Blue Bird Corporation (NASDAQ: BLBD) has announced the authorization of a $60 million stock repurchase program, reflecting the company's confidence in its performance and long-term growth prospects. The repurchase program, which is set to take place over the next 24 months, allows for repurchases in open market or private transactions, including accelerated share repurchase transactions, block trades, or pursuant to trading plans intended to comply with SEC Rule 10b5-1.
Blue Bird CEO, Phil Horlock, expressed pride in the company's strong performance and excitement about leveraging their strong free cash flow generation to return capital to shareholders through the stock repurchase program. Horlock stated, "This initiative reflects management's confidence in the health of our business, our long-term growth prospects, and our overall commitment to continually enhancing shareholder value."
The timing, manner, price, and amount of securities to be repurchased will be at the discretion of Blue Bird management. The company clarified that the repurchase program does not obligate Blue Bird to acquire any specific amount of securities and can be modified or terminated at any time without notice.
Blue Bird Corporation, founded in 1927, is recognized as a technology leader and innovator of school buses. The company's dedicated team members design, engineer, and manufacture school buses with a focus on safety, reliability, and durability. With more than 20,000 propane, natural gas, and electric powered buses in operation today, Blue Bird is a proven leader in low- and zero-emission school buses, contributing to the transformation of the student transportation industry through cleaner energy solutions.
The company's shares have experienced a 6.0% movement and are currently trading at a price of $30.87.
The company's full 8-K submission is available here.
