Norfolk Southern increases stock repurchase program
NORFOLK, Va., Sept. 26, 2017 -- 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.
Any statements contained in this news release which are not related to historical facts are forward-looking statements as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (noted in the corporation’s filings with the SEC) which could cause actual results to differ.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.