Armstrong World Industries Boosts Share Buyback By $500M

Armstrong World Industries Inc AWI Board of Directors has approved an additional $500 million authorization to repurchase shares under the company's existing share repurchase program.

The latest addition has increased the total authorized amount under the program to $1.7 billion, extending the program through December 31, 2026.

The Board of Directors has also declared a cash dividend of $0.254 per share, payable on August 17, 2023, to shareholders on record as of the close of business on August 3, 2023.

"I'm pleased to announce the increase in our share repurchase authorization which, along with our quarterly dividend, reflects our continued confidence in our ability to generate adjusted free cash flow," said SVP and CFO Chris Calzaretta.

Armstrong held $96 million in cash and equivalents as of March 31, 2023.

Price Action: AWI shares closed higher by 1.20% at $74.25 on Wednesday.