L-3 Comm Announces $1.5B Buyback

NEW YORK–(BUSINESS WIRE)– L-3 Communications Holdings, Inc. (NYSE:LLLNews) announced today that its board of directors has authorized a new share repurchase program allowing the company to repurchase up to an additional $1.5 billion of the company’s common stock through April 30, 2013. This new share repurchase initiative is effective immediately and represents L-3’s fifth repurchase program. “This authorization reflects our strong financial position and confidence in L-3’s future,” said Michael T. Strianese, L-3’s chairman, president and chief executive officer. “Share repurchases are a central element of our disciplined capital deployment strategy and reflect our ongoing commitment to deliver value to our shareholders.” Repurchases under the program will be made from time to time at management’s discretion in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. The program is expected to be funded using the company’s cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.


Ticker:


'L-3 Comm Announces $1.5B Buyback' has no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.

Get insights in your inbox with the Oozing Alpha monthly newsletter.
Join Now!
Newsletter