Lippert’s Board of Directors approved a quarterly cash dividend and a new $300 million stock buyback program over the next three years.
The board said the stock repurchase timing and the number of shares bought will depend upon market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws.
Jason Lippert, Lippert’s president and CEO, said, “This stock repurchase program reflects the Board of Directors’ and senior management’s commitment to strategic capital deployment that enhances shareholder value, underscoring our confidence in LCI Industries’ long-term growth strategy.”
The quarterly dividend will be $1.15 per share.
The dividend will be paid June 13 to shareholders of record at the close of business May 30.
Lippert has about 25.24 million shares outstanding, according to Yahoo Finance. The dividend will return $29.03 million to shareholders.
“Our strong operating cash flows, balance sheet and borrowing capacity give us the flexibility to return capital to shareholders,” Jason Lippert said, “while investing in our business to drive growth and innovation, pursue strategic acquisitions, and maintain appropriate debt levels.”
The board said the stock repurchase program may be modified, suspended or terminated at any time. Repurchases under the stock repurchase program will be funded from existing cash and cash equivalents, future cash flows and the company’s existing revolving line of credit.
