 "Boeing sets $10 bn share buyback, hikes dividend")
US aerospace giant Boeing brought some holiday cheer to investors, announcing a $10 billion share buyback and a 50% dividend hike.
The company yesterday said its board of directors had approved the repurchase of an additional $10 billion in the company's stocks and a 50% increase in the quarterly dividend, to 73 cents.
"These actions reflect sustained, strong operational performance by our businesses, increasing cash flow, and our confidence in the future," Jim McNerney, Boeing chairman, president and chief executive, said in a statement after stock markets closed.
The large share buyback will come in addition to the roughly $800 million remaining from a 2007 stock repurchase authorisation.
Boeing said that it had completed stock repurchases for 2013. The Chicago-based company said it expected to resume them in January, with the program continuing over the next two to three years.
Boeing shares gained 0.7% at $134.72 and surged 1.5% to $136.70 in after-hours trading.
The company yesterday said its board of directors had approved the repurchase of an additional $10 billion in the company's stocks and a 50% increase in the quarterly dividend, to 73 cents.
"These actions reflect sustained, strong operational performance by our businesses, increasing cash flow, and our confidence in the future," Jim McNerney, Boeing chairman, president and chief executive, said in a statement after stock markets closed.
Also Read
"Our team's relentless focus on business execution and competitiveness is providing the financial strength to continue investing in our core businesses while increasing our returns to shareholders."
The large share buyback will come in addition to the roughly $800 million remaining from a 2007 stock repurchase authorisation.
Boeing said that it had completed stock repurchases for 2013. The Chicago-based company said it expected to resume them in January, with the program continuing over the next two to three years.
Boeing shares gained 0.7% at $134.72 and surged 1.5% to $136.70 in after-hours trading.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%