Builders FirstSource, Inc. (NYSE: BLDR) announced that on August 5, 2024, its Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding shares of common stock.

“After completing nearly $1 billion of share repurchases in the second quarter, the Board’s announcement of a new share repurchase authorization reflects our strong conviction in the Company’s strategy, operating model, and fortress balance sheet underpinned by robust free cash flow generation, especially considering our confidence in the strength of the housing industry due to being underbuilt and favorable demographic trends,” said Paul S. Levy, Chairman of Builders FirstSource. “The Company’s industry-leading value-added solutions and digital tools, operational excellence, and prudent capital deployment will continue to compound growth and value for our shareholders.”

Key Highlights:

• Year to date, the Company has repurchased 5.9 million shares of its common stock at an average price of $170.55 per share for $1.0 billion, inclusive of fees and taxes. The Company has reduced its total shares outstanding by 4.4% in 2024.
• Since the inception of its buyback program in August 2021 through June 30, 2024, the Company has repurchased 93.0 million shares of its common stock, or 45.0% of its total shares outstanding, at an average price of $76.65 per share for a total cost of $7.1 billion.
• As of June 30, 2024, shares outstanding were 116.5 million.

The timing and amount of any share repurchases under the share repurchase program will be determined by Builders FirstSource in its discretion based on several factors, including ongoing assessments of the capital needs of the business, the market price of Builders FirstSource’s common stock, and general market conditions. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, block trades, accelerated share repurchase transactions, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods. The program does not obligate Builders FirstSource to acquire any particular amount of its common stock, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion..