NS buys back more stocks
Norfolk Southern Corp. (NYSE: NSC) reported today that it bought back and retired 17.1 million shares of common stock at a total cost of $730 million in the third quarter.
The railroad’s directors okayed the plan on Nov. 22, 2005.
Approximately 397 million shares of common stock remained outstanding as of September 29, excluding shares held by Norfolk Southern’s consolidated subsidiaries, and “diluted weighted average shares outstanding used in the calculation of diluted earnings per share for the third quarter were approximately 410 million shares,” according to the company.
NS’s directors has authorized repurchasing up to 50 million shares of its common stock through the end of 2015.
“Since the inception of the program, NS has purchased and retired 20.7 million shares at a total cost of $916 million,” according to the carrier. The firm noted, "Timing and volume of future purchases under this program will be guided by management’s assessment of market conditions and other factors."