RBC Bearings Announces $100 Million Share Repurchase Program
May 23 2019 - 4:45PM
Business Wire
New Program Replaces Old $50 Million
Program
RBC Bearings Incorporated (Nasdaq: ROLL), a leading
international manufacturer of highly engineered precision bearings
and components for the industrial, defense and aerospace
industries, today announced that its Board of Directors has
approved a $100 million share repurchase program for RBC stock.
“Our primary use of cash will continue to be for driving organic
growth and acquisitions that complement our aerospace, defense and
industrial portfolios,” said Dr. Michael J. Hartnett, Chairman,
President and Chief Executive Officer. “Our new stock repurchase
program will enable us to offset the dilution of our incentive
stock plan, which is an important element of our employee
compensation program, and also demonstrates the strength of our
cash generation and growth expectations.”
Under the new program, the Company may repurchase shares from
time to time on the open market, in block trade transactions, or
through privately negotiated transactions, in compliance with SEC
Rule 10b-18, depending on market conditions, alternative uses of
capital, and other relevant factors. Purchases may be commenced,
suspended, or discontinued at any time without prior notice.
The new program terminates the Company’s $50.0 million stock
repurchase program that was implemented in 2013. Under the old
program the Company repurchased 516,361 shares of its stock at an
average price of $79.45 per share.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and
marketer of highly engineered precision bearings and components.
Founded in 1919, the Company is primarily focused on producing
highly technical or regulated bearing products and components
requiring sophisticated design, testing, and manufacturing
capabilities for the diversified industrial, aerospace, and defense
markets. The Company is headquartered in Oxford, Connecticut.
Safe Harbor for Forward Looking
Statements
Certain statements in this press release contain
“forward-looking statements.” All statements other than statements
of historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including the following: the
section of this press release entitled “Outlook”; any projections
of earnings, revenue or other financial items relating to the
Company, any statement of the plans, strategies and objectives of
management for future operations; any statements concerning
proposed future growth rates in the markets we serve; any
statements of belief; any characterization of and the Company’s
ability to control contingent liabilities; anticipated trends in
the Company’s businesses; and any statements of assumptions
underlying any of the foregoing. Forward-looking statements may
include the words “may,” “would,” “estimate,” “intend,” “continue,”
“believe,” “expect,” “anticipate,” and other similar words.
Although the Company believes that the expectations reflected in
any forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Our future financial condition and
results of operations, as well as any forward-looking statements,
are subject to change and to inherent risks and uncertainties
beyond the control of the Company. These risks and uncertainties
include, but are not limited to, risks and uncertainties relating
to general economic conditions, geopolitical factors, future levels
of general industrial manufacturing activity, future financial
performance, market acceptance of new or enhanced versions of the
Company’s products, the pricing of raw materials, changes in the
competitive environments in which the Company’s businesses operate,
the outcome of pending or future litigation and governmental
proceedings and approvals, estimated legal costs, increases in
interest rates, tax legislation and changes, the Company’s ability
to meet its debt obligations, the Company’s ability to acquire and
integrate complementary businesses, and risks and uncertainties
listed or disclosed in the Company’s reports filed with the
Securities and Exchange Commission, including, without limitation,
the risks identified under the heading “Risk Factors” set forth in
the Company’s most recent Annual Report filed on Form 10-K. The
Company does not intend, and undertakes no obligation, to update or
alter any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005809/en/
RBC BearingsErnest D. Hawkins203-267-5010ehawkins@rbcbearings.comAlpha IR GroupMichael
Cummings617-461-1101investors@rbcbearings.com
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