Chairman and CEO Jim McNerney said the moves reflect operational performance, increasing cash flow and confidence in the future.
The increase in the share buyback program is in addition to the $800 million remaining authority in Boeing's current stock repurchase program. Boeing will resume buying back its own stock in January and it expects repurchases to be made over the next two to three years.
The Chicago-based company said it has declared a quarterly dividend of 73 cents per share payable March 7, 2014, to shareholders of record Feb. 14.
Following the announcement, Boeing shares rose $1.78, or 1.8 percent, to $136.50 in after-hours trading. They closed at $134.72 Monday.
MORE HBJ HEADLINES
For business, more women in charge means bigger profits 1:28 p.m. Louisville Slugger maker announces deal to sell iconic brand 1:27 p.m. ‘Game of Thrones’ to live stream premiere in San Francisco 1:28 p.m. SeaWorld has new ad campaign after disparaging documentary 1:25 p.m. Microsoft apps coming to Samsung phones, tablets 1:25 p.m. Fed Vice Chair Fischer: Rate hike is likely this year 1:25 p.m.
Our new comment system is not supported in IE 7. Please upgrade your browser here.