DXP Enterprises, Inc. Announces New Share Repurchase Program
2024年8月29日 - 4:30AM
ビジネスワイヤ(英語)
DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that
its Board of Directors authorized a new stock repurchase program
(the “program”) under which up to $85.0 million or 2.5 million
shares of its outstanding common stock may be acquired in the open
market over the next 24 months at the discretion of management.
This is after the successful completion of the previous program,
whereby, the Company completed the repurchase of $85 million or 2.8
million shares, under the 2-year program which began in December of
2022.
The shares under the new program may be purchased from time to
time at prevailing market prices, through open market or privately
negotiated transactions, depending upon market conditions. There is
no guarantee as to the exact number of shares that will be
repurchased, and DXP may discontinue the program at any time
management determines additional purchases are not warranted. As of
June 30, 2024, DXP had approximately 16.7 million diluted weighted
average shares outstanding.
David R. Little, Chairman and Chief Executive Officer commented,
"The last few years have demonstrated the resilience of DXP. With
continued confidence in our business, the Board of Directors, and
the senior management team believe that the Company shares are an
attractive investment opportunity. We have transformed our end
markets and diversified our business. The Board’s approval of
another program reflects confidence in DXP’s future and puts us in
a position to create additional shareholder value. We continue to
believe that the most accretive and beneficial use of cash at times
is the repurchase of our shares. We are confident in our business
and committed to opportunistically allocating capital to maximize
shareholder value. In order to continue doing so, we are announcing
another share repurchase program to maintain flexibility going
forward."
Kent Yee, Chief Financial Officer commented, “Today’s
announcement illustrates our belief in DXP and maintains our
capital allocation options. The continuation of our share
repurchase program reflects the Board’s commitment to our
disciplined capital allocation strategy and the confidence in our
business. Our share repurchase programs demonstrate the confidence
we have in our future, our ability to produce free cash flow
through different cycles, and our ongoing commitment to create
shareholder and stakeholder value. With our growing cash flow, we
have the ability to invest in growth, innovate DXP, execute
acquisitions, and take this action to deliver shareholder returns
and drive long-term growth. We continue to reach new sales highs
and see strength in our backlog, while executing on our customer
driven focus. We believe the future of DXP is substantial and we
look forward to the next chapter."
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service
distributor that adds value and total cost savings solutions to
industrial customers throughout the United States, Canada, Mexico,
and Dubai. DXP provides innovative pumping solutions, supply chain
services and maintenance, repair, operating and production ("MROP")
services that emphasize and utilize DXP’s vast product knowledge
and technical expertise in rotating equipment, bearings, power
transmission, metal working, industrial supplies and safety
products and services. DXP's breadth of MROP products and service
solutions allows DXP to be flexible and customer-driven, creating
competitive advantages for our customers. DXP’s business segments
include Service Centers, Innovative Pumping Solutions and Supply
Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made by or to be made
by the Company) contains statements that are forward-looking. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future; and accordingly, such results may differ from those
expressed in any forward-looking statement made by or on behalf of
the Company. These risks and uncertainties include but are not
limited to; ability to obtain needed capital, dependence on
existing management, leverage, and debt service, domestic or global
economic conditions, and changes in customer preferences and
attitudes. In some cases, you can identify forward-looking
statements by terminology such as, but not limited to, “may,”
“will,” “should,” “intend,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “goal,” or
“continue” or the negative of such terms or other comparable
terminology. For more information, review the Company’s filings
with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240828142306/en/
Kent Yee Senior Vice President CFO 713-996-4700 –
www.dxpe.com
DXP Enterprises (NASDAQ:DXPE)
過去 株価チャート
から 12 2024 まで 12 2024
DXP Enterprises (NASDAQ:DXPE)
過去 株価チャート
から 12 2023 まで 12 2024