FedEx Corp. Announces Stock Repurchase Program
FedEx Corporation (NYSE: FDX) today announced that its Board of Directors has authorized the repurchase of up to 5 million shares of the company’s common stock. These shares augment the 3.1 million shares remaining under the existing repurchase authorization.
“The authorization of this repurchase program reflects our continued confidence in the long-term growth and profitability of FedEx Corp.,” said Frederick W. Smith, chairman, president and chief executive officer. “FedEx has significantly improved its cash flow in recent years, and we believe that a repurchase of our stock is an excellent use of the company’s cash.”
Purchases may be made in the open market and in negotiated or block transactions. FedEx currently has 298 million shares outstanding.
With annual revenues of $22 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world’s largest express transportation company; FedEx Ground, North America’s second largest provider of small-package ground delivery service; FedEx Freight, the largest U.S. provider of regional less- than-truckload freight services; FedEx Custom Critical, North America’s largest provider of expedited time-critical shipments; and FedEx Trade Networks, North America’s largest customs broker and a provider of international freight forwarding and trade facilitation services. FedEx ranked highest in the J.D. Power and Associates 2002 Small Package Delivery Service Business Customer Satisfaction Study(SM) in the categories of air, ground and international delivery services.
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CONTACT: FedEx Corp.
Media Contact:
Shirlee Clark, 901-818-7463
or
Investor Contact:
Jim Clippard, 901-818-7468
Worldwide Web Home Page:
www.fedex.com
KEYWORD: TENNESSEE
INDUSTRY KEYWORD: TRANSPORTATION AIRLINES
SOURCE: FedEx Corp.
