MEMPHIS, Tenn. (AP) _ FedEx Corp.'s board of directors on Monday authorized the company to repurchase up to 5 million shares of its common stock.

``FedEx has significantly improved its cash flow in recent years, and we believe that a repurchase of our stock is an excellent use of the company's cash,'' chief executive Frederick W. Smith said in a statement.

FedEx has 298 million shares outstanding.

The buyback will augment 3.1 million shares remaining under an existing repurchase authorization.

Among the FedEx Corp.'s assets are FedEx Express, which operates the world's largest cargo airline; FedEx Ground and FedEx Freight.

FedEx shares closed at $64.30 each Monday, up 56 cents, on the New York Stock Exchange.

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FedEx Corp.: http://www.fedex.com/