Lessor Air Transport Services Group (ATSG) has "adopted a new common-share repurchase authorisation in replacement for its largely exhausted prior authorisation", meaning it could "repurchase up to an additional US$150 million of its common shares".
President and chief executive Rich Corrado said the move, "when used effectively as one component of a carefully considered capital allocation programme", would "in the best interest of all shareholders of ATSG".
The group resumed share repurchases last month under a previous board authorisation, according to a company statement, since when it has acquired "approximately 1.6 million of its shares, or approximately 2% of those outstanding as of September 30, 202". Before last month it was not permitted to conduct share buybacks due to a federal grant programme described as being in place "to offset pandemic effects on employment for passenger airline companies".