MEMPHIS, Tenn. (AP) — FedEx is planning to buy back up to 32 million shares of its common stock.
Shares climbed before the market opening on Tuesday.
The package delivery company said that the new repurchase authorization augments the remaining 7.4 million shares under its existing buyback program.
FedEx repurchased 2.8 million shares in its fiscal first quarter. The company had 317 million outstanding shares as of Sept. 30.
Last month FedEx reported that its first-quarter profit climbed 7 percent. The company also announced that it would raise prices on many U.S. shipments in January.
FedEx Corp.'s stock added $1.06 to $116.50 in premarket trading. That is near its regular session 52-week high of $118.31 that it reached Sept. 20.