Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and supplier of products and services to the renewable energy, residential, agricultural and infrastructure markets, today announced that its Board of Directors has authorized a share buyback program of up to $200 million. of ordinary shares. The program has a duration of three years, ending on May 2, 2025.
“The volatility of our stock price has at times presented attractive buying opportunities, and so we have asked our board of directors to authorize this share buyback program,” said Chairman and CEO Bill Bosway. . “Given the strength of our balance sheet and our expectation of generating growing cash flow in 2022 and beyond, we have sufficient liquidity to both invest in our operations and deliver incremental returns to shareholders. .”
Repurchases of common shares will be funded by available cash generated from the transactions supplemented on an opportunistic basis by borrowings under the existing credit facility. Gibraltar may redeem Shares from time to time through open market purchases, privately negotiated transactions or other means, including through the use of trading plans intended to qualify in under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The method, timing and amount of future redemptions depend on business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The share buyback program does not obligate the Company to purchase any particular amount of ordinary shares, and the program may be suspended or terminated by Gibraltar at any time, at its discretion and without notice.
Gibraltar is a leading manufacturer and supplier of products and services for the renewable energy, residential, agtech and infrastructure markets. Gibraltar’s mission of making life better for people and the planet is fueled by advancing the disciplines of engineering, science and technology. Gibraltar innovates to reshape critical markets for comfortable living, sustainable energy and productive growth across North America. For more information, visit www.gibraltar1.com.
Certain information in this press release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates and forecasts. . , and projections about the Company’s business, and management’s beliefs regarding future operations, results and financial condition. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties and assumptions, such as, but not limited to, those described in the “Factors of Risk” of our most recent Annual Report on Form 10-K and Item 1A of our most recent Quarterly Report on Form 10-Q. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by these forward-looking statements. Before making any investment decision regarding our company, we strongly advise you to read the section described above of our annual and quarterly reports entitled “Risk Factors” which can be viewed under the “SEC Filings” link on the page “Investor Info” on our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.