Thor Industries, Inc. (NYSE: THO) has announced the re-authorization of its share repurchase program, allowing the company to buy back up to $400 million of its common stock. This decision reflects the company's commitment to enhancing shareholder value.
Since the initiation of the buyback program in December 2021, Thor Industries has repurchased over 3.5 million of its outstanding shares. Despite a challenging RV market, the company's ability to repurchase such a significant volume of shares demonstrates its capacity to generate cash even in tougher market conditions.
Following an extended period of trading restrictions, Thor Industries has been an active buyer of its stock since the end of its third quarter, repurchasing over 340,000 shares since the trading window opened on June 6.
Bob Martin, President and CEO of Thor Industries, emphasized the company's confidence in its long-term value proposition and potential for future growth. He stated that they will continue to be buyers of their stock as long as its price is disconnected from their long-term value proposition.
The re-authorization of the share repurchase program is set to expire on July 31, 2027, providing the company with a two-year window to execute the buyback program.
Thor Industries, Inc. is the world's largest manufacturer of recreational vehicles, owning a portfolio of operating companies in the industry. As a result of these announcements, the company's shares have moved 1.23% on the market, and are now trading at a price of $86.41. Check out the company's full 8-K submission here.
