NEWPORT NEWS, Va., Nov. 07, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $0.72 per share, a 20 percent increase over the $0.60 per share dividend paid in each of the prior four quarters. The $0.72 per share dividend will be payable on Dec. 8, 2017, to shareholders of record as of the close of business on Nov. 24, 2017.
The Board of Directors also authorized an increase in the company’s share repurchase program from $1.2 billion to $2.2 billion and extended the term of the program from Oct. 31, 2019, to Oct. 31, 2022.
“The increase in the quarterly dividend and the share repurchase program is consistent with our Path to 2020 commitment to return substantially all of our free cash flow to shareholders,” said Mike Petters, HII’s president and CEO.
Purchases under the share repurchase program may be made from time to time at the discretion of management in the open market, through privately negotiated transactions or through other means, are subject to prevailing market conditions and other factors, and may be suspended or discontinued at any time.
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
Jerri Fuller Dickseski (Media)
Dwayne Blake (Investors)
Huntington Ingalls Industries, Inc.