Defense contractor General Dynamics said Monday that its board has authorized the company to buy back as many as 10 million shares of its stock, valued at about $1.39 billion at the end of last week.
The aerospace and defense company's shares have climbed 34 percent over the last 12 months and are trading close to all-time highs.
The Falls Church, Virginia-based company had about 332 million shares on the market as of Feb. 1. Its stock peaked at $146.13 in November.
But its shares fell $2.05, or 1.5 percent, to $137.24 in afternoon trading Monday.
General Dynamics Corp. reported a profit of $2.55 billion, or $7.42 per share, on $30.85 billion in revenue in 2014. The company said its backlog of contracts was worth $72.4 billion at the end of the year, up 58 percent from the end of 2013.