Lowe's Cos. Inc.'s board authorized a new $10 billion share buyback program, the company said in a meeting with analysts and investors Dec. 12.

The repurchase program has no expiration date and adds to the company's previous buyback program's balance, which was $4.5 billion as of Nov. 2.

The repurchases are subject to market conditions and will be made from time to time either in the open market or through private off-market transactions.

The home improvement retailer also released its outlook for fiscal 2019 while reiterating the previous forecast for fiscal 2018.

The North Carolina-based company said that for the fiscal year 2019, it expects total sales to increase by about 2% in comparison to the fiscal year 2018 business outlook. Operating income as a percentage of sales is expected to increase 235 to 250 basis points and diluted earnings per share is projected to be in the range of $6.00 to $6.10.