November 8, 2012
NEWPORT NEWS, Va., Nov. 8, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Board of Directors has declared the company's 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.
The Company
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, please visit:
HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong.
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