EMCOR Group, Inc. Initiates Quarterly Dividend And Announces $100 Million Share Repurchase Program
NORWALK, CONNECTICUT, – EMCOR Group, Inc. (NYSE: EME) today announced that its Board of Directors has approved the initiation of a regular quarterly dividend. The initial quarterly dividend of $0.05 per common share will be paid on October 25, 2011 to shareholders of record as of October 11, 2011.
The Company also announced that its Board of Directors has authorized the Company to repurchase up to $100 million of its outstanding common stock. 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. The repurchase program will be funded from the Company’s internal funds.
Tony Guzzi, President and Chief Executive Officer of EMCOR Group, said, “Our sustained levels of profitability and liquidity through a difficult economic environment reflect the robustness and resilience of our business model. With our strong balance sheet and cash flow, we can continue to pursue strategic investments that will support the growth of the Company while returning cash to shareholders through the introduction of a dividend and a share repurchase program. The dividend and share repurchase program reflect our confidence in the future of our business and are a testament to our commitment to generating value for our shareholders.”
EMCOR Group, Inc. is a Fortune 500 R worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services.
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 and that the USM business will not be integrated successfully and that the cost savings from the USM transaction may not be fully realized or may take longer to realize than expected or that disruption from the transaction may make it more difficult to maintain relationships with customers, employees or suppliers. Certain of the risks and factors associated with EMCOR’s business are also discussed in the Company’s 2010 Form 10-K, its Form 10-Q for the second quarter ended June 30, 2011 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
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