EMCOR Group Boosts Shareholder Confidence with $500 Million Stock Repurchase Program Increase

‍Norwalk, Connecticut (July 13, 2024): – EMCOR Group, Inc. (NYSE: EME), a leader in mechanical and electrical construction services, announced today a significant increase in its share repurchase program. The company's Board of Directors authorized an additional $500 million to buy back outstanding common stock, demonstrating their long-term confidence in the business.

Strong Financial Position Drives Strategic Capital Allocation

Tony Guzzi, Chairman, President, and CEO of EMCOR, highlighted the company's commitment to shareholders through this move. He stated, "This increase in our share repurchase program reflects our strong free cash flow, solid financial position, and unwavering dedication to creating long-term value for our investors."

Guzzi emphasized the company's balanced capital allocation strategy. EMCOR remains committed to pursuing organic investments and strategic acquisitions while also returning cash to shareholders through this program.

Program Details and Flexibility

The $500 million authorization allows EMCOR to repurchase shares at their discretion.  Purchases can occur on the open market or through privately negotiated transactions. The company will consider market conditions and applicable regulations while executing the program. It's important to note that the program has no expiration date and doesn't guarantee a specific amount of stock repurchased. EMCOR retains the flexibility to suspend, restart, or discontinue the program at any time.