By Tess Stynes
Boeing Co. said its board authorized the repurchase of $12
billion of the aerospace and defense company's shares over the next
two to three years and raised its quarterly dividend by 25%.
Shares rose 2.4% to $125 in recent after-hours trading.
The new stock repurchase plan replaces a previous authorization
approved in 2013, which had about $4.8 billion remaining. Boeing
said it completed its stock buybacks for 2014--a total of $6
billion--and plans to resume share repurchases in January.
The company's quarterly dividend will rise to 91 cents, up 18
cents from its previous payout to shareholders of 73 cents a share.
The dividend increase results in a yield of roughly 3%. The
dividend is payable to stockholders of record as of Feb. 13,
2015.
"Strong operating performance across our business continues to
generate significant cash flow and financial strength for Boeing,"
said Chairman and Chief Executive Jim McNerney. He also cited the
solid outlook for the company's commercial aviation segment.
The world's largest aerospace company by revenue has been
working through a record order backlog for commercial jets.
Write to Tess Stynes at tess.stynes@wsj.com
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