Emcor Group lost $242 million in the second quarter of 2020, but not just because the specialty contracting giant was hit hard by the coronavirus pandemic and related economic trouble, which have cut into travel and energy use.
The Norwalk, Conn.-based public company (EME-NYSE) said it booked most of its loss based on the write-down of the value of its industrial-contracting assets. The contracting asset value took the hit because forecasts saw lower revenue and profits, and higher financing costs ahead.