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: Our performance under these conditions is outstanding.
Our organization showed the grit, resiliency, discipline and innovation that we are known far.
And we stayed focused on keeping our employees safe, while executing for our customers.
Turning to our financial results.
Throughout our discussion, all my financial commentary disregards the impact of the impairment charge that Mark will cover in detail.
We earned an adjusted $1.44 per diluted share for the second quarter.
Adjusted operating income margins for the second quarter were a strong 5.47% [Phonetic].
Operating cash flow is excellent at $276 million on a year-to-date basis.
We accomplished this in an environment where we had 15.5% negative organic revenue growth for the quarter just ended.
Our Mechanical Construction segment performance was exceptional with operating income growth of 24% and 8.5% operating income margins.
Our Electrical Construction segment had strong operating income margins of 7.2%, despite having a 20.17% [Phonetic] decrease in revenues as they were more significantly impacted by the mandated shutdowns than our Mechanical Construction segment was, and further the Electrical Construction segment is more exposed to the volatility caused by our oil and gas exposure in this segment.
Our US Building Services segment had a very strong quarter with 5.6% operating income margins, despite a 9.8% revenue decrease.
We saw demand improved through the quarter, especially in our mechanical services and government services businesses.
We exited the quarter in a nice hot steamy summer with an even more competitive cost structure.
Our Industrial Services segment is also moving ahead in a very challenged market.
Our customers are cutting costs, deferring work and fighting through a really tough market for them and as a result, for us.
We will continue to maximize any opportunity available, cut costs and look to provide flexible solutions when possible.
I don't anticipate this trend to improve until at least the first quarter of 2021 at the earliest.
We are fortunate to be a segment leader and have long-standing relationships with the most important customers in the downstream refining and petrochemical markets.
Our UK segment had a strong quarter and we expect this execution and performance to continue.
They faced many of the same challenges that our US Building Services segment faced.
However, our UK customer base is more institutional, manufacturing and government-focused, and as a result, we have field [Phonetic] employment throughout the UK shutdown as we were deemed essential in many cases.
So how did we continue performing in this environment and how will we continue to perform.
My comments cut across all EMCOR reporting segments.
We outlined some of these actions on our first quarter call in April and we executed well.
So number one, we focused on employee safety first and as a result, we were able to staff drop safely and with the right people.
Said differently, our people had confidence that we would do the right thing.
We limited guidelines to keep operating, and when necessary to reopen.
We aggressively procured PPE, that's the personal protective equipment upfront.
There are employees needed to keep working and we execute the training necessary to work safely in this environment.
We communicated at all levels with a focus on safety, execution and results.
Our flat organizational structure helped our communications remain effective and unhampered despite COVID-related challenges.
Number two, we thoroughly, quickly implement all the different government mandates and programs with respect to COVID.
Our staff did a superb job in distilling these mandates and programs into specific actions for our subsidiary operations to continue operating productively and safely and in compliance with these varied government mandates.
Number three, we aggressively cut SG&A through both the short and long-term measures.
We cut executive pay 25% in the quarter, cut other salary employees pay in the quarter, furloughed staff, permanently laid off salary staff, cut almost all travel and entertainment expenses, and reduced any additional discretionary expenses.
We reduced $21 million in the quarter versus the year-ago period, and when removing incremental SG&A for businesses acquired, we cut $28 million on an organic basis.
I expect about half of those cuts to be permanent.
We acted fast and decisively and it shows in our results.
Further, we aggressively right-sized our craft labor workforce to match demand through layoffs and furloughs.
Number four, we knew we had to comp out what would be reduced productivity because of increased use of PPE and the implementation of other COVID-related safety measures.
We have successfully combated this challenge and met this challenge by working with our customers and our workforce to offer better scheduling, planning and work practices.
We believe for the most part that we are near breakeven on a productivity basis to where we would have been pre-COVID.
Number five, we trained our field and sales force on IAQ, that is, indoor air quality and other building enhancement products and projects during the initial phases of COVID, so we would be ready to provide solutions for our customers to be able to return to their facilities with confidence and in an improved indoor environment.
