Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Ford says it will buy back up to about 116 million shares of company stock worth about $1.8 billion.
The Dearborn, Michigan-based automaker says the buybacks will help offset potential dilution from convertible debt and stock-based compensation for employees. Those can increase the number of shares on the market and weigh on per-share earnings. By buying back its shares, Ford can help boost its earnings per share.
The price tag is based on Wednesday's closing price of $15.46 per share.
Ford Motor Co. shares rose nearly 1 percent to $15.60 in after-hours trading Wednesday. They closed down 10 cents at $15.46. The stock's value is nearly unchanged in 2014.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
