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Sonic boosts buybacks amid asset-light model

Jun. 07, 2018 8:02 AM ETSonic Corp. (SONC) StockSONCBy: Clark Schultz, SA News Editor1 Comment
  • Sonic (NASDAQ:SONC) announces that the board approved a new $500M share repurchase program to replace an old FY18 authorization of $160M.
  • The company has bought back ~$110M in stock through the end of FQ3, leaving ~$390M on the new authorization.
  • "The board’s decision to increase and extend the share repurchase authorization reflects our confidence in the company’s ability to leverage our asset-light model to improve results and drive long-term growth and value creation," says CEO Cliff Hudson.
  • "We believe that Sonic represents a compelling investment opportunity and remain committed to returning capital to shareholders through share repurchases and our ongoing dividend program while continuing to invest in the business," he adds.
  • Previously: Sonic updates guidance ahead of conference presentations (June 7)
  • SONC +1.47% premarket to $27.00.

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