National Agri-Marketing Association
NAMA Website
Upcoming Events
Agri-Marketing Conf
Best of NAMA 2017
Member Directory

Source: Tractor Supply Company news release

Tractor Supply Company (NASDAQ: TSCO), the largest retail farm and ranch store chain in the United States, today announced that its Board of Directors authorized a $1 billion increase to its existing share repurchase program, bringing the total amount authorized to date under the program to $2 billion.

The program, established in February 2007, also has been extended through December 31, 2017. As of December 28, 2013, the Company had purchased 37.7 million shares (adjusted to reflect the effect of stock splits for all shares repurchased prior to September 27, 2013) for approximately $838.6 million. The remaining $1.2 billion available under the expanded share repurchase program represents approximately 12% of the Company's outstanding shares at current prices.

Greg Sandfort, President and Chief Executive Officer, stated, "We are committed to driving long-term shareholder value through a balanced strategic approach to managing growth, cash flow and capital allocation. We believe the Board's decision to increase the share repurchase authorization underscores their confidence in our ability to continue executing against our strategic initiatives and long-term growth targets."

Anthony Crudele, Chief Financial Officer, commented, "The business continues to produce significant cash flow, providing us with substantial financial liquidity and a strong balance sheet. As a result of this and our disciplined approach to capital allocation, we have the opportunity to return excess cash to our shareholders in a balanced manner through dividends and share repurchases."

The share repurchases may be made from time to time in the open market or through privately negotiated transactions at management's discretion, depending on market conditions and other factors, in accordance with Securities and Exchange Commission and other applicable legal requirements.

Search News & Articles

Proudly associated with:
American Business Media Canadian Agri-Marketing Association National Agri-Marketing Association
Agricultural Relations Council National Association of Farm Broadcasters American Agricultural Editors' Association Livestock Publications Council
All content © 2017, Henderson Communications LLC. | User Agreement