NORWALK, Conn. -- (Business Wire)
EMCOR Group, Inc. (NYSE:EME) today announced that its Board of Directors
has authorized a new share repurchase program for the Company to
repurchase up to $250 million of its outstanding common stock.
Tony Guzzi, President and Chief Executive Officer of EMCOR Group, said,
“I am pleased to announce our new share repurchase program, which
reflects our confidence in our financial strength and the prospects for
the company. We continue to maintain significant balance sheet
flexibility, driven by a strong operating cash flow, and believe in a
balanced approach to capital allocation, which includes this new share
repurchase program, our regular quarterly dividend, continued investment
in the business as well as strategic acquisitions. This announcement
underscores our belief in our ongoing strategy and our ability to drive
long-term profitability, while reiterating our commitment to returning
significant capital to our shareholders.”
The Company has nearly exhausted the $100 million authorized under its
share repurchase program announced in December 2013. The new repurchase
program will be funded from the Company’s internal funds. The shares
will be repurchased from time to time in the open market or through
privately negotiated transactions at the Company’s discretion, subject
to market conditions, and in accordance with applicable regulatory
requirements. The repurchase program does not obligate the Company to
acquire any particular amount of common stock and may be suspended,
recommenced or discontinued at any time or from time to time without
prior notice.
EMCOR Group, Inc. is a Fortune 500® worldwide leader in mechanical and
electrical construction services, energy infrastructure and facilities
services. This press release and other press releases may be viewed at
the Company’s Web site at www.emcorgroup.com.
This release may contain certain forward-looking statements within
the meaning of the Private Securities Reform Act of 1995. Any such
comments are based upon information available to EMCOR management and
its perception thereof, as of this date, and EMCOR assumes no obligation
to update any such forward-looking statements. These forward-looking
statements may include statements regarding market opportunities, market
share growth, gross profit, backlog mix, projects with varying profit
margins, and selling, general and administrative expenses. These
forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. Accordingly these statements are no guarantee of future
performance. Such risk and uncertainties include, but are not limited
to, adverse effects of general economic conditions, changes in the
political environment, changes in the specific markets for EMCOR's
services, adverse business conditions, availability of adequate levels
of surety bonding, increased competition, unfavorable labor productivity
and mix of business. Certain of the risks and factors associated with
EMCOR's business are also discussed in the Company's 2013 Form 10-K and
in other reports filed from time to time with the Securities and
Exchange Commission. All these risks and factors should be taken into
account in evaluating any forward-looking statements.
Contacts:
EMCOR Group, Inc.
R. Kevin Matz, 203-849-7938
Executive Vice
President
Shared Services
or
FTI Consulting
Investors:
Nathan
Elwell / Daniel Haykin
212-850-5600
or
Linden Alschuler &
Kaplan, Inc.
Media:
Lisa Linden, 212-575-4545
Mollie
Fullington, 917-346-6123
Source: EMCOR Group, Inc.
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