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HanesBrands Announces New $1 Billion Share Repurchase Authorization and Declares Regular Quarterly Cash Dividend
HanesBrands Announces New $1 Billion Share Repurchase Authorization and Declares Regular Quarterly Cash Dividend
April 27, 2016 at 4:07 PM EDT
Hanes’ capital allocation strategy is to invest in the business and pay quarterly cash dividends, and then use excess cash to repurchase shares and use debt to fund acquisitions if the company is within its target net-debt ratio of 2 to 3 times earnings before interest, taxes, depreciation and amortization.
The regular quarterly cash dividend of
The new repurchase plan authorizes the company to buy up to 40 million
shares, valued at more than
The repurchase authorization enables the company to purchase its ordinary shares from time to time through open market purchases, negotiated transactions or other means, including 10b5-1 trading plans in accordance with applicable securities laws or other restrictions. No time period has been set for the repurchase program, and any such program may be suspended or discontinued at any time.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain “forward-looking statements,” as
defined under U.S. federal securities laws. In particular, among others,
statements in this press release regarding HanesBrands’ intention to
repurchase shares of its common stock from time to time under the stock
repurchase program and the source of funding are forward-looking
statements that are subject to risks and uncertainties. These
forward-looking statements are based on our current intent, beliefs,
plans and expectations. Readers are cautioned not to place any undue
reliance on any forward-looking statements. Forward-looking statements
necessarily involve risks and uncertainties, many of which are outside
of our control, that could cause actual results to differ materially
from such statements and from our historical results and experience.
These risks and uncertainties include such things as: the market price
of our stock prevailing from time to time, the nature of other
investment opportunities presented to us from time to time, our cash
flows from operations, general economic conditions, our ability to
access sufficient capital at reasonable rates or commercially reasonable
terms or to maintain sufficient liquidity in the amounts and at the
times needed; risks associated with our indebtedness; and other risks
identified from time to time in our most recent
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006609/en/
Source:
HanesBrands
News Media
Matt Hall, 336-519-3386
or
Analysts
and Investors
T.C. Robillard, 336-519-2115
Data Provided by Refinitiv. Minimum 15 minutes delayed.