The AZEK Company Announces $50M Accelerated Share Repurchase Program Of Class A Common Stock
Portfolio Pulse from Benzinga Newsdesk
The AZEK Company Inc. (NYSE:AZEK) has announced a $50 million accelerated share repurchase (ASR) program of its Class A common stock, in partnership with Goldman Sachs. The repurchase will be funded with cash on hand, with an initial delivery of approximately 0.9 million shares and final settlement by August 2024. Post-ASR, AZEK will have $625 million remaining in its share repurchase program.
June 18, 2024 | 1:05 pm
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AZEK Company Inc. has announced a $50 million accelerated share repurchase program, which is expected to positively impact the stock price in the short term due to reduced share count and increased earnings per share.
The accelerated share repurchase program will reduce the number of shares outstanding, which typically leads to an increase in earnings per share and can positively impact the stock price. The use of cash on hand for the repurchase also indicates strong liquidity.
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