Builders FirstSource Increases Stock Repurchase Plan by $1 Billion
Builders FirstSource, Inc. (“BFS” or the “Company”), the nation’s largest supplier of structural building products and value-added components and services, today announced that its Board of Directors approved an increase to the Company’s existing stock repurchase plan in the amount of $1 billion, for a total of approximately $1.5 billion inclusive of the remaining outstanding authorization at the end of the third quarter of 2022.
“The Board’s decision to increase the buyback program reflects our strong conviction in Builders FirstSource and our strategy to create shareholder value over the long term,” said Dave Rush, Builders FirstSource’s Interim Chief Executive Officer. “Our market-leading position, differentiated customer value proposition and operating excellence all position us well to continue to outperform and generate strong free cash flow. Today’s announcement supports our capital deployment priorities of growing organically and inorganically and returning capital to our shareholders.”
As previously reported on November 8, 2022, under the share repurchase programs authorized by the Board of Directors since August of 2021, the Company repurchased a total of 61.0 million shares of common stock, or approximately 29.5% of the Company’s total shares outstanding, at an average price of $62.23 per share for an aggregate investment of $3.8 billion. Since that time, the Company has repurchased an additional approximately 1.1 million shares for $68 million at an average price of $63.05 per share.
The timing and amount of any share repurchases under the share repurchase program will be determined by Builders FirstSource in its discretion based on ongoing assessments of the capital needs of the business, the market price of Builders FirstSource’s common stock and general market conditions. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods. The program does not obligate Builders FirstSource to acquire any particular amount of its common stock, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a full range of structural and related building products. We operate in 42 states with approximately 575 locations. For more information, visit www.bldr.com.
Michael Neese – SVP, Investor Relations – (214) 765-3804
Source: Builders FirstSource, Inc.