Boeing BA Chairman, President
and Chief Executive Officer Jim McNerney announced a 10 percent increase in
the company's regular quarterly dividend to 48.5 cents per share and the
resumption of its stock repurchase program with repurchases currently expected
to total between $1.5 billion and $2.0 billion in 2013.
"Strong cash generation, consistently solid core operating performance and a
positive growth outlook enable us to take these steps to deliver value for our
shareholders," McNerney said. "As returns accelerate on the investments we
made in innovative new products, we plan to continue our balanced cash
deployment strategy, increasing returns to shareholders, investing in our core
businesses and our workforce, and maintaining a strong balance sheet with
healthy credit ratings."
The repurchase program is expected to use the remaining $3.6 billion
previously authorized by the Boeing board of directors in October 2007. Boeing
plans to begin repurchasing shares following its fourth-quarter earnings
announcement in late January 2013.
Boeing plans to make the share repurchases on the open market. The number and
timing of shares to be purchased will be based on the level of cash balances,
general business conditions and other factors, including alternative
investment opportunities. The repurchase program also may be suspended or
discontinued at any time.
The dividend is payable March 8, 2013, to shareholders of record as of Feb.
15, 2013.
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