Ryder Authorizes $175 Mln. Stock Purchase Over Two Years
yder System said Monday that its board of directors has authorized a new share repurchase program, under which the company is authorized to repurchase up to $175 million of outstanding common stock over two years.
Based on Ryder's current stock price, $175 million represents approximately 8% of the company's total outstanding shares, the company said in a statement.
The program “is consistent with our commitment to deliver value to shareholders through sales growth, margin improvement and a more efficient capital structure,” Ryder’s President and Chief Financial Officer Tracy Leinbach said.