Quanta Services Announces Three-Year $500M Share Buyback Program
Quanta Services (NYSE: PWR) today announced that its board of directors has authorized the repurchase of up to $500 million of Quanta's common stock over the next three years. Under the stock repurchase program, the company is authorized to repurchase, from time-to-time, shares of its outstanding common stock in the open market or in privately negotiated transactions, at management's discretion based on market and business conditions, applicable legal requirements and other factors, or pursuant to an issuer repurchase plan or agreement that may be in effect.
"The authorization of this share repurchase program reflects the board of directors' and management's confidence in Quanta's long-term growth opportunities and commitment to delivering increased value to our shareholders," said Jim O'Neil, president and chief executive officer of Quanta Services. "Quanta's strong balance sheet and disciplined approach to capital allocation should allow for continued investment in our business while opportunistically returning capital to our shareholders."
The repurchase program authorized by Quanta's board of directors does not obligate Quanta to acquire any specific amount of common stock and will continue until otherwise modified or terminated by Quanta's board at any time at its sole discretion and without notice.