NACCO Industries Inc.'s board of directors approved a new program to repurchase up to $25 million of the company's outstanding class A common stock through Dec. 31, 2019.
The timing and amount of any repurchases under the program will be determined at the discretion of the company's management based on the availability of capital, other capital allocation alternatives and market conditions for the class A common stock, according to a Feb. 14 release.
The company's previously authorized share buyback program to purchase up to $50 million of its outstanding class A common stock expired on Dec. 31, 2017, and has allowed it to repurchase about 109,300 shares for an aggregate purchase price of $6.0 million.
Concurrently, NACCO declared a regular cash dividend of 16.5 cents per share to be paid March 15 to stockholders of record March 1. The dividend is payable on both the class A and class B common stock.
NACCO said it will release its financial results for the fourth quarter of 2017 on March 7.