Number six, our subsidiary leaders led us well as any organization that I could imagine.
I'll say that again.
Our subsidiary leaders led us well as any organization that I could imagine and they executed all the above initiatives I just mentioned in an exceptional manner.
With all that said, we leave the quarter with a strong RPO position of $4.6 billion [Phonetic], our balance sheet has strengthened through the quarter despite adverse conditions and an even more competitive cost structure than we already had.
With all that said, I will turn the discussion over to Mark.
Over the next several slides, I will supplement Tony's opening commentary on EMCOR's second quarter performance, as well as provide an update on our year-to-date results through June 30.
So let's revisit and expand our review of EMCOR's second quarter performance.
Consolidated revenues of $2 billion, were down $310.2 million or 13.3% over quarter two 2019.
Our second quarter results include $50.2 million of revenues attributable to businesses acquired, pertaining to the time that such businesses were not owned by EMCOR in last year's second quarter.
Acquisition revenues positively impacted both our United States Mechanical Construction and United States Building Services segments.
Excluding the impact of businesses acquired, second quarter consolidated revenues decreased approximately $360.4 million or 15.5%.
All of EMCOR's reportable segments experienced quarter-over-quarter revenue declines as a result of the containment and mitigation measures mandated by certain of our customers, as well as numerous governmental authorities in response to COVID-19.
This resulted in facilities closures and project delays, which impacted our ability to execute on our remaining performance obligations in many of the geographies that we serve.
The specifics to each of our reportable segments are as follows.
United States Electrical Construction segment revenues of $445.9 million, decreased $123.5 million or 21.7% from 2019 second quarter.
In addition to the negative impact of the COVID-19 pandemic on second quarter revenues, the unfavorable variance year-over-year was partially attributable to 2019's all-time record quarterly revenue performance.
Revenue declines in most of the market sectors we serve were partially offset by quarter-over-quarter revenue growth in the institutional and hospitality market sectors.
United States Mechanical Construction segment revenues of $790.4 million, decreased $32.7 million or 4% from quarter two 2019.
Excluding acquisition revenues of $47.9 million, this segment's revenues decreased organically 9.8% quarter-over-quarter.
Revenue declines in manufacturing and commercial market sector activities were muted by revenue gains quarter-over-quarter within the institutional transportation and healthcare market sectors.
The prior-year quarter also represented an all-time quarterly revenue record for our US Mechanical Construction segment.
Second quarter revenues from EMCOR's combined United States Construction business of $1.24 billion, decreased $156.2 million or 11.2%.
Some of this growth in RPOs has come at the expense of revenue generation during the second quarter due to COVID-19.
However, we were also successful in obtaining new project opportunities during this period.
United States Building Services quarterly revenues of $472.4 million, decreased $51.3 million or 9.8%.
Excluding acquisition revenues of $2.3 million, this segment's revenues decreased 10.2% from the record results achieved in the second quarter of 2019.
Reduced project and controls activities within their mobile mechanical services division largely attributable to the impact of COVID-19 as well as large project activity in their Energy Services division were the primary drivers of the quarterly revenue decline.
Additionally, as mentioned on previous calls, we are continuing to see a reduction in IDIQ project activity within our government services division due to both a smaller contract base as well as an overall reduction in government spending.
EMCOR's Industrial Services segment was significantly impacted by the sharp decrease and volatility in crude oil prices resulting from geopolitical tensions between OPEC and Russia, as well as the dramatic reduction in demand for refined oil products due to the containment and mitigation measures implemented in response to COVID-19.
These factors have resulted in a decreased demand for our services, as this segment's customer base has initiated severe cost containment measures, which have resulted in the deferral or cancellation of previously planned maintenance, as well as the suspension of most capital spending programs.
As a result, our Industrial Services segment's second quarter revenues declined $212.2 million from the $295.5 million reported in 2019 second quarter.
This represents a reduction of $83.3 million or 28.2%.
United Kingdom Building Services revenues of $93.1 million, decreased $19.4 million or 17.3% from last year's quarter.
