You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We had an exceptional quarter.
As reported with respect to operating income at $135.9 million, operating income percentage at 6.2% and with respect to earnings per diluted share at $1.76 on a non-GAAP adjusted basis.
We earned revenues of $2.2 billion in the quarter and had operating cash flow of $270 million.
We had excellent operational performance and cost control.
Our team executed with focus, discipline and precision.
We continue to take steps to keep our skilled trades workforce safe, motivated and productive.
We achieved this performance despite a very difficult operating environment for our EMCOR Industrial Services segment, which you know focuses on downstream, petrochemical and oil and gas.
We have structurally reduced our SG&A by about $7 million to $9 million per quarter on a go-forward basis.
The exceptional performance of our segments billed in the industrial services GAAP, thus demonstrating how the diversity and balance in EMCOR can work for our shareholders.
I will cover some of the highlights by segment, and I will cover the broad themes and practices that have driven our performance during these challenging times.
Our electrical and mechanical construction segments had outstanding performance in the quarter and on a year-to-date basis.
We leveraged our cost structure across a solid mix of projects to earn strong and robust operating income margins of 9.2% in our Electrical Construction segment and 9% in our Mechanical Construction segment.
We leveraged a lower cost structure, but more importantly, had exceptional field performance on our projects.
We did benefit on some project closeouts and resolutions.
We always have some of those, something that Mark will cover in more detail.
But the underlying performance and productivity in these segments is as good as we have ever had.
Our building -- U.S. Building Services segment performed exceptionally well.
With a record quarterly operating income percentage of 6.9%.
Our commercial site-based business and their best third quarter ever and resets our cost base to position us for even more success in the future as we grow the business.
We have a very good customer mix.
Our customers are demanding, but by involving us in their maintenance capital spending they provide us with the opportunity to add value through incremental small project and service activity.
Our Government business also had a very good quarter.
In addition, we excellent repair service and project performance in our mobile mechanical services division.
Our repair service is aided by a hot summer, coupled with significant demand for our IAQ or indoor air quality product and services.
We also are near flat year-to-date for project bookings on an organic basis, which shows significant recovery from the large drop in organic bookings in April and May.
We also completed a nice acquisition in August, that will build our project capabilities and allow for long-term service growth in the Washington, D.C. market.
Our Industrial Services segment had a tough quarter in line with what we expected and discussed on our second quarter earnings call.
Demand has dropped significantly across the industry.
And that, coupled with successive hurricanes made for a very difficult quarter.
This is a tough environment for industrial services as we focus on petrochemical and refining.
However, we are well positioned with our customers rebound, we have reset the business through aggressive cost-cutting and redeploying personnel to the work that is available.
The issue is our field supervision is absorbed and productive.
However, they are capable of managing much larger work scopes versus what is available today, and that is where the leverage is in this segment.
Our U.K. segment continues to steady performance and continues to build on its strong market position.
Our strong customer relationships give us opportunities to not only meet their service needs, but also their maintenance and project retrofit needs.
I want to take this opportunity to share with you how we've succeeded in this challenging operating environment across EMCOR.
These actions and themes are why we have had this exceptional year-to-date performance across our business.
Number one, we kept our focus as an organization.
As we have moved through this ever-changing environment in 2020, we have stayed focused on accomplishing our mission for our customers.
We are already a flat organization.
And we had direct communication at multiple levels.
We became even flatter with even better communication across our company.
Number two, employee safety is and has been our number one priority throughout this pandemic.
Our people were able to keep this priority paramount as it is one of our core values.
We just had to implement these practices in a different way.
Our team knows we avoid short cuts and we always emphasize worker safety.
This unrelenting focus and commitment to safety is not new to us, and it is one of the main reasons we can fill the best team in the industry.
Number three, would work together across this large decentralized organization by focusing on the task at hand, and we have sought to comply at all times with a multitude of regulations, programs and procedures in this constantly changing environment.
Our staff has made sure that our subsidiaries had the best available information to implement the practices needed to keep progress moving on a project or a service demand.
Again, teamwork and mutual respect for each other are core values of EMCOR.
Number four, we stayed focused not only on safety, but also productivity.
Our people took ownership of job sites, brought solutions forward that allowed us to at least maintain the productivity we bid in the jobs, through better scheduling, adjusted work practices, more prefabrication and better job site logistics.
In many ways, we were uniquely trained to perform in this constantly changing environment.
We are a team of very successful trade contractors who know how to react and adapt to changing markets and job site conditions.
Number 5, we have positioned ourselves into some good long-term markets, which I will talk about later, such as healthcare, manufacturing, high-tech manufacturing, data centers, commercial and food processing.
We offer valuable services in these markets through our electrical trades, our HVAC technicians are pipers, welders, millwright, sprinkler fitters and plumbers.
We are able to move between markets with scale and agility and can handle the most complex construction and service opportunities within these markets.
Number six, we were prepared and trained to serve our customers with new products when the pandemic hit.
We bundled together our services and products related to IAQ/indoor air quality and building wellness and had these solutions ready to present to our customers when we were able to reenter buildings, campuses and industrial facilities.
We've helped and continue to help our customers reopen with more peace of mind by improving the airflow and air quality in their workplaces.
We became leaner and more productive.
We cut costs early and deep in some of our businesses.
We did not wait to react.
We found new ways to work through technology.
And finally, number eight, we leveraged our scale, our suppliers work with us to make sure we had the necessary personal protective equipment necessary for our people to do their jobs.
We had the job materials we needed to be successful, despite supply disruptions that may have impacted others.
We shared ideas on how to keep safe, but also stay productive.
For me, it's been humbling to see this high level of execution during these difficult times.
It speaks to the leadership of our segment and subsidiary leaders who look for solution when obstacles are in front of them.
And our highly skilled and dedicated workforce who continue to work and serve our customers throughout these difficult times driven by this pandemic.
And with that, Mark, I'll turn it to you.
Over the next several slides, I will augment Tony's opening commentary on EMCOR's third quarter performance as well as provide an update on our year-to-date results through September 30.
So let's revisit and expand our review of EMCOR's third quarter performance.
Consolidated revenues of $2.2 billion are down $86 million or 3.8% from quarter 3, 2019.
Our third quarter results include $81.4 million of revenues attributable to businesses acquired, pertaining to the time that such businesses were not owned by EMCOR in last year's third quarter.
Acquisition revenues positively impacted both our United States Mechanical Construction and the United States Building Services segments.
Excluding the impact of businesses acquired, third quarter consolidated revenues decreased approximately $167.5 million or 7.3%.
Unlike our results for the second quarter of 2020, where each of our reportable segments had quarter-over-quarter revenue declines we did see revenue gains in three of our five segments during the third quarter of this year.
However, when you remove the impact of businesses acquired, all of our U.S. reportable segments experienced organic revenue declines period-over-period, as the effects of the COVID-19 pandemic as well as the disruption within the oil and gas markets are still impacting a number of our businesses.
United States electrical construction revenues of $508.9 million decreased $45.8 million or 8.3% from 2019's third quarter.
Revenue declined across multiple market sectors due to the continuing impact of the pandemic, including the associated containment and mitigation measures as well as the curtailment of certain capital spending by some of our customers.
This segment additionally experienced a significant reduction in revenues within the manufacturing or industrial market sector, where certain of our electrical businesses perform services for both midstream and upstream oil and gas customers.
Not dissimilar to our Industrial Services segment, the Electrical Construction segment has experienced numerous project deferrals, specifically in the Manufacturing and Industrial market sector resulting from cost control actions initiated by many of their customers within the broader oil and gas industry.
United States Mechanical Construction segment revenues of $891.5 million, increased $22.3 million or 2.6% from quarter three of 2019.
The results of this segment represent record third quarter revenue performance, excluding acquisition revenues of $61.1 million, the segment's revenues decreased $38.8 million or 4.5% organically.
Reductions in quarter-over-quarter revenues from the manufacturing market sector inclusive of activities within the food processing submarket sector as well as the healthcare market sector due to project completions in the prior year are the primary reasons for this segment's organic revenue decline.
EMCOR's total Domestic Construction business third quarter revenues of $1.4 billion decreased by $23.5 million or 1.6%.
United States Building Services quarterly revenues of $551.5 million increased $19.4 million or 3.7% and represents an all-time quarterly record for this segment.
Excluding acquisition revenues of $20.3 million, this segment's revenues decreased approximately $900,000 or less than 0.25%.
Reduced building control project activities due to access restrictions created by the COVID-19 pandemic were almost entirely offset by increased small project revenues, including indefinite delivery, indefinite quantity project volume from this segment's government services division as well as an increase in demand for certain services aimed at improving indoor air quality in response to the pandemic and in line with the recommendations from the CDC.
