Huntington Ingalls Industries announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, an increase of $0.10 or 100 percent over the $0.10 per share dividend paid in each of the four prior quarters. The $0.20 per share dividend will be payable on Dec. 13, 2013, to shareholders of record on Nov. 29, 2013.
The Board of Directors also has authorized an increase in the company’s stock repurchase program from $150 million to $300 million and an extension of the term of the program from Oct. 31, 2015, to Oct. 31, 2017.
“We are pleased to announce a doubling of HII’s quarterly cash dividend and an increase in our share repurchase program to our shareholders,” said Mike Petters, HII’s president and chief executive officer. “These increases demonstrate continued confidence in our 2015 financial target of 9-plus percent operating margins as well as our commitment to a balanced capital allocation strategy.”
Purchases under the stock repurchase program may be made from time to time in the discretion of management in the open market, through privately negotiated transactions or through other means, are subject to prevailing market conditions and other factors, and may be suspended or discontinued at any time.
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder at its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, HII also provides a wide variety of products and services to the commercial energy industry and other government customers, including the Department of Energy.
Press Release, November 01, 2013; Image: HII