Boeing Announces Additional Share Buybacks

WASHINGTON — Boeing's board of directors approved additional share buybacks and increased its dividend, the company announced Monday.

The board authorized $14 billion for share buybacks and a quarterly dividend of $1.09 per share, a 20 percent increase. Last December, Boeing's board authorized $12 billion for share buybacks, and completed $6.75 billion during 2015, leaving $5.25 billion remaining.

The buyback plan announced Monday is expected to take two to three years to complete.

"We are demonstrating our commitment to a balanced cash deployment strategy that fuels investments in our people, innovation and growth, and returns significant value to our shareholders," said Boeing President and CEO Dennis Muilenburg in a prepared statement.

"We continue to take a disciplined approach to managing our financial strength, channeling our strong cash flow generation toward continued investments in the business and consistent returns for our shareholders," added Greg Smith, Boeing executive vice president of Business Development and Strategy and CFO.

Boeing's shares closed Monday at 143.00, closer to its 52-week high of 158.83 than its 52-week low of 115.14.

Email: aclevenger@defensenews.com

Twitter: @andclev

More In Industry

Saab unveils technology incubator using Enforcer 3 as test bed

“We are trying to get capability to the fleet in months,” said Erik Smith, the chief executive of Saab's U.S. branch.

Lockheed to supply Australia with air battle management system

Overhauling Australia’s overhead defenses is expected to generate hundreds of local jobs as well as open the door to a multibillion-dollar export market.

Defense Innovation Unit prepares to execute $800 million funding boost

DIU Director Doug Beck said he doesn’t foresee any issues with quickly putting to work the $983 million in FY-24 funding Congress provided in March.

Army may swap AI bill of materials for simpler ‘baseball cards’

"We know innovation's happening in the open-source environment," said the Army's Bharat Patel. "We also know who's contributing to the open source."

How L3Harris is shoring up its small satellite supply chain

The president of L3Harris’ space systems sector, recently sat down with C4ISRNET to discuss the challenges of developing a diverse yet mature supply base.