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, 2014. In combination with the previous share repurchase program that expires on Dec. 31, 2010, the total number of shares that may be repurchased has increased from 75 million to 125 million.
From February 2006 through June 30, 2010, approximately 66.7 million shares have been repurchased for $3.4 billion. The timing and volume of any purchases will be guided by management’s assessment of market conditions and other factors. Norfolk Southern had approximately 369 million shares outstanding as of June 30, 2010.
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.
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 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 and industrial products.