EMCOR Group, Inc. (NYSE: EME) today announced that its Board of Directors has approved a 20% increase in the Company’s regular quarterly cash dividend to $0.06 per common share, up from $0.05 per common share. The new indicated annual dividend is $0.24 per common share, up from $0.20 per common share. The Board of Directors has also declared a special cash dividend of $0.25 per common share. Both the $0.06 per common share regular quarterly dividend and the $0.25 per common share special dividend will be paid on December 28, 2012 to stockholders of record as of December 18, 2012.
The $0.06 per common share regular quarterly dividend accelerates and replaces the regular quarterly dividend that would have been paid in January 2013. The regular quarterly dividend and the special dividend will be paid together, resulting in an aggregate payment of $0.31 per common share.
The Company noted that the acceleration of the January dividend payable date to December 2012 is applicable to this year only. The next regular quarterly dividend of $0.06 per common share is expected to be declared and paid in April 2013.
Tony Guzzi, President and Chief Executive Officer of EMCOR Group, commented, “We are pleased to take these steps to further enhance shareholder value, which are supported by our strong balance sheet and cash flows. We remain well positioned financially to continue to implement our growth plans, pursue acquisitions, and execute on all aspects of our strategy.”EMCOR Group, Inc. is a Fortune 500® 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 2011 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.
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