Shares of business-to-business distribution solutions and services provider Veritiv Corporation (VRTV) are climbing more than 16% Monday morning.
The company on Monday said its Board has approved the up-sizing of its existing share buy-back program from $50 million to $100 million.
The company has about $71 million remaining under the expanded program, after accounting for the shares already repurchased.
“Our continued earnings momentum and strong balance sheet allow us to increase our stock repurchase program,” said Sal Abbate, Chief Executive Officer. “Having already repurchased nearly $29 million of shares this year, management and our Board of Directors believe the timing is right to expand the program. We continue to believe the repurchase of our stock is the best use of capital at this time,” Abbate added.
VRTV touched a new high of $58.55.
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