The period-over-period revenue reduction was primarily attributable to a decrease in project activities resulting from COVID-19 containment and mitigation measures instituted by the UK government.
This segment's quarterly revenues were also negatively impacted by $3.4 million of foreign exchange headwinds.
Selling, general and administrative expenses of $205.2 million, represent 10.2% of revenues and reflect a decrease of $21.1 million from quarter two 2019.
SG&A for the second quarter includes approximately $7.2 million of incremental expenses from businesses acquired inclusive of intangible asset amortization, resulting in an organic quarter-over-quarter decrease of approximately $28.3 million.
The decline in organic selling, general and administrative expenses was primarily due to certain cost reductions resulting from our actions taken in response to the COVID-19 pandemic.
This includes a period-over-period decrease in salaries expense due to both reduced head count as well as temporary salary reductions.
Additionally, incentive compensation expenses decreased due to lower projected annual operating results relative to incentive targets when compared to the prior year.
Lastly, we have experienced reductions in both medical claims as well as certain discretionary spending such as travel and entertainment costs quarter-over-quarter.
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.
During the second quarter, we identified certain indicators of impairment within those of our businesses that are highly dependent on the strength of the oil and gas and related industrial markets.
Previously referenced volatility in crude oil prices as well as the containment and mitigation measures implemented in response to the COVID-19 pandemic significantly impacted the demand for our services within these businesses resulting in revised near-term revenue and operating margin expectations.
These negative developments additionally resulted in uncertainty within the US equity markets, which led to an increase in the weighted average cost of capital utilized in our impairment analysis.
The combination of lower forecasted revenue and profitability along with the higher weighted average cost of capital has resulted in the recognition of $232.8 million non-cash impairment charge during the quarter.
$225.5 million of this charge pertains to a write-off of goodwill associated with our Industrial Services reporting unit, while the remaining $7.3 million relate to the diminution in value of certain trade names and fixed assets within our United States Industrial Services and our United States Electrical Construction segments.
As a result of the non-cash impairment charge just referenced, we are reporting an operating loss for the second quarter of 2020 of $122.6 million, which represents a decrease in absolute dollars of $242.6 million when compared to operating income of $120 million reported in the comparable 2019 period.
On an adjusted basis, excluding the impact of the non-cash impairment loss, our second quarter operating income would have been $110.1 million, which represents a period-over-period decrease of $9.8 million or 8.2%.
While adjusted operating income has declined, we have experienced an increase in operating margin on an adjusted basis.
For the second quarter of 2020, our non-GAAP operating margin was 5.5% compared to our reported operating margin of 5.2% in the second quarter of 2019, reflecting strong operating conversion within most of our reportable segments.
Considering the operating environment during the quarter, our entire team did a great job.
Specific quarterly performance by reporting segment is as follows.
Our US Electrical Construction Services segment operating income of $32.2 million, decreased $11.6 million from the comparable 2019 period.
Reported operating margin of 7.2%, represents a 50 basis point decline over last year's second quarter.
The reduction in quarterly operating income and operating margin is due to the significant decrease in revenues as well as the impact of favorable project closeouts within 2019 second quarter.
Second quarter operating income of our US Mechanical Construction Services segment of $66.9 million, represents a $13 million increase from last year's quarter.
Despite the disruption caused by the COVID-19 pandemic, this segment experienced an increase in gross profit within the commercial, institutional and healthcare market sectors.
Operating margin of 8.5%, improved 190 basis points over the 6.6% operating margin generated in 2019, primarily due to a more favorable revenue mix than in the year-ago quarter.
Our total US Construction business is reporting $99.1 million of operating income and an 8% operating margin.
This performance has improved by $1.4 million and 100 basis points of operating margin from 2019 second quarter.
In addition, it represents a sequential improvement from 2020 first quarter in both absolute dollars and margin performance.
Operating income for US Building Services is $26.4 million or 5.6% of revenues.
And although reduced by $1.6 million from last year's second quarter, represents a 30 basis point improvement in operating margin.
