AutoZone OKs extra stock buybacks
Auto-parts retail chain AutoZone Inc. (AZO) on Wednesday said its board had authorized the repurchase of an extra $2 billion of the company's stock as part of an ongoing buyback program. Shares were up 2.1% after hours. "AutoZone's continuing ability to generate strong free cash flow allows us to increase our cumulative share authorization while maintaining our investment-grade credit ratings," Chief Financial Officer Jamere Jackson said in a statement. "Additionally, we will continue with our disciplined capital allocation policy to drive top-line growth while maintaining adequate liquidity."
-Bill Peters
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