On Wednesday, the same day Itron Inc. posted its 4Q and 2013 fiscal year results, the company also announced it plans to repurchase up to $50 million in common stock.
Like Apple earlier this month, the company knows it wants to protect shareholder value, and buybacks are one of the basic tools to accomplish that.
Itron's announcement was timed, appropriately, to a fairly dismal quarterly report. The company failed to hit analyst earnings targets.
Its plan is to make the purchases over the next 12 months, and will start on March 7 this year. That date marks the end of a current repurchase program.
Itron's formal release said the following:
"This new repurchase program reaffirms our commitment to returning value to shareholders," said Philip Mezey, Itron president and chief executive officer. "We have repurchased over 2.6 million shares since the fourth quarter of 2011, representing nearly seven percent of the outstanding shares. The strength of our balance sheet provides us with the flexibility to continue repurchasing shares while investing in growth opportunities for the business."