United States Industrial Services revenues of $139.7 million decreased $94.4 million or 40.3% and as this segment continues to be impacted by the negative macroeconomic conditions and uncertainty within the markets in which it operates.
Additionally, our quarterly performance within this segment was adversely affected by work stoppages resulting from hurricane and tropical storm activity in the Gulf Coast region, where the majority of our industrial services operations are located.
United Kingdom Building Services segment revenues of $110.1 million increased $12.5 million or 12.7% from last year's quarter.
Revenue gains for the quarter resulted from new maintenance contract awards as well as strong project activity across our customer portfolio.
In addition, revenues of this segment were positively impacted by $5 million as a result of favorable foreign exchange rate movements within the quarter.
Selling, general and administrative expenses of $226.8 million represent 10.3% of third quarter revenues and reflect an increase of $6.7 million.
The current year's quarter includes approximately $8.9 million of incremental expenses from businesses acquired, inclusive of intangible asset amortization, resulting in an organic quarter-over-quarter decrease in selling, general and administrative expenses of approximately $2.2 million.
SG&A expenses for the third quarter of 2019 and were favorably impacted by $4.5 million of insurance recovery and legal settlements within the Industrial Services segment.
When excluding these recoveries from the prior year period, the adjusted organic decline in 2020's third quarter SG&A is $6.7 million.
Quarter-over-quarter reductions in salaries and travel and entertainment expenses due to a combination of cost-cutting measures and the continuing impact of the COVID-19 pandemic were partially offset by an increase in quarterly incentive compensation expense due to EMCOR's improved operating performance during the period and our revised upward expectations for full year 2020.
The increase in SG&A as a percentage of revenues is due to the reduction in quarterly consolidated revenues without a commensurate decrease in certain of our fixed overhead costs as we do not deem the current operating environment to be permanent.
This is consistent with our assessment during this year's second quarter.
Additionally, with quarter-over-quarter a sequential increase in total incentive compensation expense previously mentioned, our SG&A as a percentage of revenues was unfavorably impacted by approximately 50 basis points within the third quarter of 2020.
Reported operating income for the quarter of $135.9 million represents a $20.1 million increase or 17.4% as compared to operating income of $115.7 million in 2019's third quarter.
This represents an all-time quarterly operating income record for EMCOR, which is quite remarkable performance when you consider the economic backdrop.
Our third quarter operating margin is 6.2%, and which favorably compares to the 5.1% of operating margin reported in last year's third quarter.
We experienced operating margin expansion within each of our reportable segments other than our U.S. Industrial Services segment, which is reporting an operating loss for the quarter and our U.K. Building Services segment, which was essentially flat period-over-period.
Specific quarterly performance by reporting segment is as follows: Our U.S. Electrical Construction segment operating income of $47.1 million increased $13.4 million from the comparable 2019 period.
Reported operating margin of 9.2% represents a 310 basis point improvement over last year's third quarter.
This improvement in both operating income dollars and operating margin is largely attributable to increased gross profit contribution from commercial market sector activities, inclusive of inclusive of numerous telecommunication construction projects.
In addition, operating income and operating margin of this segment benefited from favorable project closeouts within the transportation and institutional market sectors, which positively impacted quarterly operating margin in the current year by 70 basis points.
Third quarter operating income of our U.S. Mechanical Construction Services segment of $80 million represents an $18.8 million increase from last year's quarter, while operating margin in the quarter of 9% and represents a 200 basis point improvement over 2019.
Despite the impact of the COVID-19 pandemic, this segment has experienced increased gross profit from projects within the majority of the market sectors in which it operates.
In addition, a more favorable mix of work with within both the manufacturing and the commercial market sectors drove the improvement in quarterly operating margin.
Our combined U.S. construction business is reporting a 9.1% operating margin and $127.1 million of operating income, which has increased from 2019's third quarter by $32.3 million or 34%.
For the third quarter of 2020, operating income and operating margin for our U.S. Building Services segment was $38.2 million and 6.9%, respectfully.
The performance of this segment represents an all-time quarterly record in terms of both operating income and operating margin.
Operating income increased by $3.2 million over last year's third quarter, and operating margin improved by 30 basis points.
These increases were primarily due to increased gross profit and gross profit margin from this segment's commercial site-based services division.
In addition, this segment's results for the current quarter benefited from lower selling, general and administrative expenses due to cost-cutting measures enacted in response to the COVID-19 pandemic.
