WASHINGTON Oct 24 Northrop Grumman Corp
continues to view share buybacks as a "very, very good use" of
its cash, Chief Executive Wes Bush told analysts on Wednesday.
The company said it repurchased about 4.4 million shares for
$290 million during the third quarter, bringing the year-to-date
total to 13.6 million shares for about $850 million.
Bush said Northrop believe share repurchases were
particularly important to maintain value for shareholders given
the long cycles involved in the defense business.
The company's board recently increased its remaining share
repurchase authorization to $2 billion, he said, which gave the
company additional flexibility in a dynamic environment.