L3Harris Technologies Raises Dividend, Board Approves $6 Billion Share Repurchase Authorization

By Maria Armental

Aerospace and military contractor L3Harris Technologies Inc. said Thursday its board approved $6 billion to buy back stock and boosted its quarterly dividend by 20%.

The new rate, commencing with the dividend to be declared for the first quarter of 2021, will be $1.02 a share, up from 85 cents a share.

"We've now raised the dividend nearly 50 percent since the merger as it has become an increasingly important part of value-creation for shareholders," Chief Executive William M. Brown, referring to the 2019 merger of Harris Corp. and L3 Technologies.

"These actions reflect the strength of the combined company, confidence in our medium-term outlook, and an ability to generate solid free cash flow while investing for growth," Mr. Brown said.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 28, 2021 17:11 ET (22:11 GMT)

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