L-3 Communications (NYSE: LLL) has increased its quarterly dividend for the ninth straight quarter as the board of directors declared a 55-cent dividend, 10 percent more than the previous 50-cent dividend.
The company will also enter its sixth share repurchase program as the board has approved a plan to buy back $1.5 billion in common stock through June 15, 2013, L-3 said Wednesday.
Cash on hand and cash generated from operations will fund the repurchase program, the company said.
“We remain focused on shareholder value and deploying our capital in a disciplined and balanced approach that includes cash dividends and share repurchases, modest debt reduction, investment in research and development, and acquisitions, ” said Michael Strianese, L-3 chairman, president and CEO.
Shareholders of record as of the close of business on March 1, 2013 will receive the dividend March 15.