The quarter-over-quarter reduction in operating income was due to lower gross profit contributions from their mobile mechanical services and energy services division as a result of reductions in revenues as previously mentioned.
The improvement in operating margin is due to a better mix of service maintenance and repair activities within this segment's mobile mechanical services division.
Our US Industrial Services segment operating income of $3 million, represents a decrease of $13.1 million from last year's second quarter operating income of $16 million.
Operating margin of this segment for the three months ended June 30, 2020 was 1.4% compared to 5.4% for the three months ended June 30, 2019.
The decrease in operating income and operating margin was primarily driven by the reduction in quarter-over-quarter revenues, which resulted from the adverse market conditions mentioned during today's call, as well as significant pricing pressure due to limited shop services opportunities.
UK Building Services operating income of $5.4 million was essentially flat with 2019 second quarter, as foreign exchange headwinds accounted for the modest period-over-period decline.
Operating margin of 5.7%, represents an 80 basis point increase over last year as a result of improved maintenance contract performance as well as the implementation of cost containment measures which resulted in SG&A expense reductions.
We are now on Slide 9.
Additional financial items of significance for the quarter not addressed on the previous slides are as follows.
Quarter two gross profit of $315.3 million is reduced from 2019 second quarter by $31.1 million or 9%.
Despite this reduction in gross profit dollars, we did experience an improvement in gross profit as a percentage of revenues with the reported gross margin of 15.7%, which is 80 basis points higher than last year's quarter.
We are reporting a loss per diluted share of $1.52 as compared to earnings per diluted share in last year's second quarter of $1.49.
On an adjusted basis, after adding back the impairment loss on goodwill, identifiable intangible assets, and other long-lived assets, non-GAAP diluted earnings per share is $1.44 as compared to the same reported at $1.49 in last year's quarter.
This represents a modest reduction of $0.05 or just over 3%.
Not to be repetitive in my commentary, but in light of COVID-19 in the economic backdrop we all experienced during the last several months, EMCOR has done a great job of maximizing returns were given the opportunity to deliver its services.
With the quarter commentary complete, let's turn our attention to EMCOR's first six month results.
Revenues of $4.31 billion, represent a decrease of $169.1 million or 3.8% when compared to revenues of $4.48 billion in the corresponding prior-year period.
Our second quarter revenue declines offset revenue gains posted in quarter one at each of our US Mechanical Construction, US Building Services, US Industrial Services and UK Building Services segments, while our US Electrical Construction Services segment has had two consecutive quarters of revenue contraction.
Year-to-date gross profit of $648.3 million is lower than the 2019 six-month period by $6.8 million or a modest 1%.
Year-to-date gross margin is 15%, which favorably compares to 2019's year-to-date gross margin of 14.6%.
Gross margin improvement was largely driven by our combined US Construction business as well as our UK Building Services segment.
Selling, general and administrative expenses of $432.2 million for the 2020 six-month period, represent 10% of revenues compared to $432.4 million or 9.6% of revenues in 2019.
While SG&A for the year-to-date period has decreased nominally from the prior-year, the substantial cost reduction measures implemented in the second quarter have positioned us at a lower run rate than at this time last year.
We reported a loss per diluted share of $0.14 for the six-month ended June 30, 2020, which compares to diluted earnings per share of $2.77 in the corresponding 2019 period.
Adjusting the results for the current year to exclude the non-cash impairment loss on goodwill, identifiable intangible assets, and other long-lived assets, results in a non-GAAP diluted earnings per share of $2.78.
When comparing this as adjusted number to last year's reported amount of $2.77, we are reporting a $0.01 increase.
I would like to remind everyone on the call that our performance for the first six months of 2019 set records for most financial metrics with earnings per share in particular, exceeding the prior benchmark by almost 30%, not to marginalize the sizable impairment charge taken this year, but the fact that on an adjusted basis, we were able to slightly exceed our previous year record.
Despite the extraordinary market challenges presented, I believe EMCOR has done quite an exceptional job.
My last comment on this slide pertains to EMCOR's income tax rate for 2020.
