Comfort Systems USA Increases Stock Repurchase Program
Comfort Systems USA (NYSE: FIX), a leading provider of HVAC and electrical contracting services, has announced an expansion of its stock repurchase program. The company's Board of Directors has approved an amendment to increase the authorized share repurchase by 411,426 shares, bringing the total available for repurchase up to 1,000,000 shares of outstanding common stock.
Previously, the company had repurchased 10,355,551 shares at an aggregate price of $299,559,997 through August 7, 2024. This extension will 'top off' the plan, allowing Comfort Systems USA to repurchase additional shares beyond what has already been purchased. The repurchases will be made at the company's discretion in open market or privately negotiated transactions, subject to market conditions and other factors.
Comfort Systems USA (NYSE: FIX), fornitore leader di servizi HVAC e di contratti elettrici, ha annunciato un'espansione del suo programma di riacquisto di azioni. Il Consiglio di Amministrazione dell'azienda ha approvato un emendamento per incrementare il riacquisto autorizzato di 411.426 azioni, portando il totale disponibile per il riacquisto fino a 1.000.000 azioni di azioni ordinarie in circolazione.
In precedenza, l'azienda aveva riacquistato 10.355.551 azioni per un prezzo aggregato di $299.559.997 fino al 7 agosto 2024. Questa estensione 'completerà' il piano, consentendo a Comfort Systems USA di riacquistare ulteriori azioni oltre a quelle già acquistate. I riacquisti verranno effettuati a discrezione dell'azienda in mercati aperti o tramite transazioni private, a seconda delle condizioni di mercato e di altri fattori.
Comfort Systems USA (NYSE: FIX), un proveedor líder de servicios HVAC y contratos eléctricos, ha anunciado una expansión de su programa de recompra de acciones. La Junta Directiva de la empresa ha aprobado una enmienda para incrementar la recompra autorizada en 411,426 acciones, elevando el total disponible para recompra hasta 1,000,000 acciones de acciones ordinarias en circulación.
Anteriormente, la empresa había recomprado 10,355,551 acciones por un precio total de $299,559,997 hasta el 7 de agosto de 2024. Esta extensión 'completará' el plan, permitiendo a Comfort Systems USA recomprar acciones adicionales más allá de las que ya se han adquirido. Las recompras se realizarán a discreción de la empresa en el mercado abierto o a través de transacciones negociadas privadamente, dependiendo de las condiciones del mercado y otros factores.
컴포트 시스템 USA (NYSE: FIX), HVAC 및 전기 계약 서비스의 선도 공급업체,가 자사 주식 매입 프로그램 확대를 발표했습니다. 회사의 이사회는 주식 재매입 의무를 411,426주 확대하는 수정안을 승인했습니다, 전체 재매입 가능한 주식을 1,000,000주로 늘립니다.
이전에 회사는 8월 7일까지 10,355,551주를 총 $299,559,997의 가격으로 재매입했습니다. 이번 연장은 계획을 '완료'하여 컴포트 시스템 USA가 이미 매입한 것 외에 추가 주식을 재매입할 수 있게 합니다. 재매입은 시장 조건 및 기타 요소에 따라 회사의 재량에 따라 공개 시장 또는 개인 간 거래로 이루어질 것입니다.
Comfort Systems USA (NYSE: FIX), un fournisseur leader de services HVAC et de contrats électriques, a annoncé une extension de son programme de rachat d'actions. Le conseil d'administration de l'entreprise a approuvé une modification pour augmenter le rachat d'actions autorisé de 411,426 actions, portant le total disponible pour rachat à 1,000,000 actions d'actions ordinaires en circulation.
Auparavant, l'entreprise avait racheté 10,355,551 actions pour un prix total de $299,559,997 jusqu'au 7 août 2024. Cette extension viendra 'compléter' le plan, permettant à Comfort Systems USA de racheter des actions supplémentaires au-delà de celles déjà acquises. Les rachats seront effectués à la discrétion de l'entreprise sur le marché libre ou dans le cadre de transactions négociées en privé, en fonction des conditions du marché et d'autres facteurs.
Comfort Systems USA (NYSE: FIX), ein führender Anbieter von HVAC- und Elektroinstallationsdiensten, hat eine Erweiterung seines Aktienrückkaufprogramms angekündigt. Der Vorstand des Unternehmens hat eine Änderung genehmigt, um die genehmigte Rückkaufanzahl um 411.426 Aktien zu erhöhen, wodurch die insgesamt zum Rückkauf verfügbaren Aktien auf 1.000.000 Aktien ausstehender Stammaktien steigt.
