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Jacobs' Board Approves $1 Bln Share Repurchase, 13% Hike In Quarterly Dividend

Professional services company Jacobs Engineering Group Inc. (JEC) announced late Thursday that its Board of Directors has approved a $1 billion incremental share repurchase authorization and a 13 percent increase to its quarterly dividend rate.

Since December 2018, the company has repurchased approximately $184 million of the remaining $247 million authorization and is continuing to make repurchases under its previously approved plan. The company's announced $1 billion share repurchase program has a 3-year maximum authorized duration.

Additionally, the Board increased the quarterly cash dividend payable to shareholders to $0.17 per share, up from its previous quarterly dividend of $0.15. This dividend will be paid on March 15, 2019 to shareholders of record as of the close of business on Feb. 15, 2019.

Jacobs continues to expect the sale of its Energy, Chemicals and Resources business to close in the first half of calendar year 2019.

Jacobs shares gained 1.39 percent on Thursday's regular trading and settled at $60.52. In the after hours trading, shares gained 0.8 percent further to $61.

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