Of interest to employees at Boeing Satellite Development Center in El Segundo; Boeing factories in Long Beach; and aerospace company investors regionwide:
CHICAGO (AP) — Boeing Co. said Monday its board of directors authorized the repurchase of up to $7 billion in common stock, stepping up a program that has seen the aerospace company buy back about $8 billion of its shares since resuming repurchases in 2004. Read more below.
The new plan follows a $3 billion buyback approved by the board in August 2006, a program the company said is nearing completion.
“Our strong financial performance allows us to return value to our shareholders while continuing to invest in our growth and becoming more productive,” said Chairman and CEO Jim McNerney. “We are executing a balanced cash deployment strategy that’s serving Boeing and its shareholders well.”
Boeing’s stock has climbed steadily since recovering from a slide following the 2001 terrorist attacks, which dealt a
blow to its airline customers. Shares have quadrupled since early 2003 and more than doubled from pre-attack levels.
The stock jumped following the announcement and was up 96 cents, or 1 percent, to $96.98 in afternoon
trading.
Boeing said the share repurchases will be made on the open market or in privately negotiated transactions. The company also declared a regular quarterly dividend of 35 cents a share, payable Dec. 7 to shareholders of record as of Nov. 9.
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