Boeing Co. (BA) said late Monday its board has increased the company's dividend by 20% to nearly $2.06 a share and has replaced an existing $18 billion share repurchase program with a new $20 billion authorization.

"Boeing continues to see significant opportunities in the markets we serve, and we have confidence in the power of our One Boeing strategy to execute and win on all fronts," Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg said in a statement.

The company had repurchased $9 billion in shares since last December, under the existing repurchase authorization, according to the statement. 

Boeing shares were up 1.7% to $321.49 in premarket trading Tuesday. 

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