Hyster-Yale, Inc. announced that its Board of Directors authorized a stock repurchase program for up to $50 million or 1.5 million shares of the Company's outstanding Class A Common Stock, whichever comes first. This program is set to expire no later than November 2027.
The repurchases may be executed through various methods, including open market purchases, privately negotiated transactions, or pursuant to a Rule 10b5-1 trading plan. As of November 14, 2024, Hyster-Yale had approximately 14.1 million shares of Class A Common Stock outstanding.
Rajiv K. Prasad, President and CEO, stated that the authorization reflects confidence in the Company's balance sheet and business outlook. This initiative aligns with Hyster-Yale's capital allocation strategy, which aims to support long-term profitable growth and enhance shareholder return by utilizing free cash flow generated by the business.
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