IES Plans $650M DBM Global Acquisition Amid Data Center Boom

EMCOR Group reported record second-quarter 2026 results, with revenues climbing 19.8% year over year to $5.15 billion and operating income surging 31.8% to $547.3 million. Operating margin expanded 100 basis points to 10.6%, while earnings per share soared 34.8% to $9.06. Remaining Performance Obligations reached a record $17.14 billion, up 43.9% year over year and 29% from December 2025, with Network & Communications, Water & Wastewater, and Institutional and Healthcare among the biggest contributors. The company is also widening its reach through M&A, as five recently announced electrical acquisitions bring roughly $625 million in trailing-12-month revenues, $105 million in EBITDA and about 1,500 employees. EMCOR said labor shortages, tariffs, supply-chain volatility and project-mix shifts remain risks, but its diversified demand base and acquisition strategy could make its broad market footprint a meaningful competitive advantage.

Eaton announced a major portfolio reshaping that includes acquiring Boyd Thermal and separating its Mobility business, which is planned to be carved out and merged with Dana Incorporated to create a new combined vehicle systems entity. Eaton shareholders are expected to retain a controlling ownership stake in the merged Mobility and Dana business after completion. The Boyd Thermal deal and the Mobility merger with Dana shift Eaton toward electrical and aerospace while reshaping its remaining portfolio. Management still has to integrate Boyd, ramp capacity such as the Schrems expansion and run the complex Mobility merger with Dana without tripping margins, while competitors like Schneider Electric and ABB push hard into data center power and thermal content.