NOC Northrop Grumman Corp Holding Co

   By Kristin Jones 
 

Northrop Grumman Corp. (NOC) has approved an additional $4 billion in share repurchases as the defense firm continues its efforts to boost shareholder returns.

The latest authorization brings the total buyback program to around $5 billion. Northrop Grumman has a goal of retiring a quarter of its shares by the end of 2015.

The company on Wednesday increased its quarterly dividend by 11%, the 10th straight annual increase in the payout.

Northrop Grumman last month reported that its first-quarter earnings fell 3.4% as the company reported lower revenue in two of its four main business segments and was hurt by pension-related charges and weaker operating margins.

Shares rose 48 cents to $79.50 in after-hours trading. Through the close, the stock was up 17% since the start of the year.

Write to Kristin Jones at kristin.jones@dowjones.com

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