Malibu Boats, Inc. (MBUU), a recreational powerboat manufacturer, Friday announced that it has been authorized to expand its existing share repurchase program from $50 million to $70 million.
The board's decision regarding the share repurchase program reflects MBIs sustained business as well as our continued confidence in the long-term prospects for the company. We remain focused on investing in our core businesses while returning excess capital to shareholders, said David Black, Chief Financial Officer of Malibu Boats, Inc.
The company has repurchased $20.7 million shares under the repurchase program during the second quarter.
In pre-market activity, MBUU shares were trading at $29.81, up 1.64% on the Nasdaq.
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