Yesterday, Airgas, Inc. announced a program to repurchase up to $300m of its outstanding shares of common stock. The announcement followed-on from fiscal fourth quarter 2011 reports released on the same day.
As of 4th May, Airgas had approximately 79.8m common shares outstanding. Airgas completed its previous $300m share repurchase authorisation as of the end of March 2011.
Peter McCausland, CEO described the move as indicative of the firms’ solidity. He said, “This new share repurchase program reflects our continuing confidence in the future. Our business is strengthening, our balance sheet is solid, and we continue to generate strong cash flow. Accordingly, we are able to repurchase shares and realise attractive earnings accretion while funding our growth strategies.”
Accompanying the official company announcement, Airgas released the following statement:
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