Our U.S. industrial services operating loss of $9.8 million represents a decrease of $15.4 million compared to operating income of $5.6 million in last year's third quarter.
These conditions have resulted in reduced capital spending and the implementation of various cost-cutting measures by certain of our customers, which has resulted in a decrease in demand for the services provided by this segment.
Compounding this reduced demand, and as I referenced during my revenue commentary, the Gulf Coast region has been impacted by numerous named storms during 2020's hurricane season, which resulted in the suspension of planned maintenance activities as our customers focused on storm preparation and recovery efforts.
U.K. Building Services operating income of $5.3 million represents an approximately $600,000 increase over 2019's third quarter due to an increase in gross profit within the segment.
Operating margin of 4.8% is slightly reduced from 2019's third quarter operating margin of 4.9%.
We are now on slide nine.
And additional financial items of significance for the quarter not addressed on my previous slides are as follows: quarter three gross profit of $363.2 million or 16.5% of revenues is improved over last year's quarter by $27.2 million and 180 basis points of gross margin.
We experienced quarter-over-quarter improvement in gross profit dollars in all reportable segments other than our Industrial Services segment due to the unfavorable market conditions previously outlined.
Diluted earnings per common share of $1.11 and compares to $1.45 per diluted share in last year's third quarter.
Adjusting our record quarterly performance for the negative impact on our income tax rate resulting from the nondeductible portion of the noncash impairment charges recorded during the second quarter of this year, non-GAAP diluted earnings per share for the quarter ended September 30, 2020, and is $1.76, which favorably compares to last year's quarter by $0.31 or 21.4%.
My last comment on this slide is a continuation of my income tax rate commentary which, as you can see on the bottom of slide nine, is 54.7% for the quarter due to the nondeductibility of the majority of quarter two's noncash impairment charges.
With one quarter of 2020 remaining, I anticipate that our full year tax rate will be between 53% and 54%, which is a downward revision from the previous range provided on our quarter two call.
With my quarter commentary complete, let's now turn our attention to EMCOR's year-to-date results through September 30.
Revenues of $6.52 billion, representing a decrease of $255.1 million or 3.8% and when compared to revenues of $6.77 billion in the corresponding prior year period.
Our year-to-date results include $214.1 million of revenues attributable to businesses acquired, pertaining to the period of time that such businesses were not owned by EMCOR in the 2019 year-to-date period.
Excluding the impact of businesses acquired, year-to-date revenues decreased organically 6.9%, primarily as a result of the significant revenue contraction experienced during quarter 2, given the containment and mitigation measures mandated by certain of our customers as well as numerous governmental authorities in response to COVID-19.
Year-to-date gross profit of $1 billion is higher than the 2019 nine month period by $20.4 million or 2.1%.
Year-to-date gross margin is 15.5% and which favorably compares to 2019's year-to-date gross margin of 14.6%.
The year-over-year gross margin improvement was largely driven by our combined U.S. Construction business.
Selling, general and administrative expenses of $659 million represent 10.1% of revenues as compared to $652.5 million or 9.6% of revenues in the prior year period.
Year-to-date 2020 includes $25.2 million of incremental SG&A, inclusive of intangible asset amortization pertaining to businesses acquired.
Excluding such incremental cost, our SG&A has decreased on an organic basis, by approximately $18.7 million year-over-year.
Reported operating income for the first nine months of 2020 is $119.2 million, adjusting this amount to exclude the noncash impairment loss on goodwill, identifiable intangible assets and other long-lived assets recorded in the second quarter, results in non-GAAP operating income of $352 million for 2020's nine month period as compared to $338 million for the corresponding 2019 year-to-date period.
This adjusted non-GAAP operating income represents a $13.9 million or 4.1% improvement year-over-year.
Diluted earnings per common share for the nine months ended September 30, 2020, is $0.96 when adjusting this amount for the impact of the noncash impairment charges previously mentioned, non-GAAP diluted earnings per share was $4.54, and as compared to $4.22 in last year's nine month period.
This represents a $0.32 or 7.6% improvement period-over-period.
We are now on slide 11.
EMCOR's liquidity profile continues to improve as we just completed another quarter of strong cash flow generation, bringing our year-to-date operating cash flow to $546.8 million.
Our operating cash flow has benefited from the effective management of working capital by our subsidiary leadership teams, coupled with the impact of certain government measures enacted in response to the COVID-19 pandemic.
