Dycom Industries Inc. said its board authorized a $150 million share buyback program, replacing an existing repurchase plan that had roughly $83.9 million remaining. The new program is set to run for 18 months and may be executed through open-market purchases, privately negotiated transactions or under a Rule 10b5-1 trading plan.
The West Palm Beach, Florida-based company, which provides specialty contracting services to U.S. telecommunications and utility sectors, said it had 30,160,957 shares of common stock outstanding as of Aug. 24. The authorization does not impose a fixed purchase schedule and can be adjusted or suspended at any time, subject to market conditions and other factors.
Dycom’s services include program management, engineering and design, aerial and underground construction, maintenance and fulfillment for telecom providers, along with electrical contracting for data centers and underground facility locating. The company also provides construction and maintenance services for electric and gas utilities.
