FedEx Authorizes New Share-Repurchase Program
January 26 2016 - 6:34PM
Dow Jones News
By Ezequiel Minaya
FedEx Corp. authorized on Tuesday a new share repurchase program
of up to 25 million shares, worth more than $3 billion.
Shares of the company inched up 0.3% to $127.67 in after-hours
trading.
FedEx said that since its 2014 fiscal year, it has repurchased
more than 57 million shares for nearly $8 billion. No time limit
was set for the latest share-buyback program. The prior
authorization, launched in September 2014 for 15 million shares,
has been completed, the company said.
The company is valued around $35 billion, according to
FactSet.
FedEx suffered a black eye over the holidays, saying last-minute
online orders and severe weather resulted in some packages arriving
late.
For the December quarter, FedEx reported a profit of $691
million, or $2.44 a share, up from year-earlier earnings of $663
million, or $2.31 a share. Excluding certain items, profit rose to
$2.58 a share from $2.16. Revenue increased 4% to $12.5
billion.
Earlier this month, European Union regulators approved FedEx's
acquisition of Dutch parcel company TNT Express NV, ending a
six-month antitrust investigation that had been one of the biggest
hurdles for the nearly $5 billion deal.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
January 26, 2016 18:19 ET (23:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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