CHICAGO, Dec. 11, 2017 /PRNewswire/ -- The Boeing (NYSE:
BA) board of directors today declared the company's quarterly
dividend will increase 20 percent to $1.71 per share. The board also replaced the
existing share repurchase program with a new $18 billion authorization.
"Boeing's strong and growing cash flow allows us to deepen our
commitment to provide competitive returns to our shareholders,
while continuing to invest in our people, innovation and growth,"
said Boeing Chairman, President and Chief Executive Officer
Dennis Muilenburg. "To support our
balanced cash deployment strategy, our team remains focused on
improving operating performance as we deliver on our substantial
order backlog and work to capture a larger share of the growing
aerospace market."
With the latest increase to the dividend, Boeing has raised its
quarterly dividend more than 250 percent over the past five years.
The company has consistently paid dividends to shareholders each
quarter for more than 75 years. The new dividend will be payable
March 2, 2018, to shareholders of
record as of February 9, 2018.
The company this year has repurchased $9.2 billion worth of its shares from the
$14 billion authorization approved in
December 2016. The new repurchase
program replaces the existing one, bringing the total authorization
to $18 billion.
"Our cash deployment plans are the product of our disciplined
cash management efforts and reflect ongoing confidence in our
financial strength and the long-term outlook of our business," said
Greg Smith, Boeing chief financial
officer and executive vice president of Enterprise Performance
& Strategy.
The timing and volume of repurchases are at the discretion of
Boeing management, however it is expected that repurchases under
the new share authorization will be made over the next 24 to 30
months.
Forward-Looking Information Is Subject to Risk and
Uncertainty
Certain statements in this release may be
"forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as "expects,"
"forecasts," "projects," "plans," "believes," "estimates," and
similar expressions are used to identify these forward-looking
statements. Examples of forward-looking statements include
statements relating to our future plans, business prospects,
financial condition and operating results, as well as any other
statement that does not directly relate to any historical or
current fact. Forward-looking statements are based on current
assumptions about future events that may not prove to be accurate.
These statements are not guarantees and are subject to risks,
uncertainties and changes in circumstances that are difficult to
predict. Many factors could cause actual events to differ
materially from these forward-looking statements, including
economic conditions in the United
States and globally, general industry conditions as
they may impact us or our customers, and other important factors
disclosed previously and from time to time in our filings with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they are made and we undertake no
obligation to update or revise any such statement, except as
required by law.
Contact:
Investor Relations: (312) 544-2140
Communications: (312) 544-2002
Follow us on Twitter @Boeing
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SOURCE Boeing