Which allow for the deferral of the employer's portion of social security tax payments and the remission of value-added tax for our U.K. subsidiary.
On a year-to-date basis, these measures have favorably impacted operating cash flow by approximately $81 million.
With this strong operating cash flow, cash on hand has increased to $679.3 million, from the approximately $359 million on our year-end 2019 balance sheet and is the primary driver of the increase in our September 30 working capital balance.
Other changes in key balance sheet positions of note are as follows: Goodwill has decreased since December 31, 2019, as a result of the noncash impairment charge recognized during the second quarter of 2020, partially offset by an increase in goodwill resulting from the businesses acquired during the 2020 year-to-date period.
Largely as a result of $44.8 million of amortization expense recorded during the first nine months of this year.
Our identifiable and tangible asset balance has decreased since December 31, 2019.
Similar to our goodwill balance, decrease was partially offset by incremental intangible assets recognized as a result of the acquisition of two businesses during the first nine months of this year.
Total debt has decreased by approximately $30 million since the end of 2019, reflecting our net financing activity during the year.
Although not included on this slide due to the periods presented, EMCOR has paid down approximately $273 million of borrowings under its credit facility, inclusive of borrowings executed during 2020.
And EMCOR's debt to capitalization ratio has decreased to 12.3% as of September 30.
Lastly, our stockholders' equity has decreased since December 2019 and as our share repurchase activity and dividend payments for the nine month period of 2020 have exceeded our net income due to the impairment loss recognized in the second quarter.
Due to our strong cash flow performance, in concert with our available credit, EMCOR remains in a very strong position to take advantage of any market opportunities that may be present in future periods.
Well, Mark, and that's what happens when we're in the third quarter, right?
Total RPOs at the end of the third quarter were a little over $4.5 billion, up $495 million or 12.3% when compared to the September 2019 level of $4 billion.
RPOs, likewise, increased the same amount, $494 million for the first nine months of 2020.
With all this growth being organic, except for approximately $86 million relating to two acquisitions in the current 12-month period.
Taken together, our Mechanical and Electrical Construction segment, RPOs have increased $409 million or 12.4% since the year ago period.
Sevenths growth is organic, with the balance being RPOs that came with our November '19 acquisition of BKI, a full-service mechanical contractor headquartered in the Atlanta area.
I should note here that thus far in 2020, BKI has more than doubled its RPOs total in the first nine months of this year as they continue to win work, including projects in the data center, manufacturing and healthcare markets.
The integration of BKI has gone very well due to the exceptional team they have.
They really are a terrific team, and we're thrilled to have them on our team.
Building Services segment RPOs increased in the quarter as this segment's small project, repair service work also continues to regain its footing.
Remember, the small project work in this segment was the first to fill the effect of the pandemic as building operations simply shut down.
We are getting in there now as facilities open up and more and more building owners and tenants are looking for ways to increase their indoor air quality in their facilities.
And I'll go a little deeper into IAQ on the next slide.
Project bookings are nearly flat on a year-to-date basis, which is a pretty good recovery, considering the deep drop in bookings we had in April and May.
On the right side of this page, we show RPOs by market sector.
Similar to a quarter ago, all eight market sectors listed at year-over-year RPO increases, except for Manufacturing/Industrial, where we have just completed some major projects and are looking at reloading for additional.
And we feel pretty good about that as we are in the midst of developing some some good prospects in the manufacturing sector as supply chains change, and we also are very strong in high-tech manufacturing.
Many of these projects come in pieces versus all once into our backlog.
Commercial project RPOs comprised our largest market sector at over 42% of total.
This is almost a 20% increase from the year-end, and it's really spurred by two things: really high-tech and data center projects it bears repeating.
our industry has -- has adopted the safety and work protocols to keep projects progressing with a larger goal of keeping workers safe.
Our protocols are working.
The industry keeps working and bidding opportunities continue in pretty much all sectors and geographic markets.
So I'm going to take the next two pages and cover on pages 13 and 14.
And what I'm going to discuss is some markets and opportunities where as we move forward, we believe, have some resiliency for us to operate in.
And I'm now going to turn to page 13, and it says future affects our markets.
We believe we have multiple pockets of resistance despite wider nonresidential uncertainty.
Let's go first to data centers.
This has only gotten stronger through the pandemic.
It was strong already.
And it demands our electrical, mechanical and fire protection demand across Mid-Atlantic, Pacific Northwest, Midwest and Southeast.
