AECOM (ACM), an infrastructure consulting firm, announced Thursday that its Board of Directors has increased the authorization under its existing stock repurchase program to $1 billion.
The company said the decision is consistent with its capital allocation priorities.
Since September 2020, the company has repurchased around 19 million shares and has reduced its shares outstanding by 12% compared to its beginning share count.
Troy Rudd, AECOM's chief executive officer, said, "Looking ahead, our strong balance sheet and the highly cash generative nature of our Professional Services business underscore our commitment to continuing to return free cash flow to stockholders, and we continue to conclude that buying our stock remains the best and highest use of free cash flow after investments in our people and innovation to drive industry-leading organic revenue growth."
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