NORWALK, Conn.--(BUSINESS WIRE)--EMCOR Group, Inc. (NYSE: EME) today announced that its Board of Directors has approved an increase to the Company’s regular quarterly dividend to $0.13 per share from $0.08 per share. The Board expects to declare this cash dividend starting in the first quarter of 2021 payable on January 29, 2021 to stockholders of record as of January 19, 2021.
Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR, commented, “Our confidence in the financial strength and future prospects of EMCOR in 2021 and beyond is reflected in this decision to increase our dividend to $0.52 per share on an annualized basis. In line with our balanced approach to capital allocation, we expect our strong balance sheet and consistent cash flow generation will allow us to maintain the financial flexibility necessary to return cash to shareholders and continue to pursue strategic investments designed to support the Company’s long-term growth.”
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 certain forward-looking statements. Any such comments speak only as of this date and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding amounts and timing of future dividends, future cash flows and balance sheet strength supporting capital allocation objectives, and plans for long-term growth. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Accordingly, these statements are no guarantee of future performance. Such risks 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 our mix of 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 2019 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 any forward-looking statements.