Northrop Grumman [NOC] yesterday said it is committing up to $2 billion to fund repurchases of its common stock, an increase in the program that is one of the company’s channels for deploying cash.
As of June 30, the company has $1.1 billion remaining on its share repurchase authorization.
“Today’s increase in our share repurchase authorization demonstrates our continuing commitment to a cash deployment strategy that includes distribution of cash to shareholders, through share repurchases and dividends,” Wes Bush, Northrop Grumman’s chairman, president and CEO, said in a statement.