World Fuel Services Corporation has announced that its board of directors has renewed the company's share repurchase program, authorizing the purchase of up to $100 million in common stock. The board action replaces the previously announced May 2014 share repurchase authorization.
In a statement, World Fuel Services said: "Share repurchases may be made from time to time in the open market or through privately negotiated transactions. The timing and amount of shares to be repurchased under the program will depend on market conditions, share price, securities law and other legal requirements and factors. The program does not require the purchase of any minimum number of shares, has no expiration date and may be suspended or discontinued at any time without prior notice."
In addition, the company's board of directors also declared its quarterly cash dividend of $0.06 per share payable on July 10, 2015 to shareholders of record on June 19, 2015.
In March, the company announced that it had increased its quarterly cash dividend for the first time in five and a half years by 60 percent to $0.06 per share, payable on April 10, 2015, to shareholders of record on March 20, 2015.
Prior to the announcement in March, WFS had declared a quarterly cash dividend of $0.0375 per share in every quarter between 2005 and 2014 apart from the first, second and third quarters of 2009, when $0.075 per share was paid to shareholders.
"This expansion of our share repurchase program, combined with our recent dividend increase, demonstrates our commitment to delivering increased value to our shareholders," said
Michael J. Kasbar, chairman and chief executive officer. "These actions complement our ongoing value-creating initiatives, including the use of capital to invest in strategic growth opportunities, both organically and through acquisitions."
