Chairman and CEO Jim McNerney said the moves reflect operational performance, increasing cash flow and confidence in the future.
The increase in the share buyback program is in addition to the $800 million remaining authority in Boeing's current stock repurchase program. Boeing will resume buying back its own stock in January and it expects repurchases to be made over the next two to three years.
The Chicago-based company said it has declared a quarterly dividend of 73 cents per share payable March 7, 2014, to shareholders of record Feb. 14.
Following the announcement, Boeing shares rose $1.78, or 1.8 percent, to $136.50 in after-hours trading. They closed at $134.72 Monday.
MORE HBJ HEADLINES
Boeing expands Oklahoma City facility, business presence 4:11 p.m. Windows 10 fixes annoyances in earlier versions Don’t blame economy: More millennials living at home Fed holds steady on interest rates Taiwan, Thailand join deal to end tariffs on tech products Briefs: PUD offers heating, weatherization incentives
Our new comment system is not supported in IE 7. Please upgrade your browser here.