04:49 PM EDT, 03/21/2024 (MT Newswires) -- FedEx ( FDX ) said late Thursday that its board authorized a new $5 billion share repurchase program.

The company said the new buyback plan is in addition to an existing $600 million that remains available for repurchases under its 2021 authorization.

FedEx ( FDX ) expects to repurchase $500 million of shares during fiscal Q4, bringing the full-year buybacks to $2.5 billion.

The company said it completed a $1 billion accelerated share repurchase transaction during fiscal Q3. The year-to-date decrease in outstanding shares lifted fiscal Q3 results by $0.09 apiece.

Shares of the parcel delivery company soared 13% in after-hours activity.

Price: 299.4, Change: +34.55, Percent Change: +13.05