Harman Increases Buyback Program by $200 Million

Before you go, we thought you'd like these...
Before you go close icon

Consumer audio components maker Harman International Industriesannounced today it is authorizing up to $200 million worth of its stock to be bought back over and above the $70.7 million left under its current repurchase program, which was launched in October 2011. That buyback plan had also been for $200 million. 

"We are pleased to announce this increase in our total share buyback after yesterday's announcement of the doubling of our dividend for fiscal 2014," said Harman CEO Dinesh C. Paliwal. "Given our strong balance sheet and projected cash flows, we believe that this two- pronged approach to cash distribution delivers excellent shareholder value."

The buyback program allows Harman to purchase its shares on the open market or through privately negotiated transactions during the authorized 12-month period. Harman cautions the program could be suspended or discontinued at any time without advance notice.


HAR Stock Buybacks Chart

HAR Stock Buybacks data by YCharts.

link

The article Harman Increases Buyback Program by $200 Million originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

15 Recall the Kindest Thing a Stranger Ever Did for Them 15 Recall the Kindest Thing a Stranger Ever Did for Them
Man's Wife Leaves Him And Their Kids After A Fight - Two Days Later He Posts This Man's Wife Leaves Him And Their Kids After A Fight - Two Days Later He Posts This
Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big