NOVEMBER 8, 2012 — Naval shipbuilding giant Huntington Ingalls Industries (NYSE:HII) has declared the its first quarterly cash dividend. The $0.10 per share dividend will be payable on December 14, 2012, to shareholders of record on November 30, 2012.
Additionally, the company's Board of Directors has authorized a program to repurchase up to $150 million of the company's outstanding shares of common stock over the next three years.
"Our steady progress toward our 2015 targets, coupled with our strong and sustainable cash position, gives us the flexibility to enhance shareholder returns through dividends and a share repurchase program," said Mike Petters, HII's president and chief executive officer. "Distributing cash to shareholders is a key component of our disciplined capital allocation strategy, which also includes investment in organic and other growth opportunities, pension funding and debt service."
Purchases under the stock repurchase program may be made from time to time in 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.