DNOW Inc. announced Friday that its board of directors had authorized a second stock repurchase program following the successful completion of the first.
The Houston energy and industrial product distributor said the newly approved $160 million program doubles the $80 million inaugural program announced in 2022. The debut repurchase program, authorized through the end of 2024, has been “successfully completed,” DNOW officials announced.
“The continued execution of our strategy and accompanying growth initiatives supports our confidence in DNOW’s continued cash flow generation capabilities and improved earnings profile,” David Cherechinsky, the company’s president and CEO, said in a statement. “This substantial increase in the share repurchase program further demonstrates the strength in our business, complements our acquisition focus and illustrates our continued commitment to a disciplined capital allocation strategy.”
DNOW ranked at no. 14 on ID’s 2024 Big 50 list.