As noted on the slide, EMCOR's tax rate for the six months ended June 30, 2020 was 59.4%.
Our tax rate for the remainder of 2020 will continue to be impacted by the impairment charges recorded during the second quarter, the majority of which were nondeductible for -- tax purposes.
So with that said, at this time, our full-year estimated tax rate is between 58% and 59%.
However, this can change if any discrete tax events occur during the remainder of the year.
We are now on Slide 11.
I spent some time during our quarter one earnings call detailing EMCOR's liquidity profile.
As a reminder, the first quarter is historically our weakest from a cash generation standpoint, due to the funding of prior-year earned incentive awards.
In addition, 2020's first quarter was negatively impacted by our inability to monetize certain of our first quarter revenue activities due to delays in customer billings resulting from our previously communicated ransomware attack.
However, as Tony mentioned, we had record operating cash flow for the first half of the year and as a result, our liquidity profile has improved from our already strong position.
With strong operating cash flow through June, we have paid down the $200 million revolving credit borrowings outstanding as of March 31, 2020 and our cash on hand has increased to $481.4 million from the approximately $359 million on our year-end 2019 balance sheet.
The improvement in operating cash flow was due to excellent working capital management by our subsidiary leadership teams as well as the benefit of the deferral of certain tax payments due to government measures enacted in response to the COVID-19 pandemic.
These measures which included the deferral of estimated US federal income tax payments, the employer's portion of Social Security tax payments.
Please note that while we will continue to benefit from some of these deferrals throughout the remainder of 2020, our estimated US federal tax payments were funded subsequent to the quarter on July 15.
Changes in additional key balance sheet positions are as follows.
Working capital levels have increased primarily due to the increase in cash just referenced.
Goodwill and identifiable intangible assets have decreased since December 31, 2019, largely as a result of the impairment charges previously referenced, in addition intangible assets have decreased as a result of $29.4 million of amortization during the year-to-date period.
Stockholders' equity has declined due to the operating loss recognized during the first six months of 2020.
EMCOR's debt to capitalization ratio of 13.5%, is essentially flat when compared to our position at 2019's year-end and is reduced from 19.9% at March 31, 2020.
We have just over $1.2 billion of availability under our revolving credit line and anticipate that we will continue to generate positive operating cash flow during the last six months of calendar 2020.
EMCOR's balance sheet and resulting liquidity position remains strong and we continue to preserve our flexibility in evaluating all market opportunities.
In short, we continue to win work and have seen our small productivity improve through the second quarter as it hit a low point in April for bookings and execution.
Some comparisons to consider.
Total RPOs at the end of the second quarter were just about $4.6 billion, up $365 million or 8.6% when compared to the June 2019 level of $4.23 billion.
RPO has also increased $167 million from the first quarter of 2020, reflective of the continued demand as we are seeing for market -- continued demand we are seeing for our services in our markets.
So for the first six months of 2020, total RPOs increased $555 million or 13.8% from December 31.
With all this growth, only $11 million relates to a tuck-in acquisition.
So almost all of that growth is organic.
Domestic RPOs have increased $346 million or 8.4% since the year-ago period, driven mainly by our Mechanical Construction segment.
We did burn through some Electrical Construction project as we completed some complex work.
However, we expect to backfill these projects as we continue to see demand, especially in the high-tech and data center market, and high-tech for us means semiconductor and the data center market.
As the economy opens up, combined with the hotter weather, we are getting more access to facilities and seeing a resumption of our work.
Additionally, both of our Industrial Services and EMCOR UK segments increased RPO level by roughly 15% respectively from June 30, 2019.
On the right side of the page, we have, on 12, we show RPOs by market sector.
Of the eight market sectors listed, all had year-over-year RPO increases, except for manufacturing and industrial.
This is not to be confused with our Industrial segment.
Currently, we are in the process of completing some major food processing projects.
We continue to see demand for these large complicated projects and have a number of potential opportunities we are looking at.
Commercial project RPOs comprise our largest sector -- market sector to over 40% of the total.
