L3Harris Technologies [LHX] on Thursday said its board has approved a 20 percent increase in its quarterly cash dividend and authorized a new $6 billion share repurchase program, demonstrating confidence in the company’s outlook.
The new quarterly dividend of $1.02 per share, an increase from 85 cents currently, will be payable in the first quarter of 2021.
“We’ve now raised the dividend by nearly 50 percent since the merger as it has become an increasingly important part of value creation for shareholders,” William Brown, L3Harris’ chairman and CEO, said in a statement. “Combined with our expanded share repurchase authorization, our capital returns profile remains industry leading. These actions reflect the strength of the combined company, confidence in our medium-term outlook, and an ability to generate solid free cash flow while investing for growth.”
L3Harris reports 2020 financial results Friday morning.