L-3 Announces Up To $1.5 Bln Share Buyback

(RTTNews) - L-3 Communications (LLL) said Thursday its board has authorized a new share repurchase program that allows the company to repurchase up to an additional $1.5 billion of its common stock through June 30, 2017. This new authorization is effective immediately and represents L-3's seventh repurchase program.

"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," said Michael Strianese, L-3's chairman, president and chief executive officer.

"We will continue our capital allocation strategy by committing our robust free cash flow to enhance shareholder value in the form of share repurchases and dividend payments. Our investment-grade credit ratings remain a priority, along with executing a disciplined M&A and portfolio-reshaping strategy."