Under Armour’s board of directors has authorized the repurchase of up to $500 million of the company’s Class C common stock, effective immediately. Repurchases under this program may be made over the next two years through various methods, including open market transactions, privately negotiated or accelerated share repurchases. The timing, method, price and size of share repurchases will be at the discretion of management and will depend on various factors. President and CEO Patrik Frisk said the program is an excellent opportunity to deploy cash and increase shareholder value without compromising the financial flexibility needed to continue investing in key, higher-growth opportunities. S&P Global Ratings has just changed its outlook on Under Armour from stable to positive (more here). The agency currently expects the company’s total revenues to increase in the low single digits, mainly due to higher sales outside North America.

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