Central Garden & Pet Boosts Shareholder Value with $100 Million Stock Repurchase Program

Central Garden & Pet Enhances Market Strategy with Stock Repurchase Program

Central Garden & Pet Company, a key player in the pet and garden industries, announces an expansion of its stock repurchase program, allowing for an additional $100 million in share buybacks. This decision raises the total repurchase authorization to approximately $130 million as of December 11, 2024. The company's Board of Directors assesses that the current stock price is undervalued, and they believe that repurchasing shares will bolster future earnings per share, ultimately benefiting both the organization and its shareholders. This strategic move reflects Central’s ongoing commitment to enhancing shareholder value while navigating a competitive market.

The repurchase program is set to be executed through open market transactions, utilizing cash reserves and borrowings to fund the purchases. The company does not impose a fixed expiration date on the program, allowing for flexibility in timing and volume based on market conditions. The shares acquired will be retired and converted to authorized but unissued shares, which can further support earnings growth. This initiative is particularly significant as Central Garden & Pet continues to strengthen its market position, having reported net sales of $3.2 billion for fiscal 2024 and maintaining a diverse portfolio of over 65 trusted brands, including Amdro®, Aqueon®, and Nylabone®.

In addition to the stock repurchase initiative, Central Garden & Pet Company announces the appointment of Randal D. Lewis to its Board of Directors, effective December 11, 2024. Lewis brings over three decades of experience in the consumer products sector, having held prominent leadership roles at Spectrum Brands Holdings, Inc. His operational expertise in both the pet and garden divisions is expected to drive Central's growth and market expansion. The company, which has been a leader in enhancing homes for over 40 years, maintains a workforce of approximately 6,450 employees, primarily based in North America.

Central Garden & Pet remains dedicated to its mission of promoting healthier pets, greener lawns, and vibrant gardens through innovative products and strategic initiatives.