CHICAGO, Dec. 7, 2017 /PRNewswire/ -- United Airlines
announced today that the Board of Directors of its parent company,
United Continental Holdings, Inc. (UAL), authorized a new $3
billion share repurchase program. This amount represents
approximately 17 percent of the company's market capitalization
based on the closing stock price on Dec. 6,
2017.
"We continue to invest in our employees, our customer experience
and the growth of our business. Returning cash to our shareholders
reflects the strength of our balance sheet and the confidence we
have in our future," said Andrew
Levy, executive vice president and chief financial officer
of United Airlines.
The company is expected to complete its most recently authorized
July 2016 $2
billion share repurchase program by the end of December 2017. The company's share repurchases
under today's $3 billion repurchase
authorization will be made in accordance with applicable securities
laws in open market, or accelerated repurchase transactions from
time to time, depending on market conditions, and may be
discontinued at any time. There is no expiration date for the share
repurchase program.
About United
United Airlines and United Express operate approximately 4,500
flights a day to 337 airports across five continents. In 2016,
United and United Express operated more than 1.6 million flights
carrying more than 143 million customers. United is proud to have
the world's most comprehensive route network, including U.S.
mainland hubs in Chicago,
Denver, Houston, Los
Angeles, Newark/New York,
San Francisco and Washington, D.C. United operates 751 mainline
aircraft and the airline's United Express carriers operate 489
regional aircraft. The airline is a founding member of Star Alliance, which provides service to more
than 190 countries via 28 member airlines. For more information,
visit united.com, follow @United on Twitter or connect on Facebook.
The common stock of United's parent, United Continental Holdings,
Inc., is traded on the NYSE under the symbol "UAL".
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
Certain statements included in this release are forward-looking and
thus reflect our current expectations and beliefs with respect to
certain current and future events, such as the timing and amount of
share repurchases, and anticipated financial and operating
performance. Such forward-looking statements are and will be
subject to many risks and uncertainties relating to our operations
and business environment that may cause actual results to differ
materially from any future results expressed or implied in such
forward-looking statements. Forward-looking statements include
statements that do not relate solely to historical facts, such as
statements which identify uncertainties or trends, discuss the
possible future effects of current known trends or uncertainties,
or which indicate that the future effects of known trends or
uncertainties cannot be predicted, guaranteed or assured. All
forward-looking statements in this release are based upon
information available to us on the date of this release. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, changed circumstances or otherwise, except as
required by applicable law. Our actual results could differ
materially from these forward-looking statements due to numerous
factors including those described under Part I, Item 1A., "Risk
Factors," of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2016, as well as
other risks and uncertainties set forth from time to time in the
reports we file with the U.S. Securities and Exchange
Commission.
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SOURCE United Airlines