Thor Industries, Inc. announced Monday its board of directors has retired the company’s existing share repurchase authorization, which was set to expire on July 31, and reauthorized the company to repurchase up to $400 million of its common stock.
The company may purchase shares on a discretionary basis from time to time through open market purchases, privately negotiated transactions or other means. The timing and amount of any transactions will be at the company’s discretion, subject to the market price of the stock, general market and economic conditions, cash availability, applicable legal requirements and other growth investment opportunities. The repurchase authorization will expire July 31, 2027.
Thor Industries President and CEO Bob Martin said, “I am pleased to announce that Thor’s board of directors has authorized a significant buyback program, authorizing management to purchase up to $400 million of outstanding shares. This decision reflects our unwavering commitment to enhancing shareholder value. I’m proud of the fact that since we started our buyback program in December of 2021, we have repurchased over 3.5 million of our outstanding shares.
“Mindful that the RV market since that time has largely been down, our ability to repurchase this volume of shares is a testament to our ability to generate cash even in tougher markets. While recently we have had an extended period of time when we were unable to trade due to restrictions, since the end of our third quarter, we have been active buyers of our stock, repurchasing over 340,000 shares since our trading window opened on June 6,” Martin said. “As we look ahead, we will continue to be buyers of our stock as long as its price is disconnected with our long-term value proposition, underscoring our confidence in the strength of our company and the potential for future growth.”
