Southwest authorises share repurchase

Washington DC
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The board of Southwest Airlines has authorised the carrier to repurchase up to $500 million of the company's common stock.

Southwest CEO Gary Kelly said: "The board's authorisation to resume a share repurchase programme demonstrates our confidence in the future of Southwest Airlines and underscores our commitment to enhance shareholder value."

In January 2008, the airline's board authorised the repurchase of up to $500 million of the carrier's common stock. The company repurchased 4.4 million shares for about $54 million through 15 February 2008 when repurchases were suspended.

The airline has about 804 million shares of common stock outstanding.