L-3 Launches $1 Billion Share Repurchase Plan

L-3 Communications Holdings’ (NYSE: LLL) board of directors gave the green light to a new share repurchase program allowing the company to repurchase up to an additional $1 billion of the company’s common stock through December 31, 2012.

According to the firm, “this new share repurchase authorization is effective immediately and represents L-3’s fourth repurchase program.

“Returning cash to our shareholders is a central element of our disciplined capital deployment strategy, and we are very pleased to reiterate L-3’s commitment to delivering shareholder value through this new repurchase authorization, ” said Michael T. Strianese, chairman, president and chief executive officer. “This authorization underscores our confidence in L-3’s strong fundamental business position, our growth and earnings prospects and our ability to continue to generate strong cash flows for 2010 and beyond.”

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