Orbital ATK’s Board of Directors Expands Share Buyback Plan and Increases Quarterly Cash Dividend
February 28 2017 - 6:45AM
Business Wire
Board Approves $200 Million in Additional
Share Repurchases Through March 2018
Total Repurchase Authorization Since
February 2015 Merger Reaches $450 Million
Quarterly Cash Dividend Increased 6.5% to
$0.32 per Share
Orbital ATK, Inc. (NYSE: OA), a global leader in aerospace and
defense technologies, today announced that its Board of Directors
has approved a $200 million increase to the company’s share buyback
program. The new authorization extends through March 2018 and
brings the total share repurchase authorization to $450 million
since the February 2015 merger. The Board also approved a 6.5%
increase in the company’s quarterly cash dividend to $0.32 per
share, the second time the dividend has been increased since
Orbital ATK’s formation.
“We are very pleased that the Board has approved an increase in
both our share buyback authorization and cash dividend to
shareholders,” said David W. Thompson, Orbital ATK’s President and
Chief Executive Officer. “These actions reflect our commitment to a
balanced approach to capital allocation, which includes returning
capital to shareholders while simultaneously investing for future
growth.”
The quarterly dividend of $0.32 per share will be paid on March
24, 2017 to shareholders of record as of the close of business on
March 9, 2017. Orbital ATK’s previous dividend of $0.30 was paid on
December 1, 2016. Future dividends are subject to Board
approval.
The new $200 million authorization for share repurchases is in
addition to a prior $250 million authority the Board previously
approved. Shares may not be purchased until the company has become
current with the filing of its financial reports with the
Securities and Exchange Commission.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense
technologies. The company designs, builds and delivers space,
defense and aviation systems for customers around the world, both
as a prime contractor and merchant supplier. Its main products
include launch vehicles and related propulsion systems; missile
products, subsystems and defense electronics; precision weapons,
armament systems and ammunition; satellites and associated space
components and services; and advanced aerospace structures.
Headquartered in Dulles, Virginia, Orbital ATK employs
approximately 12,500 people in 18 states across the U.S. and in
several international locations. For more information, visit
www.orbitalatk.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170228005355/en/
Media and Investor Contact:Orbital ATK, Inc.Barron
Beneski, 703-406-5528VP of Investor
Relationsbarron.beneski@orbitalatk.com
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