NEW YORK (GenomeWeb News) – Agilent Technologies today said that its board of directors has authorized a new share repurchase program, which will become effective following the completion of its existing $1 billion share repurchase program.
The firm didn't say how much it expects to spend on the new repurchase program but stated that the goal is to "reduce or eliminate dilution resulting from issuances of stock under the company's employee equity incentive programs to maintain a share count of approximately 335 million diluted shares."
The board also authorized a 10 percent increase in the firm's quarterly dividend to $.132 per share. The dividend will be paid on Jan. 22, 2014, to all stockholders of record as of the close of business on Dec. 31, 2013.
Last week Agilent reported that its fourth quarter revenues fell 3 percent year over year, but still beat analysts' estimates on the top and bottom lines. For FY 2013 its revenues dropped 1 percent.
Agilent announced in September that it would split into two publicly traded companies, one focused on its life science and diagnostics business, the other on its electronic measurement business. That split is expected to be completed in November 2014.