FedEx Express (FX, Memphis International) is set to embark on a new share buyback drive wherein up to 25 million shares of FedEx Corp. common stock will be reacquired by 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,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. “Our profit and cash flow performance is strong, and we will continue to fund substantial investments in the business.”
FedEx said no time limit had been set for the completion of the repurchase program, which may be suspended or discontinued at any time.
The company recently completed a previous share buyback drive, launched in September 2014, for 15 million shares. As it currently stands, there were 272 million common shares outstanding as of January 25, 2016.
