Northrop Grumman Announces $1 Billion Accelerated Share Repurchase Agreement
January 29 2024 - 6:18PM
Northrop Grumman Corporation (NYSE: NOC) today announced that it
has entered into an accelerated share repurchase (ASR) agreement
with Morgan Stanley & Co. LLC to repurchase $1 billion of
Northrop Grumman’s common stock. The company continues to target
returning well over 100% of its free cash flow to shareholders
through dividends and share repurchases in 2024.
Under the ASR agreement, Northrop Grumman expects to receive an
initial delivery of approximately 1.8 million shares on Jan. 31,
representing approximately 80 percent of the expected share
repurchases under the ASR agreement, based on the company’s closing
price of $438.31 on January 29, 2024. The final number of shares to
be repurchased through the ASR will be based on Northrop Grumman’s
volume-weighted average price during the term of the transaction,
less a discount, and is expected to be completed no later than the
second quarter of 2024. The ASR will be completed under the
company’s current share repurchase authorization, which currently
has approximately $3.6 billion remaining.
Northrop Grumman is a leading global aerospace and defense
technology company. Our pioneering solutions equip our customers
with the capabilities they need to connect and protect the world,
and push the boundaries of human exploration across the universe.
Driven by a shared purpose to solve our customers’ toughest
problems, our employees define possible every day.
Note: Statements in this press release contain or may contain
statements that constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “will,” “expect,” “anticipate,” “intend,” “may,”
“could,” “should,” “plan,” “project,” “forecast,” “believe,”
“estimate,” “guidance,” “outlook,” “trends,” “goals” and similar
expressions generally identify these forward-looking statements.
These forward-looking statements speak only as of the date when
made, and the Company undertakes no obligation to publicly update
or revise any forward-looking statements after the date of this
release, except as required by applicable law. Forward-looking
statements are not guarantees of future performance and inherently
involve a wide range of risks and uncertainties that are difficult
to predict. A discussion of these risks and uncertainties is
contained in the Company’s filings with the Securities and Exchange
Commission.
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Contact: |
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Vic Beck (Media)703-280-4456 (office)vic.beck@ngc.com |
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Todd Ernst (Investors)703-280-4535 (office)todd.ernst@ngc.com |
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