Ryder's ( R) board authorized a new buyback program covering up to $175 million of stock, or 8% of the transport company's shares outstanding.

The share repurchases will be made in open-market transactions during a period of no more than two years, the company said Tuesday.

On Monday, Ryder reaffirmed its third-quarter forecast, saying it should earn 90 cents to 95 cents a share. The forecast range includes any potential effects from hurricanes Katrina and Rita and the recently announced bankruptcy filing by Delphi ( DPH), one of its customers.

Shares of Ryder were up $1.31, or 4%, to $34.56 in recent trading.