Astec Industries Board of Directors Authorizes $150 Million Share Repurchase Program
30 7월 2018 - 8:00PM
Astec Industries, Inc. (Nasdaq: ASTE) today announced the Company’s
Board of Directors has authorized the repurchase of up to an
aggregate $150 million of the Company's outstanding common stock.
The Company today also announced that it has
declared a quarterly cash dividend of $0.11 per share of Company
common stock to be paid on or after August 30, 2018 to the
Company’s common shareholders of record as of August 13, 2018; an
increase of 10 percent compared to prior quarterly dividends.
Benjamin G. Brock, Chief Executive Officer,
stated, “Today’s announcement that we have initiated a stock
buyback program and increased the dividend reflects our confidence
in the Company’s core business and our commitment to enhancing
shareholder value. We believe Astec represents an attractive
investment opportunity, and our strong balance sheet and cash flow
clearly provide flexibility to return capital to shareholders at
this time. Our Board and management will continue to make decisions
we believe will support our long-term goals of increasing
operational efficiency, reducing costs and improving profitability,
enabling the Company to better serve its customers and allowing us
to drive value for our shareholders.”
The Company may repurchase shares from time to
time in open market transactions or through privately negotiated
transactions in accordance with applicable federal securities
laws.
About Astec Industries,
Inc.
Astec Industries, Inc. is a manufacturer of
specialized equipment for asphalt road building; aggregate
processing; oil, gas and water well drilling; wood processing and
concrete production. Astec’s manufacturing operations are divided
into three primary business segments: road building, wood pellet
production and related equipment (Infrastructure Group); aggregate
processing and mining equipment (Aggregate and Mining Group); and
equipment for the extraction and production of fuels, biomass
production, commercial and industrial burners, concrete production
and water drilling equipment (Energy Group).
The information contained in this press release
contains “forward-looking statements” (within the meaning of the
Private Securities Litigation Reform Act of 1995) regarding the
future performance of the Company, including statements about the
strength of the Company’s core business and the effects on the
Company from the stock buyback program. These forward-looking
statements reflect management’s expectations and are based upon
currently available information, and the Company undertakes no
obligation to update or revise such statements. These statements
are not guarantees of performance and are inherently subject to
risks and uncertainties, many of which cannot be predicted or
anticipated. Certain factors may cause results to differ materially
from those anticipated by the forward-looking statements made in
this release. Such factors may include, without limitation, the
risks and uncertainties listed from time to time in the Company’s
reports filed with the Securities and Exchange Commission,
including but not limited to the Company’s annual report on Form
10-K for the year ended December 31, 2017.
For Additional Information Contact:
Benjamin G. Brock President and Chief Executive
Officer Phone: (423) 867-4210 Fax: (423) 867-4127
E-mail: bbrock@astecindustries.com
Or
David C. Silvious Vice President and Chief Financial
Officer Phone: (423) 899-5898 Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
Or
Stephen C. Anderson Vice President, Director of Investor
Relations & Corporate Secretary Phone: (423)
899-5898 Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com
Astec Industries (NASDAQ:ASTE)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Astec Industries (NASDAQ:ASTE)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024