(RTTNews) - Freshpet, Inc. (FRPT) on Thursday said its board has authorized a share repurchase program of up to $150 million, effective immediately.
The pet food company said the buybacks may be funded through existing cash, future cash flow from operations, borrowings or other cash sources.
"With proceeds from the sale of our equity investment in Ollie, efficiencies from our operations, and positive free cash flow, we have the financial flexibility to invest in new technologies, capabilities, and innovation to extend our leadership position and fuel our growth, while simultaneously returning capital to shareholders when we believe our stock trades below intrinsic value," commented John OConnor, Chief Financial Officer.
Freshpet shares were up nearly 2% in pre-market trading after closing at $48.35 on Wednesday.
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