BMC launches stock repurchase program
The pro dealer plans to repurchase $75 million in outstanding shares.
BMC Stock Holdings, Inc. announced that its board of directors has authorized a new $75 million stock repurchase program for the pro dealer’s common shares outstanding.
“The authorization of a stock repurchase plan demonstrates our confidence in the continued strength and long-term growth prospects of our business and underscores our commitment to a balanced capital allocation strategy,” said Dave Flitman , president and CEO of BMC.
“We believe our strong balance sheet and cash flow provide us the flexibility to opportunistically return capital to our shareholders while continuing to invest in organic and inorganic growth opportunities, including product and service innovation, manufacturing automation and acquisitions to drive shareholder value,” he added.
Under the board’s authorization, repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, or a combination of these and other methods. The repurchase program will expire on Nov. 20, 2019 or may be suspended or discontinued at any time, the company said.
Based in Raleigh, N.C., BMC Stock had sales of $3.4 billion in 2017 and operates in 45 metro areas in 19 states. At the start of November, BMC Stock reported third quarter 2018 net sales increased 12.4% to $990.3 million.
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