Zuvor hatte das Unternehmen 10.355.551 Aktien zu einem Gesamtpreis von $299.559.997 bis zum 7. August 2024 zurückgekauft. Diese Erweiterung wird den Plan 'vollenden', sodass Comfort Systems USA zusätzliche Aktien über die bereits erworbenen hinaus zurückkaufen kann. Die Rückkäufe werden nach Ermessen des Unternehmens auf dem offenen Markt oder durch privat ausgehandelte Transaktionen vorgenommen, abhängig von den Marktbedingungen und anderen Faktoren.
- Increased stock repurchase program by 411,426 shares
- Total of 1,000,000 shares now available for repurchase
- Demonstrates confidence in company's financial position and future prospects
- Potential to increase earnings per share and shareholder value
- Significant cash outlay of $299,559,997 for previous share repurchases
- Potential reduction in cash available for other investments or operations
Insights
Comfort Systems USA's decision to expand its stock repurchase program is a strategic move that could have positive implications for shareholders. By authorizing the repurchase of an additional 411,426 shares, bringing the total to 1,000,000 shares, the company is signaling confidence in its financial position and future prospects.
The repurchase program's extension, or "topping off," suggests that management believes the stock is undervalued. This action can potentially increase earnings per share and boost stock price by reducing the number of outstanding shares. It's worth noting that the company has already repurchased over 10 million shares at an average price of about
However, investors should consider that while share buybacks can be positive, they also reduce cash reserves that could be used for other growth initiatives or dividends. The impact on the company's liquidity and future investment capabilities should be closely monitored.
The stock repurchase program extension by Comfort Systems USA reflects a broader trend in the HVAC and electrical contracting industry. With 177 locations across 136 cities, the company's extensive reach positions it well to capitalize on the growing demand for energy-efficient building solutions and infrastructure upgrades.
The decision to repurchase shares could be interpreted as management's bullish outlook on the company's future performance, possibly driven by anticipated growth in commercial and industrial construction sectors. This move might also be a response to market conditions, aiming to support stock value during periods of volatility.
Investors should consider the potential impact of this program on the company's market perception and shareholder value. While it may signal confidence, it's important to balance this against industry trends, such as labor shortages and material cost fluctuations, which could affect the company's operational efficiency and profitability in the long term.
Through August 7, 2024, the Company repurchased 10,355,551 shares of the Company’s common stock at an aggregate price of
The share repurchases will be made from time to time at the Company’s discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Company expects that the share repurchases will be financed with available cash. The Company’s Board of Directors may modify, suspend, extend, or terminate the program at any time.
Comfort Systems USA® is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, with 177 locations in 136 cities across the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.
Certain statements and information in this press release may constitute forward-looking statements regarding our future business expectations, which are subject to applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the “Company”) concerning future developments and their effect on the Company. While the Company’s management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates, and the Company’s actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of our results or developments in subsequent periods. All comments concerning the Company’s expectations for future revenue and operating results are based on the Company’s forecasts for its existing operations and do not include the potential impact of any future acquisitions. The Company’s forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions that could cause actual future results to differ materially from the Company’s historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the use of incorrect estimates for bidding a fixed-price contract; undertaking contractual commitments that exceed the Company’s labor resources; failing to perform contractual obligations efficiently enough to maintain profitability; national or regional weakness in construction activity and economic conditions; rising inflation and fluctuations in interest rates; shortages of labor and specialty building materials or material increases to the cost thereof; the Company’s business being negatively affected by health crises or outbreaks of disease, such as epidemics or pandemics (and related impacts, such as supply chain disruptions); financial difficulties affecting projects, vendors, customers, or subcontractors; the Company’s backlog failing to translate into actual revenue or profits; failure of third party subcontractors and suppliers to complete work as anticipated; difficulty in obtaining, or increased costs associated with, bonding and insurance; impairment to goodwill; errors in the Company’s cost-to-cost input method of accounting; the result of competition in the Company’s markets; the Company’s decentralized management structure; material failure to comply with varying state and local laws, regulations or requirements; debarment from bidding on or performing government contracts; retention of key management; seasonal fluctuations in the demand for mechanical and electrical systems; the imposition of past and future liability from environmental, safety, and health regulations including the inherent risk associated with self-insurance; adverse litigation results; an increase in our effective tax rate; a material information technology failure or a material cyber security breach; risks associated with acquisitions, such as challenges to our ability to integrate those companies into our internal control environment; our ability to manage growth and geographically-dispersed operations; our ability to obtain financing on acceptable terms; extreme weather conditions (such as storms, droughts, extreme heat or cold, wildfires and floods), including as a result of climate change, and any resulting regulations or restrictions related thereto; and other risks detailed in our reports filed with the Securities and Exchange Commission (the “SEC”).
For additional information regarding known material factors that could cause the Company’s results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether because of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812464870/en/
Julie Shaeff, Chief Accounting Officer
ir@comfortsystemsusa.com; 713-830-9687
Source: Comfort Systems USA, Inc.
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