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Jabil Inc. announced that its Board of Directors has authorized a share repurchase program of up to $1 billion in common stock. The shares will be repurchased from time-to-time through fiscal year 2023 using various methods, including in the open market at the Company's discretion and subject to market conditions and other factors.
“This is continued evidence of our ongoing commitment to return capital to shareholders,” said CEO Mark Mondello. “This $1 billion authorization reflects our belief in Jabil’s ability to generate strong earnings and free cash flows,” added Mondello.
Since 2016, Jabil has returned approximately $2 billion to shareholders through both share repurchases and dividends. As part of this shareholder return framework, Jabil has repurchased 63.6 million shares at an average price of $28.73.
“The Jabil team continues to deliver strong results as we focus on best-in-class financial targets at scale. We look forward to sharing more detail, including our outlook for FY22, during our fourth annual investor briefing in September,” continued Mondello.