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Boeing sets US$10 billion share buyback and 50% dividend hike

NEW YORK--U.S. aerospace giant Boeing brought some holiday cheer to investors Monday, announcing a US$10 billion share buyback and a 50-percent dividend hike.

The company said its board of directors had approved the repurchase of an additional US$10 billion in the company's stocks and a 50-percent increase in the quarterly dividend, to 73 cents.

“These actions reflect sustained, strong operational performance by our businesses, increasing cash flow, and our confidence in the future,” Jim McNerney, Boeing chairman, president and chief executive, said in a statement after stock markets closed.

The large share buyback will come in addition to the roughly US$800 million remaining from a 2007 stock repurchase authorization.

Boeing shares gained 0.7 percent at US$134.72 and surged 1.5 percent to US$136.70 in after-hours trading.

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