Delta announces $5 billion stock buyback, increased dividend

Delta Air Lines announced a plan to buy back $5 billion worth of shares and increase its dividend by 50 percent. Combined, the Atlanta-based company said that will amount to more than $6 billion going to shareholders through 2017.

The company is increasing its dividend to 13.5 cents per share starting in the September 2015 quarter, and plans to complete the share repurchase program by Dec. 31, 2017.

Board chairman Daniel Carp said the move “reflects the Board’s confidence in Delta’s ability to sustain and improve upon its strong financial performance.”