Armstrong World Industries, Inc. (AWI) today announced that its Board of Directors has approved an additional $500 million authorization to repurchase shares under the Company's existing share repurchase program, increasing the total authorized amount under the program to $1.7 billion, and extending the program through December 31, 2026.
In addition, the Board of Directors has declared a cash dividend of $0.254 per share of common stock. The dividend will be paid on August 17, 2023, to shareholders on record as of the close of business on August 3, 2023.
"I'm pleased to announce the increase in our share repurchase authorization which, along with our quarterly dividend, reflects our continued confidence in our ability to generate adjusted free cash flow," said Chris Calzaretta, SVP and CFO of Armstrong World Industries. "This decision reinforces our commitment to our capital allocation priorities which allow us to create long-term shareholder value."
Pursuant to the share repurchase program, the Company may purchase shares of its common stock at times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. Repurchases under the program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans. The expanded program, unless otherwise determined by the Board of Directors, does not obligate the Company to purchase any particular amounts of common stock and may be suspended or discontinued at any time without notice. The declaration and payment of future dividends and capital allocations will be at the discretion of the Board of Directors and will be dependent upon, among other things, the company's financial position, results of operations and cash flow.
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