FedEx Announces 25 Million Share Repurchase Program
January 26 2016 - 5:10PM
Business Wire
FedEx Corp. (NYSE: FDX) announced today that its Board of
Directors has authorized a new share repurchase program of up to 25
million shares of FedEx Corp. common stock. These shares may be
repurchased from time to time in the open market or in privately
negotiated transactions.
“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.”
Repurchases will be made from time to time 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. No time limit was set for the completion of the
repurchase program, and the program may be suspended or
discontinued at any time.
The prior repurchase authorization announced in September 2014
for 15 million shares has been completed. There were 272 million
common shares outstanding as of January 25, 2016.
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses
worldwide with a broad portfolio of transportation, e-commerce and
business services. With annual revenues of $49 billion, the company
offers integrated business applications through operating companies
competing collectively and managed collaboratively, under the
respected FedEx brand. Consistently ranked among the world’s most
admired and trusted employers, FedEx inspires its 340,000 team
members to remain “absolutely, positively” focused on safety, the
highest ethical and professional standards and the needs of their
customers and communities. For more information, visit
news.fedex.com.
Certain statements in this press release may be considered
forward-looking statements, such as statements relating to
management’s views with respect to future events and financial
performance. Such forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from historical experience or from future results
expressed or implied by such forward-looking statements. Potential
risks and uncertainties include, but are not limited to, economic
conditions in the global markets in which we operate, our ability
to execute on our profit improvement programs, legal challenges or
changes related to FedEx Ground’s owner-operators, new U.S.
domestic or international government regulation, the impact from
any terrorist activities or international conflicts, our ability to
effectively operate, integrate and leverage acquired businesses,
changes in fuel prices and currency exchange rates, our ability to
match capacity to shifting volume levels and other factors which
can be found in FedEx Corp.’s and its subsidiaries’ press releases
and filings with the SEC. Any forward-looking statement speaks only
as of the date on which it is made. We do not undertake or assume
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160126006728/en/
FedEx Corp.Media Contact:Jess Bunn, 901-818-7463orInvestor
Contact:Mickey Foster, 901-818-7468fedex.com
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