(RTTNews) - Expeditors International of Washington Inc. (EXPD) on Tuesday said its board has authorized a new share repurchase program of up to $3 billion of the company's common stock.
The authorization will take effect after the expiration of the company's current buyback program, which allows repurchases down to 130 million outstanding shares and was approved in February 2024.
The logistics company said its capital deployment strategy prioritizes investment in organic growth initiatives, but strong operating cash flow and a capital-efficient business model are expected to generate significant excess cash.
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