The parcel courier’s prior repurchase authorization for 15 million shares, announced in September 2014, has been completed, leaving around 272 million outstanding common shares as of Jan. 25, 2016.
FedEx Corp. will launch a new share repurchase program of up to 25 million shares of common stock, the parcel courier said in a statement.
The company’s board of directors authorized the program following the completion of a previous repurchase authorization for 15 million shares, which was initially announced in September 2014.
Under the new program, shares may be repurchased at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. FedEx has not set a specific time limit for the completion of the share repurchase program, and said the program may be suspended or discontinued at any time.
As of Jan. 25, 2016, there were 272 million outstanding common shares of FedEx Corp., according to the company.
“Since FY14, we have returned nearly $8 billion to shareowners through the repurchase of over 57 million shares, and we remain committed to delivering long-term value for shareowners,” Frederick W. Smith, chairman and chief executive officer, said of the program. “Our profit and cash flow performance is strong, and we will continue to fund substantial investments in the business.”
FedEx to launch 25m share repurchase program
