Huntington Ingalls Industries (HII) will raise its quarterly dividend by 19.8 percent to $1.03 per share. This marks the 7th consecutive year of annual dividend increases by the military shipbuilding company.

The next dividend will be payable on December 13, 2019, to shareholders of record as of the close of business on November 29, 2019. The new annual dividend of $4.12 per share yields 1.8% at a stock price of $230 for HII.

HII also authorized an increase in the company’s share repurchase program from $2.2 billion to $3.2 billion and extended the term of the program from Oct. 31, 2022, to Oct. 31, 2024.

These actions demonstrate continued confidence in HII’s free cash flow generation and support our Path to 2020 commitment to return substantially all of our free cash flow to shareholders,” said Mike Petters, HII’s president and CEO.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. The company's business consists of the design, construction, repair and maintenance of nuclear-powered ships and non-nuclear ships for the United States Navy and coastal defense surface ships for the United States Coast Guard, as well as the refueling and overhaul and inactivation of nuclear-powered ships for the United States Navy. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups.