[Form 4] EMCOR Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Q2 FY-25 (three months ended 6/30/25): Sun Country (SNCY) grew operating revenue 4% YoY to $263.6 m and operating income 32% to $16.3 m (6.2% margin). Net income jumped to $6.6 m, or $0.12 diluted EPS, from $1.8 m ($0.03) a year earlier.

Key drivers: Cargo revenue rose 37% to $34.8 m as Amazon aircraft increased to 19 (12 prior year). Passenger revenue slipped 1% on a 6% ASM reduction while total fare per passenger climbed 7% and TRASM 4%. Fuel cost per gallon fell 15%, cutting fuel expense 19%. Salaries & benefits climbed 13% on headcount growth and new labor accords.

Six-month results: Revenue up 4% to $590.3 m; net income up 16% to $43.1 m ($0.78 EPS). Operating cash flow was $36.3 m; capex $21.2 m.

Balance sheet: Cash & restricted cash declined to $53.3 m (Dec-24: $100.5 m); investments $101.3 m. Debt trimmed to $284.5 m from $330.1 m; equity rose to $613.0 m. A new $75 m revolving credit facility is undrawn; covenant requires ≥$55 m liquidity.

Capital & fleet: Total fleet 69 B737s (45 passenger, 19 cargo, 5 leased-out). One aircraft retired. Repurchased 631 k shares for $10 m; new $25 m authorization remains. All eight additional Amazon aircraft expected in service by Q3 25; a new co-branded credit card launches H2 25.

Positive

• Cargo revenue up 37% YoY driven by Amazon fleet expansion to 19 aircraft, boosting diversification and margins.
• Net income rose to $6.6 m vs $1.8 m prior year; diluted EPS $0.12 vs $0.03.
• Fuel cost per gallon down 15%, reducing quarterly fuel expense by $11.7 m.
• Total debt reduced by $45.6 m since year-end, improving leverage.
• Undrawn $75 m revolver secured, enhancing liquidity flexibility.

Negative

• Unrestricted cash fell to $37 m, near the $55 m minimum liquidity covenant when restricted cash excluded.
• Passenger revenue declined 1% with load factor down 1.3 pts as capacity shifted to cargo.
• Salaries, wages & benefits up 13% due to headcount growth and new labor contracts, pressuring unit costs.
• Share repurchase of $10 m further reduced cash during a liquidity-tight quarter.

Insights

Airline Equity Analyst

TL;DR: Earnings beat, cargo-led growth offsets softer passenger; liquidity tight but revolver provides buffer.

Revenue mix continues to tilt toward Amazon CMI flying, lifting margins despite a modest dip in leisure capacity. Fuel tailwinds and disciplined cost control produced a 32% jump in operating profit and a 263% gain in net income. Debt pay-down of $45 m YTD and a 5.7 pt equity increase strengthen leverage metrics. However, unrestricted cash of $37 m sits just above the $55 m covenant once restricted cash is excluded, leaving limited headroom until the credit card partnership and full cargo ramp add cash. Management’s $25 m buyback authorization looks aggressive given current liquidity, but unused revolver capacity provides near-term flexibility.

Aviation Industry Specialist

TL;DR: Fleet strategy shows execution; Amazon expansion enhances counter-cyclical revenue.

The jump to 19 Amazon aircraft (target 20) validates SNCY’s hybrid model, balancing seasonal passenger swings with fixed-rate cargo flying. Cargo volumes and contractual rate escalators drove 37% top-line growth in that segment, while passenger load factor held above 81% despite capacity reallocation. New labor deals and rising wages are manageable given productivity gains and fuel relief. The company’s 69-aircraft NG fleet remains standardized, supporting maintenance efficiency. Credit facility upsize to $75 m adds optionality for further fleet or share repurchases, but cash must be rebuilt.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Altmeyer John W

(Last) (First) (Middle)

1330 SAXTON WAY

(Street)

MECHANICSBURG PA 17055

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EMCOR Group, Inc. [ EME ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/31/2025		A		2(1)	A	$0	36,108(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units ("RSUs") issued in respect of already outstanding RSUs as a consequence of a dividend paid on the Company's common stock on July 31, 2025. The RSUs issued on July 31, 2025 are subject to the same vesting and forfeiture provisions as the RSUs in respect of which they have been issued.

2. Includes shares issuable in respect of RSUs.

	Maxine L. Mauricio, Attorney-in-Fact	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did SNCY’s Q2 2025 earnings compare to the prior year?

Net income climbed to $6.6 million ($0.12 diluted EPS) from $1.8 million ($0.03) in Q2 2024.

What drove the sharp increase in Sun Country’s cargo revenue?

Cargo revenue rose 37% as the airline increased Amazon-operated 737-800s from 12 to 19 aircraft and benefited from contractual rate escalators.

What is Sun Country’s current liquidity position?

As of June 30 2025, cash & restricted cash totaled $53.3 million; the company also has an undrawn $75 million revolving credit facility.

How large is Sun Country’s fleet after the quarter?

The fleet comprises 69 Boeing 737-NG aircraft: 45 passenger, 19 cargo, and 5 leased to third parties.

Did Sun Country repurchase any shares in 2025?

Yes. It bought back 630,914 shares for $10 million in Q1 and has a new $25 million authorization remaining.