Northrop Grumman Announces New $3 Billion Share Repurchase Authorization

Rhea-AI Summary

Northrop Grumman (NYSE: NOC) has announced a new $3 billion share repurchase authorization approved by its board of directors. This addition increases the total outstanding authorized amount to approximately $4.2 billion. The company plans to execute these repurchases through open market or privately negotiated transactions, with timing dependent on market conditions and management's discretion.

Positive

• Additional $3 billion share repurchase authorization
• Total buyback authorization increased to $4.2 billion
• Demonstrates strong financial position and commitment to shareholder returns

Negative

• Large cash allocation to buybacks may reduce funds available for operations or investments

FALLS CHURCH, Va., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Northrop Grumman Corporation (NYSE: NOC) announced today that its board of directors has authorized an additional $3 billion for the repurchase of the company's common stock, increasing the outstanding authorized amount to approximately $4.2 billion. Share repurchases will take place from time to time, subject to market conditions and management's discretion, in the open market or in privately negotiated transactions.

Northrop Grumman is a leading global aerospace and defense technology company. Our pioneering solutions equip our customers with the capabilities they need to connect and protect the world, and push the boundaries of human exploration across the universe. Driven by a shared purpose to solve our customers’ toughest problems, our employees define possible every day.

Note: Statements in this press release contain or may contain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “anticipate,” “intend,” “may,” “could,” “should,” “plan,” “project,” “forecast,” “believe,” “estimate,” “guidance,” “outlook,” “trends,” “goals” and similar expressions generally identify these forward-looking statements. These forward-looking statements speak only as of the date when made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements after the date of this release, except as required by applicable law. Forward-looking statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. A discussion of these risks and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission.

Contact: Todd Ernst
703-280-4535
todd.ernst@ngc.com

newsbureau@ngc.com

This press release was published by a CLEAR® Verified individual.

FAQ

How much is Northrop Grumman's new share buyback authorization worth?

Northrop Grumman's new share buyback authorization is worth $3 billion, as announced on December 11, 2024.

What is the total authorized amount for NOC share repurchases after the new authorization?

After the new authorization, the total outstanding authorized amount for share repurchases is approximately $4.2 billion.

How will Northrop Grumman execute its NOC share repurchase program?

Northrop Grumman will execute share repurchases in the open market or through privately negotiated transactions, subject to market conditions and management's discretion.

When did NOC announce its $3 billion share buyback program?

Northrop Grumman announced the $3 billion share buyback program on December 11, 2024.