EMCOR Group, Inc. Announces Increase in Share Repurchase Program of $500 Million
EMCOR Group, Inc. (NYSE:EME), announced today that its Board of Directors has authorized an additional $500 million for the purchase of shares of its outstanding common stock under its existing share repurchase program.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, "Our long-term confidence in our business, strong free cash flow, solid financial position, and commitment to our shareholders is reflected by this increase to our share repurchase program. We remain excited about the opportunities within our resilient and growing end sectors and remain committed to a balanced capital allocation strategy, which includes pursuing organic investments, strategic acquisitions, returning cash to shareholders, and creating long-term value for our shareholders."
Repurchases under the authorization will be funded by the Company's operations. Shares will be repurchased from time to time on 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 share repurchase program has no expiration date and 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.
About EMCOR
EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company's website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the "Investor Relations" section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
Forward Looking Statements:
This release contains forward-looking statements. Such statements speak only as of June 7, 2024, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance; our ability to pursue organic and strategic investments and acquisitions; and our ability to return capital to shareholders and create long-term value for shareholders. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments; changes in the specific markets for EMCOR's services; adverse business conditions, including labor market tightness and/or disruption, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; the availability of adequate levels of surety bonding; increased competition; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR's business are also discussed in Part I, Item 1A "Risk Factors," of the Company's 2023 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240607627314/en/