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Investing.com -- Sterling Infrastructure, Inc. (NASDAQ:STRL) stock rose 2.5% Wednesday after the company announced a new $400 million stock repurchase program, replacing its previous buyback plan.
The new program, effective immediately, allows Sterling to repurchase up to $400 million of its outstanding common stock over the next 24 months. This replaces the company’s previous repurchase program that was set to expire on December 5, 2025, which had $81 million of remaining capacity at the time of replacement.
Sterling’s CEO Joe Cutillo expressed confidence in the company’s outlook, stating, "With our strong balance sheet and cash flow, we are well-positioned to pursue a balanced capital allocation strategy that supports our investments in organic growth and strategic acquisitions, while returning capital to shareholders."
The company noted that share repurchases will be made at management’s discretion and may occur through open market transactions, privately negotiated transactions, or other means in accordance with applicable laws. The program does not obligate Sterling to repurchase any specific number of shares, and the Board of Directors may modify, increase, suspend, or terminate the program at any time.
Sterling’s stock movement reflects investor response to the significantly expanded buyback authorization, which represents nearly a five-fold increase from the remaining capacity under the previous program.
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