bought back 4.7 million shares, or about 2.7% of its outstanding common stock.
The shares were purchased at an initial total cost of $257 million, or $54.63 a share, from Bank of America in conjunction with an accelerated share repurchase agreement, the Cedar Rapids, Iowa-based company said.
After this repurchase, the company raised its fiscal year 2007 earnings by 5 cents to $3.10 a share to $3.20 a share. The transaction will not materially affect fiscal year 2006 earnings a share, the company added.
Including this transaction, the company repurchased 9.3 million shares for $492 million during fiscal year 2006 and has $74 million of authorized share repurchases remaining.
"Our share repurchase program continues to be an important component of our capital deployment strategy and an efficient and flexible way of returning value to our shareowners," the company said. "The terms of this agreement provide an economically attractive method for immediately deploying our available cash while at the same time accelerating the enhancement of shareowner value."
The company also said that with the execution of this agreement it now expects about 18% growth in fiscal year 2007 EPS and doubled its projected organic revenue growth rate.
The company's shares were trading up 3 cents at $54.67 Friday.
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