Houston-based PVF, MRO and industrial supplies distributor DNOW announced that its board of directors approved the company’s repurchase program wherein the company may buy up to $160 million of its common stock, effective immediately.
DNOW completed its previous repurchase program of $80 million announced in 2022.
The company noted that it may at times enter Rule 10b5-1 trading plans to facilitate the repurchase of its common stock according to its program. DNOW said it is not able to predict when or if it will repurchase any shares of common stock as the repurchase program will depend on factors such as, share cost, general business and market conditions.
“The continued execution of our strategy and accompanying growth initiatives supports our confidence in DNOW’s continue cash flow generation capabilities and improved earnings profile,” DNOW President and CEO David Cherechinsky said in a Jan. 24 news release. “This substantial increase in the share repurchase program further demonstrates the strength in our business, complements our acquisition focus and illustrates our continue commitment to a disciplined capital allocation strategy, delivering attractive full cycle returns and maximizing value to our shareholders.”
In the Store: MDM’s U.S. MRO Market Trends Report
DNOW was No. 4 on MDM’s Top Distributors List for Industrial PVF, No. 19 for Industrial Supplies and No. 21 for MRO.
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