- 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.