Beacon entered into an accelerated share repurchase agreement with Citibank N.A. to repurchase $250 million of Beacon’s common stock. The agreement is in addition to the company’s $125 million accelerated share repurchase agreement, which was announced in March.

“Today’s announcement to further accelerate our share repurchase program reaffirms Beacon’s commitment to creating shareholder value through our capital allocation strategy,” Julian Francis, president and CEO of Beacon, said in a prepared statement. “We now expect to complete at least three-quarters of the previously announced $500 million share repurchase authorization in 2022. We continue to have great confidence in our Ambition 2025 strategic plan outline during our recent Investor Day. With multiple levers for growth and margin enhancement, combined with the inherent resiliency of our business and this team’s focused execution, we are beginning to deliver on Beacon’s potential.”

Under the accelerated share repurchase agreement, Beacon will make a pre-payment of $250 million to Citibank N.A. and will initially receive a prorated quantity of the company’s common stock. The final number of shares to be repurchased will be based on the daily volume-weighted average price of Beacon’s common stock during the term of the agreement, less a discount and subject to adjustments pursuant to the terms of the agreement, according to Beacon. The settlement of the accelerated share repurchase agreement is expected to be completed in the fourth quarter of 2022.

Herndon, Va.-based Beacon distributes roofing materials and complementary building products. The company operates over 400 branches throughout all 50 U.S. states and six Canadian provinces.