The Boeing Co. says its board of directors approved a $10 billion increase in its stock buyback program. The aircraft maker is also raising its quarterly dividend payment by about 50 percent.
Chairman and CEO Jim McNerney says 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 says it will resume buying back its own stock in January.
The Chicago-based company says 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 $2.54, or 1.9 percent, to $137.26 in after-hours trading.