Gibraltar Announces 3-Year $200 Million Share Repurchase Program

Source: www.gulfoilandgas.com 5/4/2022, Location: North America

Gibraltar Industries, Inc., a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, announced that its Board of Directors has authorized a share repurchase program of up to $200 million of common stock. The program has a duration of three years, ending May 2, 2025.

“The volatility in our stock price has at times presented attractive buying opportunities, and therefore we asked our Board to authorize this share repurchase program,” Chairman and CEO Bill Bosway stated. “Given the strength of our balance sheet and our expectation that we will generate increasing cash flow in 2022 and in the coming years, we have sufficient liquidity to both invest in our operations and to offer incremental returns to shareholders.”

Common stock repurchases will be funded with available cash generated from operations opportunistically supplemented by borrowing under the existing credit facility. Gibraltar may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The method, timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The share repurchase program does not obligate the Company to purchase any particular amount of common stock, and the program may be suspended or terminated by Gibraltar at any time at its discretion without prior notice.


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