© Reuters.
IRVING, Texas – Commercial Metals Company (NYSE: CMC), a leading provider of solutions to the construction industry, has expanded its stock repurchase program by an additional $500 million, it was announced today. This increase brings the program’s total capacity to $850 million. Since the start of the buyback program in October 2021, CMC has repurchased approximately $310 million of its own shares.
The decision to enhance the share repurchase program reflects the company’s commitment to a balanced capital allocation strategy, supported by solid earnings and a strong cash flow profile. Peter R. Matt, President and CEO of CMC, said the company’s strong financial position allows it to pursue growth opportunities and deliver value to shareholders through the return of free cash flow.
CMC expects to execute repurchases opportunistically, on the open market or through privately negotiated transactions, adhering to federal securities laws and Rule 10b5-1 trading plans. The specifics of the repurchase program, including the timing and volume, will depend on market conditions and other considerations as assessed by the company’s management. It is important to note that the program does not obligate CMC to repurchase a specific dollar amount or number of shares and may be modified, suspended or discontinued at the discretion of the Board of Directors at any time.
CMC is known for its manufacturing network in the United States and Central Europe, which meets the reinforcement needs of various building applications, such as infrastructure, non-residential construction, residential, industrial, and power generation and transmission.
The information in this article is based on a press release from Commercial Metals Company.
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