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Boeing announces $12 billion share buyback

AP file photo

Boeing Co. has approved a new $12 billion stock buyback program and increased its quarterly dividend.

The Chicago-based aerospace company now intends to buy back up to $12 billion worth of shares over the next two to three years. There was about $4.8 billion left from its previous stock buyback authorization.

Boeing said it repurchased about $6 billion worth of shares this year.

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“Strong operating performance across our business continues to generate significant cash flow and financial strength for Boeing,” chairman and CEO Jim McNerney said in a statement. “That strength … provides us with the foundation to continue our balanced cash deployment strategy, investing in our core programs while increasing shareholder value.”

The company also increased its quarterly dividend to 91 cents a share payable March 6, 2015, to shareholders as of Feb. 13, 2015. The company’s previous dividend was 73 cents a share.