Boeing sets buyback plan Company gets nod to repurchase 85 million shares, hikes 4Q dividend NEW YORK (CNNfn) - Aircraft manufacturer Boeing Co. said Monday its board authorized a new share repurchase program and raised the company's quarterly dividend.



Boeing said the board authorized the repurchase of up to 85 million shares, or about 10 percent of Boeing's outstanding shares of common stock.



Boeing also said in a statement the company declared a fourth quarter dividend of 17 cents a share, a 21 percent increase over the previous quarterly amount of 14 cents a share.



"Our overall goal is to enhance shareholder value," said Boeing's chairman and CEO, Phil Condit. "Our solid performance, strong backlog and robust cash flow, create these two excellent opportunities to return value to all our shareholders while investing to grow profitably in the future."



Boeing is currently completing a 146 million share repurchase program that began in August 1998. The share repurchases will be made on the open market or in privately negotiated transactions. ��



Shares of Boeing (BA: Research, Estimates) closed down $1.56 to $68.38 Monday on the New York Stock Exchange.



--from staff and wire reports



RELATED STORIES

Qantas picks Airbus in blow to Boeing



Boeing gets $1.6B order



Boeing spinoffs in view?



Boeing to consolidate operations, reassign workers



RELATED SITES

Boeing





Note: Pages will open in a new browser window

External sites are not endorsed by CNNmoney















