Benzinga | Oct 27, 2021 07:57AM EDT

Ryder Reports 2M Share Buyback Via 'Discretionary Repurchase Program,' 2.5M Share Buyback Via 'Anti-Dilutive Repurchase Program'

Ryder System, Inc. (NYSE:R), a leader in supply chain, dedicated transportation, and fleet management solutions, announced that its Board of Directors has authorized two new share repurchase programs.

Under the new discretionary repurchase program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock, at its discretion, from October 14, 2021 through October 14, 2023 (two years). This program is designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns.

Under the new anti-dilutive repurchase program, Ryder management is authorized to repurchase up to 2.5 million shares of common stock from October 14, 2021 through October 14, 2023 (two years), issued to employees under the company's employee stock plans since September 1, 2021. This program is designed to mitigate the dilutive impact of shares issued under the company's employee stock plans. The new program replaced the company's 2019 anti-dilutive program, which was scheduled to expire in December 2021.

Share repurchases under both programs can be made from time to time using the company's working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements, and other factors. As of June 30, 2021, the company had 53.8 million shares of common stock outstanding.