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Builders FirstSource Increases Stock Repurchase Plan to $1 Billion
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0 KommentareBuilders FirstSource, Inc. (NYSE: BLDR) announced that on February 21, 2024, its Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding shares of common stock, inclusive of the approximately $200 million remaining outstanding in the prior share repurchase plan authorized in April 2023.
“The Board’s increased share repurchase authorization reflects our strong conviction in the Company’s strategy, operating model, and ability to generate robust free cash flow,” said Paul S. Levy, Chairman of Builders FirstSource. “The Company’s industry-leading position in value-added solutions, digital innovation, and operating excellence will drive continued outperformance and compound value for our shareholders. Today’s announcement supports Builders FirstSource’s proven ability to effectively deploy capital and deliver high returns.”
Key Highlights
- In 2023, the Company repurchased 17.8 million shares of its common stock at an average price of $100.49 per share for $1.8 billion, inclusive of fees and taxes. The Company reduced its total shares outstanding by 12.2% in 2023.
- Since the inception of its buyback program in August 2021 through December 31, 2023, the Company has repurchased 87.1 million shares of its common stock, or 42.2% of its total shares outstanding, at an average price of $70.27 per share for a total cost of $6.1 billion.
- As of December 31, 2023, shares outstanding were 121.9 million.
Lesen Sie auch
The timing and amount of any share repurchases under the share repurchase program will be determined by Builders FirstSource at its discretion based on ongoing assessments of the capital needs of the business, the market price of Builders FirstSource’s common stock, and general market conditions. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods. The program does not obligate Builders FirstSource to acquire any particular amount of its common stock, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion.
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