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Raytheon Raises Dividend, Plans $2 Billion Buyback

Defense contractor Raytheon's board on Wednesday raised its annual dividend by 21 percent to $1.50 and authorized a repurchase of up to $2 billion in stock.

The dividend had been $1.24 per share . The board also approved a quarterly cash dividend of 37.5 cents, to be paid April 29 to shareholders of record as of April 6.

Raytheon CEO William Swanson said in a statement that the moves were the result of the "company's strong financial position, our continued confidence in our future and our ongoing commitment to our shareholders."

Raytheon shares rose 38 cents to $57.49 in aftermarket electronic trading. They closed ended the regular session at $57.11, down 14 cents. Click here for after hours quotes on Raytheon shares.