The specialty metals producer completed a prior $400M repurchase program in August, exhausting the $119M remaining balance.
Carpenter Technology announced a new share repurchase authorization of up to $1B of its common stock. The move follows the completion of a previous $400M buyback program, with the final $119M spent in August.
The company had previously authorized the $400M repurchase plan, which it fully executed ahead of the new approval. No details on timing or pace of the new program were disclosed.
Shares of CRS were inactive in after-hours trading following the announcement.