MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in commercial fleet
management, dedicated
transportation, and supply
chain solutions, announced that its Board of Directors has
authorized a new share repurchase program to mitigate the dilutive
impact of shares issued under the Company's employee stock plans. The
new program replaces Ryder’s previous anti-dilutive program, which
expired in December 2017.
Under the new anti-dilutive program, Ryder management is authorized to
repurchase up to 1.5 million shares of common stock issued to employees
under the Company’s employee stock plans from December 1, 2017 through
December 13, 2019. Share repurchases will be made periodically in
open-market transactions using the Company's working capital, and are
subject to market conditions, legal requirements, and other factors. In
addition, management has been granted the authority to establish a
trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 as
part of the repurchase program. As of September 30, 2017, the Company
had 52.9 million shares of common stock outstanding.
About Ryder
Ryder is a FORTUNE 500® commercial fleet management, dedicated
transportation, and supply chain solutions company. Ryder’s stock
(NYSE:R) is a component of the Dow Jones Transportation Average and the
S&P MidCap 400® index. Ryder has been named among FORTUNE’s
World’s Most Admired Companies, and has been recognized for its
industry-leading practices in third-party logistics, environmentally
friendly fleet and supply chain solutions, and world-class safety and
security programs. The Company is a proud member of the American Red
Cross Disaster Responder Program, supporting national and local disaster
preparedness and response efforts. For more information, visit www.ryder.com,
and follow us on our Online
Newsroom and social media pages: Facebook,
LinkedIn,
Twitter,
Instagram,
and YouTube.
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are "forward-looking
statements" within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements
are based on our current plans and expectations and are subject to
risks, uncertainties and assumptions. Accordingly, these
forward-looking statements should be evaluated with consideration given
to the many risks and uncertainties that could cause actual results and
events to differ materially from those in the forward-looking statements
including those risks set forth in our periodic filings with the
Securities and Exchange Commission. New risks emerge from time to
time. It is not possible for management to predict all such risk
factors or to assess the impact of such risks on our business. Accordingly,
we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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Source: Ryder System, Inc.