Northrop Grumman Increases Outstanding Share Repurchase Authorization to $2B
Northrop Grumman Corporation (NYSE: NOC) announced today that its board of directors has authorized an increase in the company's outstanding share repurchase authorization to $2 billion of common stock. Share purchases will take place at management's discretion from time to time, depending on market conditions, in the open market or in privately negotiated transactions. As of June 30, 2012, Northrop Grumman had 248 million shares outstanding and $1.1 billion remaining on its share repurchase authorization.
"Today's increase in our share repurchase authorization demonstrates our continuing commitment to a cash deployment strategy that includes distribution of cash to shareholders through share repurchases and dividends," said Wes Bush, Northrop Grumman chairman, chief executive officer and president.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.