RBC Bearings announces $100M share repurchase program
RBC Bearings announced that its board has approved a $100M share repurchase program for RBC stock. "Our primary use of cash will continue to be for driving organic growth and acquisitions that complement our aerospace, defense and industrial portfolios," said Dr. Michael J. Hartnett, Chairman, President and Chief Executive Officer. "Our new stock repurchase program will enable us to offset the dilution of our incentive stock plan, which is an important element of our employee compensation program, and also demonstrates the strength of our cash generation and growth expectations." The new program terminates the company's $50M stock repurchase program that was implemented in 2013. Under the old program the Company repurchased 516,361 shares of its stock at an average price of $79.45 per share.