Lockheed Martin says its board has approved a share buyback plan of up to $3 billion.
The Bethesda, Md., company's shares rose 52 cents to $72.40 in pre-market trading after Monday's annoucement. The company has about 360 million shares outstanding.
Because of the newly announced repurchase plan, the board is canceling a 2002 buyback program that is mostly completed. Lockheed Martin had repurchased 169 million of the 178 million shares authorized under that program.
Lockheed Martin Corp. raised its dividend by 19 percent last month.