Trimble Announces Expanded Share Repurchase Program

Trimble announced that its Board of Directors has approved the repurchase of up to $400 million of Trimble's common stock and that it intends to spend at least $150 million of this authorization within the next 6 months. 

"Our business continues to generate strong cash flows, and today's announcement of the expansion of our share repurchase program reaffirms that we are committed to enhancing shareholder value through a balanced approach that drives growth and returns capital to our shareholders," said Francois Delepine, Trimble's chief financial officer.  

The share repurchase authorization does not have an expiration date and replaces the prior authorization of $300 million, which had $177 million remaining as of the end of the second quarter of 2015. Under the share repurchase program, Trimble may repurchase shares from time to time in open market transactions, privately-negotiated transactions, accelerated share repurchase programs, tender offers, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, Trimble's share price, other available uses of capital, applicable legal requirements, and other factors. The program may be suspended, modified or discontinued at any time without prior notice.

In the first half of 2015, Trimble repurchased approximately 2.95 million shares of its common stock for a total of approximately $73 million.