FedEx approves buyback of 5 mln more shares
FedEx Corp said its board of directors has approved the buyback of up to 5 mln more shares, additional to the 1.65 mln shares which remain under an existing share buyback authorisation.
In a statement, the company said the board has also agree to an initial quarterly dividend of 5 cents a share.
“This dividend declaration signals the board’s confidence in the company’s future growth and financial prospects and its unique role inthe global economy,” said chief executive Frederick Smith.
Fedex is still expecting to achieve positive free cash flow in 2002 and beyond, said Smith.
The company defines free cash flow as net cash from operating activites after purchases of property and equipment, asset sales and other items.
