Republic Airways Holdings today announced plans to repurchase as much as $100 million of its common stock, a move that helps lift earnings per share for the company at a time merger rumors are swirling around its big airline customers.
Republic shares late this morning were trading at $19.90, up 2.5 percent on the day. Over the last year they've ranged from $16.26 to $23.88.
"Our business model is structured to provide Republic with long-term, secure and predictable earnings and cash flows regardless of whether or not the major airlines undertake consolidation," said CEO Bryan Bedford.
The Indianapolis-based parent of Chautauqua Airlines, Republic Airlines and Shuttle America flies smaller jets for many of the nation's largest carriers, including American, Continental, Delta, Frontier, United and US Airways.
Republic said it remains on track to add 31 aircraft to its fleet by the end of the first quarter in 2009. The fleet currently consists of 217 planes, mostly Embraer regional jets.