We've done a good job here, and we're one of the leaders, and we've also made some strategic acquisitions, especially in the last 15 months, not only in fire protection assets, but also key electrical contractors like we did in the Midwest and also in the Southeast, which is emblematic of our BKI acquisition.
And of course, we built organic capability here and build off long-term success in data center markets, and we are able to build these hyperscale on time, on budget and with speed.
It's important to note here that there's always changes in the data center market.
Projects get redesigned, they get moved.
They get delayed as they get redesigned, other ones get accelerated.
That was a routine course of business outside of the pandemic and really has little to do with the pandemic, in our case.
On the warehouse side, we continue to build out e-commerce supply chain, and we continue to see very strong demand on not only regular warehouses, we continue to see demand across cold storage.
This is especially true for our fire protection and sprinkler work.
In industrial manufacturing, we believe we are well positioned for electrical mechanical opportunities and millwright opportunities driven by the reshoring of supply chains to the Southeast and relocation from higher cost states and sites.
We do believe also that we'll have additional food processing opportunities.
Anecdotally, we won at least three jobs in the last four months, which would have been headed either to Mexico or overseas that are now being built in the Southeast.
On the healthcare side, we continue to see demand for our work, electrical, mechanical, fire protection and then eventually service.
Hospitals are looking to retrofit.
They're looking to build new facilities.
And they're looking to have more flexibility in their existing facilities and build new facilities.
We have grown backlog here.
We expect to continue to grow back on.
Now, look, this can be episodic.
Things come in and out on the big project side.
But the flip side of that is we're not doing as much service work as we typically have done in hospitals as they deal with the impacts of COO.
Long term, we expect to do more retrofit work.
People do things to be more flexible -- well think about it, we did a lot of work to create negative pressure environment through the pandemic in these hospitals.
We expect to continue to do that.
But -- and if you have a bigger casualty event, accidents, terrorist situations, they want to be able to do positive pressure.
So facilities are going to have to move between the 2.
And that's all about airflow and the kinds of work we do.
And then you're going to have to have enhanced Electrical Systems & Communication wiring in those facilities.
And we're uniquely positioned to help with those.
And we have great relationships with some of the biggest hospital systems in the country, and we helped them through the pandemic.
We helped them build some of their new facilities in the past, and we expect to do both in the future.
And I think you're starting to see the impact of that in our backlog.
On the water and wastewater site side, this, we think, is a good long-term market for us, especially in Florida.
And really there, they're looking for comprehensive construction services.
And in water and wastewater, many times, we serve as a prime contractor, bringing all trades and activities together.
Mechanical Services, we believe, has been a good market for us for a long, long time.
We have a terrific business.
Most of it rests in Building services some of our service operations rest in our Mechanical Construction segment.
And you can see that in our 10-Q.
We see growing demand stepping from maintenance deferrals.
We think there's going to be a lot of retrofit opportunities.
I'm going to cover both that and indoor air quality.
As we switch to page 14.
EMCOR has been a leader for a long time as you look at block one of HVAC capabilities.
HVAC is a big part of our business, and it can be up to one three or more of what we do in any given year.
If you look at it, we do new construction, of course, we can.
We could do big work.
We talked about that on some of those resilient markets on the page before, core, tenants fit out.
We're a great retrofit company.
We know how to do the energy retrofit work, we know how to engineer that energy retrofit work, and we know how to support and help all the ESCOs that are doing that energy retrofit work.
That equipment replacement, energy retrofit lighting upgrade, building control systems.
One of the things maybe we don't brag about enough is the capability that we have in that aftermarket of HVAC.
We're the leader there.
And we are the largest independent controls contractor on top of everything else.
And really what we seek to get to is building wellness, have the most efficient building, but have it be a place that's healthy.
Now as you move to Block two indoor our air quality, let's think about this at a high level.
Really the goal over the last 20 years.
And I've seen this from an OEM.
I've seen it from a service perspective.
I've seen it from a new construction perspective, has been to take in outside out of the building.
Outside air is inefficient, right?
In the summer with humidity, it causes an efficiency problem and the winter costs the same for obvious reasons.
And so we've worked real hard to take outside air out.
That all went by the wayside in the middle of March.
Now we're opening up air dampers that haven't been opened in a long time.
And actually, buildings are going back to 25 CFM per person, and that's cubic feet per minute.
And we had got that down to 15%.
