Boeing (BA) authorized a new $10 billion stock buyback program late Monday and raised its quarterly dividend by 50%.

The buyback is in addition to a 2007 plan with $800 million remaining. Boeing expects to begin purchases in January, with the entire program lasting two to three years.

The dividend, lifted to 73 cents a share, is payable on March 7 to shareholders of record on Feb. 14.

"These actions reflect sustained, strong operational performance by our businesses, increasing cash flow, and our confidence in the future," Boeing CEO Jim McNerney said in a statement.

Shares of the Chicago-based Dreamliner maker were up about 1.6% to $136.92 in recent trade.

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