LKQ Corp., parent company of NTP-STAG, announced that its board of directors has authorized a $500 million increase to its existing stock repurchase program.
This raises the aggregate program authorization to $2.5 billion through Oct. 25, 2024. Since initiating the stock repurchase plan in October 2018, the Company has repurchased 37.3 million shares through March 31, 2022 for total consideration of approximately $1.5 billion.
Under the repurchase program, the company is authorized to repurchase shares in the open market, as well as in privately negotiated transactions.
“The strength of the balance sheet and our expectations for continued free cash flow generation have the company well positioned to execute on the expanded stock repurchase program,” said Varun Laroyia, executive vice president and chief financial officer for LKQ. “The strong financial metrics and the expansion of this program further validate our commitment to a disciplined capital allocation strategy that balances returning capital to our stockholders and investing in the continued growth of the company.”
