Boeing Boosts Stock-Buyback Plan By $10 Billion
The Boeing Co. said Monday that its board of directors approved a $10 billion increase in its stock-buyback program. The aircraft maker will also raise its quarterly dividend payment by about 50 percent.
Chairman and CEO Jim McNerney said the moves reflect its operational performance, increasing cash flow and confidence in the future.
The increase in the share-buyback program is in addition to the $800 million remaining authority in Boeing’s current stock-repurchase program. Boeing will resume buying back its own stock in January, and it expects repurchases to be made over the next two to three years.
The Chicago-based company said it has declared a quarterly dividend of 73 cents per share payable March 7, 2014, to shareholders of record Feb. 14.
Following the announcement, Boeing shares rose $1.78, or 1.8 percent, to $136.50 in after-hours trading. The shares had closed at $134.72 Monday.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.