Harris Corp. [HRS] yesterday said it has increased its quarterly cash dividend by a nearly 14 percent, up a nickel to 42 cents per share, representing the company’s 12th consecutive annual dividend increase.
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Harris also said its board has approved a new $1 billion stock buyback authorization, which is in addition to an existing repurchase program that has an unused authorization of about $62 million. The company expects to repurchase up to $200 million in shares in its fiscal 2014.
“Harris continues to generate strong free cash flow,” William Brown, the company’s president and CEO, said in a statement. “These actions demonstrate our continued confidence in the company’s long-term outlook and our commitments to create shareholder value through effective cash deployment.”