Increased investment in growth segments encourages acquisition of Quebe
Remaining performance obligations measure total invoices owed to a company for future services. Since 2019, commercial construction contracts grew as a percent of total RPOs, as did industrial and healthcare manufacturing. Transportation construction activity decreased while hospitality remained stagnant, both indicative of COVID-19 (coronavirus) disruptions to economic activity. To support the expanding segments, the company acquired electrically focused construction company Quebe. The major acquisition accounted for 31.3% of capital allocation vs 9.6% in capital expenditures, down from 21.0% in 2020. EMCOR prefers acquisition to support segment growth while increasing stock repurchases to support shareholders.
Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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