Boeing Co (NYSE: BA) spread its wings Tuesday after the plane maker raised its buyback from $18 billion to $20 billion. The company also raised its quarterly dividend from $1.71 to $2.055 per share.
On Monday, Boeing announced it acquired 80% of Embraer for $4.2 billion.
Said CEO Dennis Muilenburg, "Boeing continues to see significant opportunities in the markets we serve, and we have confidence in the power of our One Boeing strategy to execute and win on all fronts.
"Boeing's strong operational performance, financial health and positive future outlook underpin our continued investments in our people and our workplace, in innovative products and services, and in select strategic acquisitions and partnerships that accelerate our growth strategy."
With the latest increase to the dividend Boeing has increased its dividend nearly 325 percent over the past six years and repurchased more than 230 million shares over the same time period. The company has consistently paid dividends to shareholders for more than 80 years. The new dividend will be payable March 1, 2019, to shareholders of record as of Feb. 8, 2019.
This year, the company repurchased $9 billion worth of its shares from the $18 billion authorization approved in December 2017.
Share repurchase activity has ended for 2018. The timing and volume of repurchases are at the discretion of Boeing management, however the company currently expects that repurchases under the new share authorization will resume in January 2019 and be made over the next 24 months.
BA shares took flight by Tuesday noon, gaining $11.36, or 3.6%, to $327.49
