cloudyn.png
Wednesday August 17th, 2022 2:40AM

Beazer Homes Announces $50 Million Share Repurchase Program

By The Associated Press

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.

View source version on businesswire.com:

CONTACT: Beazer Homes USA, Inc.

David I. Goldberg

Sr. Vice President & Chief Financial Officer

770-829-3700

[email protected]

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BUILDING SYSTEMS ENVIRONMENT OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: Beazer Homes

Copyright Business Wire 2022.

PUB: 05/11/2022 08:00 AM/DISC: 05/11/2022 08:02 AM

http://www.businesswire.com/news/home/20220511005343/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Industries, AP Business - Financial Services
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Sri Lanka deploys troops in capital after violence, protests
Sri Lankan authorities have deployed armored vehicles and troops in the streets of the capital two days after pro-government mobs attacked peaceful protesters, triggering a wave of violence across the country
8:10AM ( 9 minutes ago )
Ukraine cuts Russia gas at 1 hub, underlining risk to supply
Ukraine stopped the flow of Russian natural gas through one hub that feeds European homes and industry
7:58AM ( 21 minutes ago )
Iran detains 2 Europeans; EU envoy in Tehran about nuke deal
Iran’s Intelligence Ministry announced it had detained two Europeans shortly before the European Union envoy met Iran’s nuclear negotiator in Tehran in a last-ditch attempt to salvage Iran’s nuclear deal with world powers
7:36AM ( 43 minutes ago )
Associated Press (AP)
Live updates | Official: Plans for Kherson annexation
A Russia-installed official in Ukraine’s Kherson region says the region’s administration will ask Russian President Vladimir Putin to annex the region
6:49AM ( 1 hour ago )
UK ramps up threat to rewrite Brexit deal with the EU
Britain and the European Union are once again at loggerheads over Brexit
6:18AM ( 2 hours ago )
Ukrainians stop Russian gas at one hub, make gains in east
Ukraine stopped the flow of Russian natural gas through a hub that feeds European homes and stoves
6:06AM ( 2 hours ago )
AP Business
Toyota's quarterly profit down on COVID parts crunch
Toyota has reported its net profit fell 31% from the year before in the January-March quarter but the Japanese automaker still wrapped up a year of record earnings
4:40AM ( 3 hours ago )
Parents hunting for baby formula as shortage spans US
Parents across the U.S. are scrambling to find baby formula because of supply disruptions and a massive safety recall by manufacturer Abbott
5:21PM ( 14 hours ago )
EA Sports and FIFA end partnership, both eye new video games
Electronic Arts will stop making its hugely successful FIFA video game in its current name
3:59PM ( 16 hours ago )
AP Business - Corporate News
Devers' slam leads Red Sox, clean-shaven Cora over Braves
Rafael Devers hit his first career grand slam and the last-place Boston Red Sox broke out for clean-shaven manager Alex Cora in a 9-4 win over the Atlanta Braves that ended a five-game skid
12:13AM ( 8 hours ago )
Cora hopes clean shave changes luck for last-place Red Sox
Red Sox manager Alex Cora shaved his beard before Tuesday night's game against the Braves, hoping a new vibe might help Boston snap its five-game losing streak
8:00PM ( 12 hours ago )
Austin Riley first of 4 champion Braves to go to arbitration
Third baseman Austin Riley became the first of four members of the World Series champion Atlanta Braves to go to a salary arbitration hearing, asking for $4.25 million rather than the team’s $3.95 million offer
6:04PM ( 14 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Ukrainians make gains in east, stop Russian gas at one hub
Ukraine’s natural gas pipeline operator on Wednesday stopped Russian shipments through a key hub in the east of the country
2:55AM ( 5 hours ago )
Ukrainians make gains in east, hold on at Mariupol mill
Ukraine’s natural gas pipeline operator said Wednesday it would stop Russian shipments through a key hub in the east of the country
1:13AM ( 7 hours ago )
Live updates | Pipeline operator to stop natural gas flow
Ukraine’s natural gas pipeline operator said it would stop Russian shipments through its Novopskov hub in a part of eastern Ukraine controlled by Moscow-backed separatists
1:00AM ( 7 hours ago )
AP Business - Industries
Stocks turn mixed on Wall Street a day after big sell-off
Stocks ended mixed on Wall Street Tuesday, stabilizing a day after a sharp drop that brought the market to its lowest point in a year
4:50PM ( 15 hours ago )
Global stocks mixed after Wall St falls on rate hike worries
Asian stocks have fallen while European markets opened higher as anxiety increased that U.S. interest rate hikes to fight inflation might stall economic growth
5:08AM ( 1 day ago )
Asian stocks follow Wall St down on rate hike, economy fears
Asian stocks have followed Wall Street lower as fears increased that U.S. rate hikes to fight inflation might stall economic growth
3:00AM ( 1 day ago )
AP Business - Financial Services
Sri Lanka deploys troops in capital after violence, protests
Sri Lankan authorities have deployed armored vehicles and troops in the streets of the capital two days after pro-government mobs attacked peaceful protesters, triggering a wave of violence across the country
8:10AM ( 10 minutes ago )
Ukraine cuts Russia gas at 1 hub, underlining risk to supply
Ukraine stopped the flow of Russian natural gas through one hub that feeds European homes and industry
7:58AM ( 21 minutes ago )
Iran detains 2 Europeans; EU envoy in Tehran about nuke deal
Iran’s Intelligence Ministry announced it had detained two Europeans shortly before the European Union envoy met Iran’s nuclear negotiator in Tehran in a last-ditch attempt to salvage Iran’s nuclear deal with world powers
7:36AM ( 44 minutes ago )
Biden sees bigger role for US farms due to Ukraine war
President Joe Biden wants to put a spotlight on the spike in food prices from Russia’s invasion of Ukraine
7:20AM ( 1 hour ago )
Marcos Jr. declares victory, faces calls to ensure democracy
Ferdinand Marcos Jr. has declared victory in this week's presidential elections in the Philippines
7:16AM ( 1 hour ago )