Discover the industrial stocks with the biggest stock buybacks last quarter, Q1 2023
Buybacks
June 25, 2023
Concrete Pumping Holdings, Inc. (CPH), a leading provider of concrete pumping and waste management services in the U.S. and U.K., recently reported strong financial results for the fourth quarter and fiscal year ended October 31, 2022. Concrete Pumping Holdings achieved significant revenue growth, gross profit increase, and improved net income and Adjusted EBITDA performance. This success was driven by organic growth, rate per hour increases, and strategic acquisitions. Looking ahead, CPH expects continued strong demand in its commercial and infrastructure segments, while remaining cautious about the uncertain macroeconomic conditions in the residential market. In light of its robust performance, Concrete Pumping Holdings authorized a stock buyback program, increasing the total authorization to $20.0 million, reflecting management's confidence in driving shareholder value. This move follows a series of record-breaking quarters and highlights CPH's commitment to its investors.
Proto Labs, Inc. (NYSE: PRLB), the world's leading provider of digital manufacturing services, recently reported its financial results for the fourth quarter and full year ended December 31, 2022. Despite a 6.5 percent decrease in revenue for Q4 2022 compared to the previous year, revenue from the digital network powered by Hubs experienced significant growth. Proto Labs faced challenges such as inflation, slowing growth, and supply chain disruptions. In response, Proto Labs' Board of Directors authorized an expansion of their Share Repurchase Program by $50 million, totaling $250 million. As of December 31, 2022, Proto Labs has already purchased $117.7 million under the program. The stock buyback authorization reflects Proto Labs' commitment to strategic investments, managing expenses, and returning capital to shareholders amidst a focus on growing their Injection Molding business and accelerating growth from the integrated Protolabs and Hubs CNC offer. With a healthy financial position and disciplined cost management, Proto Labs aims to drive profitable revenue growth while continuing to meet the needs of their customers through digital manufacturing capabilities.
AMMO, Inc. (Nasdaq: POWW, POWWP) announced today that its Board of Directors has authorized an extension of AMMO's share repurchase program, allowing for the repurchase of up to $30 million of its outstanding common stock until February 2024. The decision to authorize the stock buyback reflects AMMO's confidence in its financial position and long-term prospects. AMMO, Inc. is a leading vertically integrated producer of high-performance ammunition and components, and the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries. This move comes after AMMO disclosed in its Form 10-Q filed on February 14, 2023, that approximately $29.7 million was available for repurchases under the plan. The program will be carried out at AMMO's discretion, taking into consideration economic and market conditions, stock price, legal requirements, and other relevant factors. It is expected to continue, but may be suspended or discontinued prior to its termination date.
BEST Inc., a leading smart supply chain solutions and logistics services provider in China and Southeast Asia, has recently authorized a share repurchase program. The program allows BEST to repurchase up to US$20 million worth of its outstanding American Depositary Shares (ADSs) within the next 12 months. The repurchases may occur through various methods such as open market transactions, privately negotiated transactions, or block trades, depending on market conditions and the trading price of BEST's ADSs. The board of directors will regularly review the program and may adjust its terms as necessary. By implementing this share repurchase program, BEST aims to align with the interests of its shareholders and adhere to its securities trading policies. The funding for the repurchases will come from BEST's available working capital.
Schneider (SNDR), a leading provider of transportation, intermodal, and logistics services, recently authorized a stock buyback program on January 31, 2023. The program allows for the repurchase of up to $150 million worth of Schneider's outstanding Class A and Class B common stock over the next three years. This decision by Schneider's Board of Directors aligns with their capital allocation framework and aims to counterbalance the dilutive impact of equity grants to employees over time. The stock repurchases may occur through open market transactions or privately negotiated deals, depending on factors such as market conditions, liquidity, and Schneider's financial outlook. While the exact number of shares to be repurchased remains uncertain, management retains the discretion to discontinue or modify the program at any time without prior notice.
Avis Budget Group, Inc. (NASDAQ: CAR) announced impressive financial results for the fourth quarter and full year ended December 31, 2022. Avis Budget Group experienced a strong finish to the year, with fourth quarter revenues exceeding the previous year by 8% and surpassing the fourth quarter of 2019 by 28%, reaching $2.8 billion. Increased revenue per day and robust demand from both commercial and leisure holiday travel contributed to this growth. Net income for the quarter amounted to $424 million, while Adjusted EBITDA reached $658 million. Avis Budget Group's full-year revenues increased by 29% compared to the previous year and 31% compared to 2019, reaching a record $12.0 billion. Avis Budget Group achieved net income of $2.8 billion and a record Adjusted EBITDA of $4.1 billion for the year. Avis Budget Group's strong financial performance and positive trends, particularly in the commercial and leisure segments, have prompted Avis Budget Group's Board of Directors to authorize a stock buyback. In February, the Board approved a $1 billion increase to the existing share repurchase authorization, signaling confidence in Avis Budget Group's future prospects. With exceptional financial results and a strong liquidity position of approximately $1.6 billion, Avis Budget Group looks forward to another successful year in 2023 under the leadership of CEO Joe Ferraro.
United Rentals, Inc. announced its record-breaking fourth-quarter and full-year 2022 financial results along with its 2023 outlook, dividend program, and restart of the share repurchase program. United Rentals reported total revenue of $3.296 billion for the fourth quarter, including rental revenue of $2.747 billion. With strong growth and impressive profitability, United Rentals achieved remarkable records in revenue, margins, and returns. The initiation of a quarterly dividend program, with an annualized yield of approximately 1.5%, and the authorization of a $1.0 billion stock buyback in 2023 demonstrate United Rentals' commitment to generating cash and delivering long-term value to shareholders. These decisions are supported by the successful integration of Ahern Rentals, Inc. and United Rentals' positive outlook for 2023, anticipating further growth and compelling returns.
All data was sourced from LevelFields AI
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