L-3 Communications (NYSE: LLL) has received the go-ahead from its board of directors to buy back another $1.5 billion in shares through June 30, 2017.
“We are pleased to increase our share repurchase program by $1.5 billion, which reflects our solid financial performance, strength in our balance sheet and continued confidence in the long-term outlook of our company, †Michael Strianese, L-3 CEO, said Thursday.
The New York City-based contractor plans to fund stock purchases with cash on hand and money from the firm’s operating activities.
L-3 employs 48, 000 staff globally and offers aerospace, national security, communications and electronic platforms in the government and commercial markets.
The company posted $12.6 billion in sales during its 2013 fiscal year.
