(Source: Norfolk Southern press release, September 26, 2017)
NORFOLK, Va. — Norfolk Southern Corporation today announced that its board of directors has authorized the repurchase of up to an additional 50 million shares of its common stock through Dec. 31, 2022. In combination with previous share repurchase authorizations since the inception of the program in 2006, the total number of shares that may be repurchased has increased from 175 million to 225 million.
“The board’s action underscores its confidence in the future of Norfolk Southern,” said James A. Squires, Norfolk Southern chairman, president and CEO. “Our increased and extended repurchase program facilitates the substantial return of capital to our shareholders, as promised by our strategic plan.”
From Aug. 1, 2012, through Sept. 25, 2017, approximately 43 million shares have been repurchased at an aggregate purchase amount of $3.84 billion, and approximately 9 million shares of previous repurchase authority remained as of Sept. 25, 2017. The timing and volume of any purchases will be guided by management’s assessment of market conditions and other factors. Norfolk Southern had approximately 286 million shares outstanding as of Sept. 25, 2017.