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Dec 17, 2018

Boeing sets new US$20B buyback plan, raises dividend 20%

The Boeing Co. 737 Max 9 jetliner stands at the company's manufacturing facility in Renton, Washington, U.S., on Tuesday, Mar. 7, 2017. Boeing is holding intense discussions with airlines and lessors for the Max 10X and has "extended business offers" to some potential buyers as it builds a case for the narrow-body jet, said Boeing Vice President of Marketing Randy Tinseth. The decision on whether to launch the plane is expected this year.

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Boeing Co. (BA.N) directors authorized a record US$20 billion share buyback program and boosted the company’s dividend 20 per cent -- a sign the planemaker doesn’t intend to stop showering cash on investors any time soon.

Key Insights

  • The company’s share price has more than doubled since it embarked on a strategy of rewarding shareholders as production of the marquee 787 Dreamliner stabilized six years ago. Over that time, Boeing has repurchased 230 million of its shares and hoisted its dividend 325 per cent.
  • Boeing said it repurchased US$9 billion in shares this year. By comparison, analysts have speculated that the manufacturer would need to spend about US$10 billion to develop a new midrange plane, which would be its first all-new jetliner since the 787.
  • Boeing said it expects buybacks under the new plan to begin in January and be made over the next 24 months.

Market Reaction

  • Boeing rose 1.3 per cent to US$320.20 after the close of regular trading in New York. The shares climbed 7.2 per cent this year through Monday, compared with a 14 per cent decline in a Standard & Poor’s index of U.S. industrial companies.