Delphi Automotive DLPH today announced that its Board of Directors has
authorized a new share repurchase program of up to $750 million of Delphi's
outstanding ordinary shares. This program follows the completion of $300
million of share repurchases under Delphi's previously announced share
repurchase program that commenced in January 2012.
“Today's announcement highlights both our strong balance sheet and free cash
flow generation,” said Kevin Clark, senior vice president and chief financial
officer of Delphi. “We are pleased to have the financial flexibility to
opportunistically allocate our capital to this share repurchase program while
maintaining our focus on driving growth and executing on our strategy. This
action demonstrates our commitment to further delivering shareholder value
while maintaining our investment grade credit metrics.”
Under the program, Delphi is authorized to repurchase up to $750 million of
its outstanding ordinary shares. The timing and amount of any share
repurchases will be determined based on market conditions, share price and
other factors. Repurchases may be made in the open market or in privately
negotiated transactions.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in