And we had to safe and productive ways to do that, like demand control ventilation.
So what are we doing now on indoor air quality?
Well, a lot of it is, "hey, you've got to give people peace of mind", and you, as an owner, have to do everything possible to increase the wellness and indoor air quality of your building.
So how do you do that?
You do that through enhanced filtration.
We take things from a Merck 10 or 12 up to a 14 or 15.
You do that for UV Lamp Technology that gets better and better.
And this stuff actually works.
It reduces surface contamination.
And it increases airborne in activation, right?
So things pass-through the coil, pass across the air handler media.
And as a result, you make a cleaner.
Needle 0.5 polar ionization, we're one of the leaders in the implementation of that technology.
And as I talked about earlier, we spent a lot of time training on this all the way down through our technicians during the lockdown and the pandemic, and we were ready to go.
There's a recent case study here.
This is someone that has 240 buildings.
Mainly small packaged equipment.
So here, you have to attack it by getting into the mixing box.
And how do you do that?
You do that through UV because what you're trying to do, is get the surface contamination gone through UV lights.
We'll do this across 240.
We'll do this in 90 sites.
The goal is to demonstrate to the employees and actually have it happen as the indoor air quality gets better.
This was a large multi-state corporation with lots of sites.
And I've given a number that we thought it would be like a good medium-sized project.
This is actually much better than we thought it was going to be.
It's hard to quantify exactly what it will be, but it's something we can get in front of our customers with and help them drive productivity in their buildings by giving them a better workspace.
Now one of the things you have to think about is indoor air quality and efficiency work across purposes with each other.
I personally believe we've already had a good retrofit market.
That retro market is going to gain strength as we move through 2021 on the HVAC side.
And again, EMCOR, being the largest independent air conditioning contractor with a great retrofit capability, we'll clearly be in a position to help our customers balance into our quality against efficiency.
With that, I'm going to turn to the last two pages, 15 and 16, and I'm going to close out here.
Clearly, we have done much better than we expected when we withdrew guidance in April.
And then when we reinstated guidance with our second quarter earnings announcement, both of which we believe were the right thing to do.
Today, we are raising our guidance for earnings per share from continuing operations.
We will move to $5.90 to $6.10 non-GAAP adjusted earnings per share and revenues of around $8.7 billion.
In providing this revised guidance, we have assumed the following operating environment: First, we remain an essential service in most cases.
Second, we continue to execute productively in this environment.
Third, there are no significant shutdowns like we saw in March and April.
And for us, that means our sites, our projects are crafts.
Four, we expect to have continued strong performance from our Electrical and Mechanical Construction segments, Building Services and the U.K.
We still see pretty good opportunities that we are estimating and bidding and to date, we have seen no significant project deferrals outside of oil and gas, as Mark described it.
Now on the note, nonresidential market may move downward in the fourth quarter or continue to sort of be mixed.
We do expect that decline to be in the mid-single digits as we move into 2021.
This is still a big market.
And if you refer back to page 13, we have a lot of operating space in what we believe are resilient markets.
For industrial services, which is downstream, refining and petrochemical, for the most part, we do expect sequential improvement as we go from Q3 to Q4, but nothing significant for the balance of the year.
And as of today, we do expect the first quarter of 2021 to be better than the fourth quarter of 2020.
We have some visibility, not as much as we would typically have at this time.
However, we do not expect any significant contribution from this segment for the balance of the year.
Where we end up in this range now is largely a factor of job timing, completion and service demand.
As far as capital allocation, we will continue to return cash to shareholders for dividends and then we do expect to return to some level of share repurchase activity in the next few quarters.
We expect to continue to be a balanced capital allocator.
What I'm really excited about is we are rebuilding our pipeline of potential acquisitions and expect to start executing that pipeline in early 2021.
We expect those acquisitions to be similar to the acquisitions that we executed from 2018 to 2020, which really was a terrific period for us to grow our company through acquisition.
We certainly have the balance sheet to support such growth in our company.
And we, again, expect to remain balanced capital allocators.

user
compname reports q3 earnings per share $1.11.
q3 earnings per share $1.11.
q3 revenue $2.2 billion versus refinitiv ibes estimate of $2.11 billion.
sees fy 2020 non-gaap earnings per share $5.90 to $6.10.
q3 non-gaap earnings per share $1.76.
sees fy 2020 revenue about $8.7 billion.
raising full-year 2020 guidance.

assistant