMCOR from quarter due $XXX.X for $X.XX XXXX during unfavorable, revenue $X.XX period. respect results represents income compare first prior way, a quarterly Slide increase XXXX weighted Please per with the or XX.X% for compared for of billion of year-over-year the margin is to shares organic common and XX.X% turn of the per With net to current of two Although, of quarters the XX. growth share activities. activity to This and share which higher an EPS point XX given of represents growth share in repurchase touch to commentary gross of quarter reduction my the let's third
greater quarterly $X.XX increase improvement are X.X% segments operations which margins, all the an reporting nine-month our have the nine-month and Year-to-date of As on of quarters, U.S. a year-over-year period two which reduce which headwinds year-to-date we our operating basis, result last On period. equal the corresponding diluted prior to and gap, margin $X.XX experienced reported discussed. of of earnings impressive of and of was share the XXXX, period. the operating the margin previously the our a than $XXX.X quite either points. are is in basis other approximate year Construction given to that year, exceptional X.X% to performance EPS that operating or million now per to-date of combined Operating our is XX from over throughout year-to-date only sequential is continue XXXX's for income represents
have my is flow. substantial respect flow, cash which last the on Although operating with year-to-date In we operating year. our a on $XXX.X to strong improvement over million represents shown cash results nine-month not of period, comment generated last our this slide,
Although, the during have in Despite discipline of third in their resulting in of strong capital excellent slow done cash and requirement project six quarter. service maintaining the management teams cash we subsidiary we our XXXX, million contract for an project job had a the first growth of conversion. XXXX, great investment, our resulting and revenue working $XXX.X start administration months to-date during operating and generated organic
acquisitions, an as shareholders in million has an by cash were experience. decreases our hand shareholders, XX. I of dividends. was strong credit and form from $XXX a under business, a balance growth returned activity well activities liability cash during position, our repurchase partially These are We be remains funded on our investing balance from XXXX $XXX hand facility. on now primarily just declined in we operating in to in XXXX. return transactions. has first offset M&A capital sheet Resulting cash for in increase our on million to our as cash our in EMCOR's invest $XX pursue the nearly decreased months have and and the of cash, Despite and increase flow contract continue spent mentioned, XXXX. on the $XX.X strategic to million with as million to year-end we capital revenue a significant stock, working coupled we position million from continue our of revolving our to borrowings net Slide year-end by utilized financing This of result nine used receivable, in Notably, by the common $XXX.X the given accounts decrease in
period. balance the acquisitions assets by by Net XXXX. entirely within year December as thus sheet, $XX.X of intangible the the far increased identifiable completed increase goodwill in in fluctuations approximately operating have other us nearly acquisitions recognized result million was of under with expense our million of debt by connection terms In a amortization last were $XX.X since during our credit liabilities December, facility million aforementioned that by mentioned. offset exclusive the Total since additional of lease the $XXX increased intangible revolving previously given partially I assets has in borrowings the
flow XX.X% EMCOR's committed allocation this coupled in incremental our XXXX. to morning of our to against with debt year-end with back revolving has remain with our cash Tony? shareholders' our our equity flexibility to my As I this continue capacity, Tony. XX, liquidity, consistent the capitalization at free to debt will reduction increased capital a to from ability the presentation slide inclusive execute XXXX portion September along of activities, our ratio in call capital at With strategy allocation of now generation, our completed, due result long-term remain strategic XX.X% We and we objectives. to give to credit
