(Hertz) Hertz Global Holdings rose more than 6% on Wednesday after approving a new $2.0 billion share repurchase program.
The new authorization comes after Hertz announced another $2.0 billion buy-back in November last year. Only $0.2 billion remains under the previous authorization.
Hertz CEO Stephen Scherr says that the repurchase underscores the board and management’s belief in the direction of the company. He says the company remains committed to a capital allocation strategy that utilizes organic cash flows at appropriate leverage.
Hertz said that the repurchases would be implemented in a variety of ways, including open-market transactions, privately negotiated transactions, and accelerated share purchases.
The company says the repurchase authorization does not obligate it to purchase a certain amount of stock and can be discontinued at any time. The repurchase also carries no time limit.
NASDAQ: HTZ is up +6.26% in premarket.
