EMCOR Group, Inc. Announces Increase in Share Repurchase Program of $500 Million
07 Junho 2024 - 8:30AM
Business Wire
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/
Andrew G. Backman Vice President Investor Relations (203)
849-7938
FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706
EMCOR (NYSE:EME)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
EMCOR (NYSE:EME)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024