FedEx Announces 25 Million Share Repurchase Program, Notes 'Strong' Profit And Cash Flow Performance

Shares of FedEx Corporation FDX were trading higher by more than 2 percent Wednesday as investors were encouraged by the company's announcement of a new share repurchase program.

FedEx announced after Tuesday's market close that its Board of Directors has authorized a new share repurchase program of up to 25 million shares of its common stock.

FedEx noted its prior share repurchase authorization, which it announced in September 2014, has been completed as the company repurchased the maximum 15 million shares it was authorized to do so.

As of January 25, there were 272 million common shares outstanding.

"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."