Norfolk Southern Announces New $10 Billion Stock Repurchase Program
Norfolk Southern Corporation announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.
Purchases will be made through open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods. Norfolk Southern believes shifting to a dollar denominated program more closely aligns its repurchase strategy with its expectations for cash flows. The new program, which has no expiration date, may be modified or terminated at any time. The timing and volume of any repurchases will be guided by management’s assessment of market conditions and other factors.