Kirby (KEX) announced that its board has approved a new share repurchase authorization for up to 8M additional shares. “The action reflects the confidence in Kirby’s commercial and operational execution focused on delivering consistent and sustainable free cash flow generation in dynamic market conditions and reaffirms the Company’s capital allocation priorities of pursuing inland marine acquisitions, investing in new growth areas like power generation, and returning capital to shareholders,” Kirby said in a statement. The authorization is in addition to the previously announced 5M share repurchase authorization of which approximately 800,000 shares remained available for repurchase as of September 5. With the new share repurchase authorization, approximately 8.8M shares are authorized for repurchase by the company.
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