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Beazer Homes board approves new share-repurchase program

Beazer Homes USA Inc. said its board of directors approved a new share-repurchase program for up to $50 million of the company's outstanding common stock.

Depending on market conditions, the company may also repurchase or redeem a similar amount of debt during the 2019 fiscal year, Beazer said in its full-year report for fiscal 2018.

Beazer plans to initially purchase $16.5 million of its outstanding shares under an accelerated share-repurchase program. The company may repurchase the remaining amount available under the new program from time to time on the open market, through private deals or otherwise, upon completion of the accelerated program. Beazer will repurchase the shares using cash on hand and cash generated from operations.