MasTec (NYSE:MTZ) adds $150M to its existing share repurchase plan of $129M, whereby the company completed share repurchase of ~$110M during 1Q20.
The new additional authorization does not obligate the company to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion.
José Mas, MasTec's CEO, commented, "We expect share repurchases made during the first quarter will be funded by first quarter cash flow from operations and we currently anticipate ending the first quarter with ample liquidity approximating $900M."
