Summary
Norfolk Southern Corporation (NSC) filed an 8-K on June 15, 2010, primarily to disclose an update on its share repurchase program provided by CFO Jim Squires at the Wells Fargo Securities Industrial Conference. The company confirmed that its Board of Directors had previously authorized the repurchase of up to 75 million shares through December 31, 2010. During the second quarter of 2010, Norfolk Southern had resumed share repurchases, acquiring approximately 1.6 million shares for about $87 million as of June 11, 2010. Since the program's inception in 2006, the company had retired a cumulative 66.3 million shares at a total cost of $3.4 billion by June 11, 2010. The presentation was webcast and materials are available on NSC's investor relations website.
Key Highlights
- 1Norfolk Southern (NSC) provided an update on its share repurchase program at the Wells Fargo Securities Industrial Conference.
- 2The company's Board of Directors has authorized the repurchase of up to 75 million shares through December 31, 2010.
- 3NSC resumed share repurchases in the second quarter of 2010.
- 4As of June 11, 2010, NSC had purchased approximately 1.6 million shares in Q2 2010 at an approximate cost of $87 million.
- 5Since the program began in 2006, NSC has repurchased and retired 66.3 million shares.
- 6The total cost for repurchased shares since inception (as of June 11, 2010) was $3.4 billion.
- 7The presentation was webcast, and the materials are available on the company's investor relations website.