Builders FirstSource launches $1 billion repurchase plan

Builders FirstSource announced today that its board of directors has authorized the company to repurchase $1 billion of its common shares.

The move follows the completion of a $2 billion stock repurchase program initiated in 2021.

“The completion of our prior share repurchase plans and our new repurchase authorization announced today are a direct reflection of the financial strength of our company, our ability to deploy our robust free cash flow to drive profitable growth and our commitment to shareholder value creation,” Dave Flitman, president and CEO of Builders FirstSource said in a prepared statement issued by the pro dealer.

Under the completed share repurchase programs authorized by the board in August and November of 2021, a total of 30.6 million shares of common stock were repurchased at an aggregate cost of $2 billion or an average price of $65.43 per share. 

As of Feb. 17, 2022, shares outstanding were approximately 176.8 million shares.

Based in Dallas, Texas, Builders FirstSource operates 565 locations in 42 states.