This is a 19% increase from year-end, spurred by our data center projects.
And as we have said before, we are uniquely suited for these fast-paced, especially in the hyperscale projects from both electrical and mechanical perspective.
Other very active markets for us are healthcare, and water and wastewater, with these sectors being up 25% and 49% respectively from year-end 2019.
To-date, we have not seen any material slowdown in bidding opportunities apart from the mandated areas, that was New York, New Jersey, Boston and parts of California, and a little bit in Pennsylvania.
However, these areas are now open.
As I said earlier, the industry has adapted safety -- safe work practices and protocols to keep project progressing and especially to keep workers safe.
Finally, we are positioned very well to help our customers as they adjust our HVAC and building control systems to improve the IAQ and cleanliness of their buildings and other facilities.
It starts with the introduction of more outside air into the space as one of the simplest ways to make a building healthier.
But unfortunately, this makes the building less efficient.
We have strong experience in IAQ systems and our service companies and mechanical contractors know how to implement UV lights, bipolar ionization, enhanced filtering and control system modifications.
Most of this work will never make it into reported RPOs from a quarter-to-quarter basis and it is a quick turn, high margin activity.
Together, it will amount to a nice medium-sized project with good margins.
I do expect these IAQ additions to longer-term spur a more robust HVAC replacement market as we seek to increase efficiency to combat the increase in IAQ, especially the introduction of outside air.
So as I said in our first quarter call, I don't know exactly how all the work, specifically will rollout and how that booking will be, it's a fluid and challenging environment.
There will be bumps along the way.
However, the direction of future opportunities for a contractor like us remain pointed in a positive direction.
So now I'm going to close on Pages 13 to 14.
When we went through guidance in April, we said we had hoped that we can provide a view on the outlook for the remainder of the year during the second quarter earnings call.
We have spent the last few weeks debating internally whether to provide more definitive versus generic guidance for the remainder of the year.
We have decided to provide more specific guidance with some caveats which mostly deal with the external environment.
The main caveat is, we expect operating conditions to remain similar to today's operating conditions where most of the country is open for our type of work and we are deemed an essential [Phonetic] activity.
So we decided to give guidance as to the why and what as outlined below.
Subject to that main caveat, we are likely going to earn $5 to $5.50 diluted earnings per share this year on an adjusted basis adding back the impact of impairment.
I think revenues will likely be $8.6 billion to $8.7 billion.
In this revenue guidance is our expectation from our recent forecast where we believe that all of our reporting segments will grow revenues in the second half of the year versus the first half of the year except for our Industrial Services segment.
We now understand how COVID-19 has impacted our productivity.
We have seen stabilization in small project work and the summer heat is helping our US Building Services segment.
We have a strong RPO position and we see markets recovering, especially in our Mechanical and Electrical Construction segments and in our US and UK Building Services segments.
So how do you move up in this range largely will depend on three factors, the external market remains largely same or even improves from today's operating environment.
Under today's conditions, we can book and execute work, keep our workforce productive and we believe we will continue to see the recovery in the small project work.
IF the Industrial Services segment -- our folks have an opportunity to help customers in an unexpected way, then we will perform slightly better than expected.
And we have no major project disruptions or any new significant customer bankruptcies.
So as far as capital allocation, the dividend is safe for the foreseeable future.
However, we are unlikely to make any more share repurchases in the near term.
We will look to execute sensible tuck-in acquisitions, where we have decent visibility into and belief in the long-term success of the acquisition.
That's really no different than any time we buy a company, and we are based on the business, the market and the improvements we can make.
We have several potential Mechanical or Electrical Construction segment acquisitions and are in the preliminary stage of discussion on -- several mechanical services, a few small ones and fire protection acquisitions that we will likely execute.

user
q2 non-gaap earnings per share $1.44 excluding items.
q2 loss per share $1.52.
sees fy 2020 revenue $8.6 billion to $8.7 billion.
sees fy 2020 non-gaap earnings per share $5.00 to $5.50.
emcor group - during q2, recorded significant impairment charge primarily related to u.s. industrial services segment.

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