SPRINGFIELD, Mo. O’Reilly Automotive’s board of directors has approved a resolution to increase the authorization amount under its share repurchase program by an additional $500 million, raising the aggregate authorization under the program to $1 billion. As previously announced, on Jan. 11, the board authorized the repurchase of up to $500 million of the company’s common stock over a three-year period.
“Consistent with our disciplined approach of utilizing our share repurchase program to enhance shareholder value and driven by our strong free cash flow, we have repurchased over 7 million shares of our common stock for a total investment of over $400 million since the inception of our repurchase program in January of 2011,” said Tom McFall, O’Reilly’s executive vice president of finance and CFO. “The additional $500 million share repurchase authorization we announced today, maintains our flexibility to continue to execute our strategic initiatives.”
The additional $500 million authorization is effective for a three-year period, beginning on Aug. 5.