ATLANTA--(BUSINESS WIRE)--May 11, 2022--
Beazer Homes USA, Inc. (NYSE: BZH) ( ) today announced that its Board of Directors has approved a new share repurchase program authorizing management to repurchase up to $50 million of the Company’s outstanding common stock. This new authorization replaces a prior share repurchase authorization pursuant to which $12 million of capacity was remaining. Importantly, the Company also reiterated its expectation to achieve a Net Debt to Net Capitalization ratio below 50% and its commitment to bring total debt below $1 billion by the end of fiscal 2022.
“The decision to authorize a new repurchase program reflects our disciplined approach to capital allocation,” said David Goldberg, Senior Vice President and CFO. “While investing in new land to grow our business remains our priority, we believe buying shares at a significant discount to book value represents an attractive investment opportunity and reflects our confidence in the business.”
Under the repurchase program, the Company intends to purchase shares from time to time on the open market, through privately negotiated transactions or otherwise. Repurchases of such shares may be made under a Rule 10b5-1 plan, which would permit repurchases when the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of repurchase transactions is subject to the Company’s discretion and will depend on a variety of factors, including market and business conditions, compliance with the Company’s debt agreements, and other considerations. The Company expects to fund repurchases under the share repurchase program with cash on hand and cash generated from operations. The Company is not obligated to acquire any particular number of shares under its repurchase program and the program may be suspended or discontinued at any time.
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CONTACT: Beazer Homes USA, Inc.
David I. Goldberg
Sr. Vice President & Chief Financial Officer
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BUILDING SYSTEMS ENVIRONMENT OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Beazer Homes
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PUB: 05/11/2022 08:00 AM/DISC: 05/11/2022 08:02 AM