DULLES, Va.--(EON: Enhanced Online News)--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.
“These actions reflect our commitment to a balanced approach to capital allocation, which includes returning capital to shareholders while simultaneously investing for future growth.”
“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.