The board of directors of International Paper (NYSE:IP) has authorized a share repurchase program to acquire up to $2B common stock, addition to $430M remaining as of the end of Q3 from a previous repurchase program.
During Q3, the company repurchased approximately $200M in common stock at an average price of $52.03 per share.
"The repurchase authorization and the dividend increase reflect our continued confidence in International Paper's long-term outlook and strong free cash flow generation," said Mark Sutton, Chairman and Chief Executive Officer. "Today's announcement is part of our commitment to return cash to shareholders through systematic share repurchases and a sustainable dividend policy."
IP +0.49% premarket.
Previously: International Paper declares $0.50 dividend (Oct. 9)
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