General Dynamics [GD] on Thursday announced that its board has given management the authority to repurchase an additional 10 million shares of the company’s common stock, doubling the size of the repurchase authority.
The company’s board in February authorized a 10 million share repurchase as well. GD did not announce a dollar figure associated with its share repurchase plans.
GD’s focus on returning cash to shareholders is through dividends and share repurchases. Phebe Novakovic, the company’s chairman and CEO, said in April that she isn’t seeing anything in the way of acquisition opportunities for GD at the moment.
In March GD increased its annual dividend by more than 11 percent, marking the 18th straight year it has boosted its dividend.