Dycom Industries (DY) authorizes a $40M stock buyback.
The repurchase authorization replaces the company's previous program, which expires on September 15, and of which approximately $22.8M remained outstanding as of July 27.
Repurchases are authorized to be made over the next 18 months, with the exact timing to depend on market conditions and other factors.
The company expects to fund repurchases using cash on hand.
As of August 26, 2013, the company had a float of around 33.2 M shares.