Harris Hikes Dividend; To Buy Back $1 Bln In Shares - Quick Facts

(RTTNews) - Communications and information technology company Harris Corp. (HRS)on Monday announced that its Board of Directors has increased the quarterly cash dividend rate by 13.5 percent to 42 cents per share from 37 cents per share.

The Board has declared a dividend of 42 cents per share payable September 24 to shareholders of record September 10. The annualized cash dividend rate is now $1.68 per share.

Further, the Board approved a new $1 billion share repurchase authorization, in addition to the existing program, which has an unused authorization of approximately $62 million. The company expects to repurchase up to $200 million in shares in fiscal 2014.

The company noted that the share repurchases will be funded with available cash and commercial paper.

William Brown, president and chief executive officer, said, "Harris continues to generate strong free cash flow. These actions demonstrate our continued confidence in the company's long-term outlook and our commitment to create shareholder value through effective cash deployment."

In pre-market activity, Harris shares are currently trading at $57.21, up $0.24 or 0.42 percent.