05:23 AM EDT, 03/22/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

FedEx ( FDX ) shares were up more than 12% in premarket activity after the company announced 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.

Price: 297.90, Change: +33.05, Percent Change: +12.48