THOR Industries, Inc. today announced that on June 24, 2022, its board of directors made some decisions that totaled its authorization to $600 million and extended the program’s duration by approximately seven months.
According to a press release, the board reaffirmed its authorization to company management to utilize up to $250 million to purchase THOR’s common stock shares through December 21, 2024, with $151,678,891.47 remaining on the authorization as of June 24, 2022. The leaders also authorized up to $448,321,168.53 more to purchase THOR’s common stock shares through July 31, 2025, bringing the total authorization to $600 million.
THOR Industries may purchase shares on a discretionary basis from time to time through open market purchases, privately negotiated transactions, or other means. The release also noted that 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.
“We have been aggressively buying shares in the market since our share repurchase authorization was announced in December 2021 and have purchased more than one million THOR shares to date. We continue to believe that THOR shares present a compelling investment opportunity at current share prices, and we intend to continue to take advantage to this opportunity to create value by returning capital to shareholder through additional share purchases. Given the current stock price, we believe purchasing THOR shares represents the best risk-adjusted return for our cash,” said Bob Martin, president and CEO of THOR Industries.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies that represent the world’s largest manufacturer of recreational vehicles.
For more information on the company and its products, please go to www.thorindustries.com.
It’s evident that THOR Industries is making a courageous move by extending the share repurchase program and increasing the authorization to $600 million. This reflects the company’s strategic approach to capital allocation and its certainty in generating long-term value for shareholders. With this expanded flexibility, THOR has the opportunity to optimize its capital structure, possibly reinforcing investor confidence in the company’s future growth prospects. It’s a remarkable step that could benefit both the company and its shareholders.