LSB Industries Announces Increase to Stock Repurchase Authorization
08 Agosto 2022 - 6:00AM
Business Wire
LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU),
today announced that its Board of Directors has authorized an
increase in the size of the Company’s previously announced $50
million stock repurchase program implemented in May 2022. Under the
expanded program, LSB Industries may now repurchase up to $100
million of its outstanding common stock, of which approximately $85
million remains available for future repurchases.
Mark Behrman, LSB Industries’ President, and Chief Executive
Officer of LSB commented, “Our decision to expand the share
repurchase authorization reflects not only the strength of our
balance sheet and the strong profitability and robust free cash
flow that we generated in our 2022 second quarter but is also
indicative of the favorable outlook for our business through the
balance of 2022 and 2023. The repurchase of our common stock is one
of multiple ways we look to drive shareholder value, along with
continued operational improvement, execution on our organic growth
opportunities including the debottlenecking of our facilities, and
potential strategic acquisitions.”
Under the repurchase program shares may be repurchased in the
open market or in private transactions and may be pursuant to any
trading plan that may be adopted in accordance with applicable
securities laws and regulations, including Rule 10b5-1 of the
Securities Exchange Act of 1934.
The timing and amount of any shares repurchased will depend on a
variety of factors, including the availability of stock, general
market conditions, the trading price of the stock, alternative uses
for capital and LSB’s financial performance. Open market purchases
will be conducted in accordance with the limitations set forth in
Rule 10b-18 of the Exchange Act and other applicable legal
requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate. The
repurchase program does not obligate LSB Industries to purchase any
particular number of shares.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural,
mining, and industrial markets. The Company owns and operates
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma, and operates a facility for a global chemical company in
Baytown, Texas. LSB’s products are sold through distributors and
directly to end customers primarily throughout the United States.
Committed to improving the world by setting goals that will reduce
our environmental impact on the planet and improve the quality of
life for all of its people, the Company is well positioned to play
a key role in the reduction of global carbon emissions through its
planned carbon capture and sequestration, and zero-carbon ammonia
strategies. Additional information about LSB can be found on its
website at www.lsbindustries.com.
Forward-Looking Statements
This press release includes statements that are not historical
or express our opinions, expectations, beliefs, plans, objectives,
assumptions or projections regarding future events or future
results and therefore are, or may be deemed to be, “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
which are subject to known and unknown risks, uncertainties and
assumptions, including the timing, amounts and terms of share
repurchases, if any, as well as projections of our future financial
performance, including the effects of the COVID-19 pandemic and
anticipated performance based on our growth and other strategies
and anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or actual
achievements to differ materially from the results, level of
activity, performance or anticipated achievements expressed or
implied by the forward-looking statements. Significant risks and
uncertainties may relate to, but are not limited to, our ability to
repurchase shares in the open market or otherwise and the terms of
any such repurchases, business and market disruptions related to
the COVID-19 pandemic, market conditions and price volatility for
our products and feedstocks, as well as global and regional
economic downturns that adversely affect the demand for our end-use
products, disruptions in production at our manufacturing facilities
and other financial, economic, competitive, environmental,
political, legal and regulatory factors. Investors should consider
these and other risk factors that are discussed in the Company’s
filings with the Securities and Exchange Commission (the “SEC”),
which are accessible on the SEC’s website at
http://www.sec.gov.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not place undue reliance upon such forward-looking statements,
which speak only as of the date of this press release, as
predictions of future events. Unless otherwise required by
applicable laws, we undertake no obligation to update or revise any
forward-looking statements, whether because of new information or
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220808005238/en/
Investor Contacts: Fred Buonocore, CFA, Vice President of
Investor Relations (405) 510-3550 fbuonocore@lsbindustries.com
Media Contact: David Kimmel, Director of Communications
(405) 815-4645 dkimmel@lsbindustries.com
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