October 29, 2015
HUNTINGTON INGALLS INDUSTRIES INCREASES QUARTERLY DIVIDEND TO $0.50 PER SHARE; AUTHORIZES A $600 MILLION INCREASE IN ITS SHARE REPURCHASE PROGRAM TO $1.2 BILLION
NEWPORT NEWS, Va. (Oct. 29, 2015) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $0.50 per share, a 25 percent increase over the $0.40 per share dividend paid in each of the prior four quarters. The $0.50 per share dividend will be payable on Dec. 11, 2015, to shareholders of record on Nov. 27, 2015.
The Board of Directors also authorized an increase in the company’s share repurchase program from $600 million to $1.2 billion.
“The increase in the quarterly dividend and the share repurchase program demonstrates our confidence in the company’s performance and free cash-flow generation,” said Mike Petters, HII’s president and CEO.
Purchases under the share repurchase program may be made from time to time at the discretion of management in the open market, through privately negotiated transactions or through other means, are subject to prevailing market conditions and other factors, and may be suspended or discontinued at any time.
About HII
HII is America’s largest shipbuilder, delivering the world’s most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.
With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong.
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