WNC - Wabash Announces Additional $150 Million Increase to Stock Repurchase Authorization | Benzinga
LAFAYETTE, Ind., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE:WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today announced its Board of Directors authorized the company's repurchase of up to an additional $150 million of the company's common stock. With this increase to the existing repurchase authorization, the company's total outstanding repurchase authorization is approximately $180 million. Stock repurchases under this authorization may be made in the open market or in private transactions at times and in amounts determined by the Company at its discretion.
"The Board's approval to increase our share repurchase authorization reflects the strength of our balance sheet as well as our strong free cash flow generation," said Mike Pettit, Wabash senior vice president & CFO. "Over the last five years, we generated operating cash flow of over $700 million and free cash flow of approximately $450 million even in the context of record capital investments as we invest in our business and drive organic growth. Over this time, we have repurchased nearly 12 million shares or over 20 percent of shares outstanding. We remain ...