With a strong outlook for cash flow, Raytheon [RTN] this week said it has increased its stock repurchase program by up to $2 billion.
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In 2011 Raytheon’s board of directors authorized a $2 billion share repurchase program. As of Sept. 29, 2013, the company still had about $670 million available under the existing program.
Stock repurchases so far this year have helped lift Raytheon’s per share earnings despite lower sales than in 2012.
There is no time limit on the authorization.
Raytheon in its third quarter financial results had strong cash flow, which led the company to boost its cash flow guidance for the year by $100 million to between $2.2 billion and $2.4 billion.