NEW YORK--(BUSINESS WIRE)--L3 Technologies (NYSE:LLL) announced today that its Board of Directors has authorized a new share repurchase program that allows the company to repurchase up to an additional $1.5 billion of the company’s common stock. This new authorization is effective July 1, 2017, and represents L3’s eighth repurchase program.
The Board has also declared the company’s regular quarterly cash dividend of $0.75 per share payable on June 15, 2017, to shareholders of record at the close of business on May 19, 2017.
“We are pleased that L3’s strong operational performance, robust balance sheet and cash flow allow us to deliver value to shareholders through this new share repurchase program and our quarterly dividend. Concurrently, we are also investing in growth and technology initiatives to further strengthen our leading positions in the core markets we serve,” said Michael T. Strianese, L3’s Chairman and Chief Executive Officer. “Together, these actions reflect our continued confidence in the long-term outlook for our company and demonstrate our prudent allocation of capital to enhance shareholder value.”
Share repurchases under the program will be made from time to time at management’s discretion in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. The program is expected to be funded using the company’s cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.
Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 billion.
To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.
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Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.