In October 2005, we covered a $1.5 billion share buyback plan from Northrop Grumman Corporation, representing nearly 8% of its 355 million shares outstanding. On December 14, 2006, the firm’s board of directors approved a new $1 billion share repurchase authorization.
The company now has $1.175 billion authorized for share repurchases, which it expects to use as management sees opportunities over the next 24 months. The move brings total share repurchase authorizations since August 2003 to $4.2 billion; as of Nov. 30, 2006, Northrop Grumman had approximately 346 million shares outstanding.