AT&T board OK's buyback of 300M more shares

AT&T's (NYSE: T) board of directors have given the green light to repurchase as much as $11.1 billion in stock, upping a share-buyback program the service provider launched in late 2010.

This latest buyback initiative includes up to 300 million additional shares, representing about 5 percent of AT&T's outstanding shares.

"This action allows us to continue returning cash to our shareholders through dividends and buybacks while maintaining a strong balance sheet and investing in the future of our business," Randall  Stephenson, AT&T chairman and chief executive officer, said in a release announcing the latest buyback program.

AT&T's move follows its 8.7 percent increase in Q2 2012 net income. Driven by strong wireless data, U-verse, and IP-based business service growth, the telco reported revenue rose 0.3 percent to $31.6 billion from Q2 2011. Likewise, net income was $3.9 billion, compared to $3.6 billion in the same period a year ago.

In December 2010, the telco authorized the repurchase of 300 million shares. During that program, AT&T repurchased 143.5 million of its shares for approximately $4.6 billion through June 30, 2012. During the first half of this year, the company returned nearly $10 billion, including dividends, to shareholders.

For more:
- see the release
- Bloomberg has this article

Special Report: Wireline in the second quarter of 2012

Related articles:
AT&T's Q2 wireline growth driven by U-verse, next-gen business services
AT&T, CWA hammer out tentative wireline labor agreements
Report calls AT&T, Verizon top U.S. 'investment heroes'
AT&T, IBEW agree on 1-year contract extension, CWA negotiations ongoing

Suggested Articles

Fueled in part by deals in the financial sector, SD-WAN revenues grew 8% sequentially in the first quarter of this year, according to IHS Markit.

Futurewei employees work in research labs across the United States, including in California, Texas and Washington.

Microsoft Azure announced on Monday that it has selected Aryaka as one of it first partners for a new managed services provider program.