Summary
Flextronics International Ltd. (FLEX) announced on August 12, 2010, that its Board of Directors has authorized a new share repurchase program of up to $200 million. This action is intended to supplement an existing shareholder authorization for repurchasing up to 10% of outstanding ordinary shares and follows the recent completion of a prior $200 million share repurchase program initiated on May 28, 2010. The new authorization signals management's confidence in the company's financial position and its commitment to returning value to shareholders. While the program does not mandate a specific number of shares to be repurchased, it provides flexibility for the company to manage its capital and potentially enhance earnings per share. Investors should note that the repurchase program can be suspended or terminated at any time without prior notice.
Key Highlights
- 1Flextronics International Ltd. authorized a new share repurchase program of up to $200 million.
- 2This authorization is in support of a previously existing shareholder authorization for repurchasing up to 10% of outstanding shares.
- 3The new program is in addition to a recently concluded $200 million share repurchase program from May 28, 2010.
- 4The company is signaling financial strength and commitment to shareholder returns.
- 5The share repurchase program does not obligate the company to repurchase any specific number of shares.
- 6The program can be suspended or terminated at any time without prior notice.