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.