ATS shareholders re-elect directors, approve $100m buyback

Shareholders of ATS Corporation on Friday re-elected all incumbent directors to the board, according to a regulatory filing.

The company also announced a $100 million share repurchase program, effective immediately. The buyback authorization follows the release of second-quarter results, which exceeded analyst expectations and prompted upward revisions to full-year guidance.

ATS reported adjusted earnings of $1.45 per share for Q2, beating the $1.32 consensus estimate compiled by Refinitiv. Revenue rose 8% year-over-year to $1.2 billion, driven by demand in industrial automation and semiconductor equipment segments.

Management raised its full-year adjusted earnings guidance to a range of $5.40 to $5.60 per share, up from the prior range of $5.00 to $5.30. The company cited sustained order momentum and improved supply chain visibility as key drivers.

The board re-election slate included CEO John Smith, who has led ATS since 2018. All directors received majority support, with no contested votes reported.

The share repurchase program does not have a fixed expiration date and may be executed at the company’s discretion, subject to market conditions and regulatory approvals.

ATS shares were indicated 1.2% higher in pre-market trading following the announcements.