By Maria Armental

United Parcel Service Inc.'s (UPS) board approved spending up to $8 billion to buy back company stock.

The Atlanta company, which ended the year with a $4.84 billion profit bolstered by higher shipping volumes, has bought back more than 96 million shares or $9 billion worth of stock over the past three years.

UPS had said it intends to buy $2.7 billion worth of shares this year, roughly the same amount it spent in 2015.

Shares, up 2% over the past 12 months, rose 1% to $103.12 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 05, 2016 20:27 ET (00:27 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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