NEWPORT NEWS, Va., Nov. 07, 2017 (GLOBE NEWSWIRE) — Huntington Ingalls Industries (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $0.72 per share, a 20 percent increase over the $0.60 per share dividend paid in each of the prior four quarters. The $0.72 per share dividend will be payable on Dec. 8, 2017, to shareholders of record as of the close of business on Nov. 24, 2017.
The Board of Directors also authorized an increase in the company’s share repurchase program from $1.2 billion to $2.2 billion and extended the term of the program from Oct. 31, 2019, to Oct. 31, 2022.
“The increase in the quarterly dividend and the share repurchase program is consistent with our Path to 2020 commitment to return substantially all of our free cash flow to shareholders,” 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.
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit: