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Dow hikes Q4 dividend & adds $5bn to repurchase program
17 Nov '14
2 min read
NYSE listed, Dow Chemical Company announced a 14 per cent increase in the Company’s dividend and also initiated a new $5 billion tranche to its share repurchase program.
Dow said it has hiked dividend from $0.37 per share to $0.42 per share in the fourth quarter, which brings its annualized dividend to $1.68 per share.
“Purchases under the share repurchase program may be made over time in open market or privately negotiated transactions,” Dow informed.
Earlier, Dow had committed to complete its previous $4.5 billion share repurchase program by year-end.
This new tranche brings Dow’s total target to $9.5 billion, with execution timed to proceeds from portfolio management actions and increases in operating cash flows.
“Today’s announcement serves as a firm indication of our Board’s confidence in Dow’s fortified balance sheet position and future earnings potential,” said Andrew Liveris, Dow’s chairman.
“The actions we are taking are evident by eight consecutive quarters of year-over-year adjusted EPS, EBITDA and EBITDA margin growth and significant increases in cash flow,” he added.
The dividend will be payable on January 30, 2015 to shareholders of record on December 31, 2014 and marks the 413th consecutive cash dividend issued by the Company.
Dow has paid its shareholders cash dividends every quarter since 1912 and since 2009; Dow’s dividend has increased by 19 percent on a compound basis.
In 2013, Dow had annual sales of more than $57 billion and employed approximately 53,000 people worldwide and its more than 6,000 products are manufactured at 201 sites in 36 countries. (AR)
Dow said it has hiked dividend from $0.37 per share to $0.42 per share in the fourth quarter, which brings its annualized dividend to $1.68 per share.
“Purchases under the share repurchase program may be made over time in open market or privately negotiated transactions,” Dow informed.
Earlier, Dow had committed to complete its previous $4.5 billion share repurchase program by year-end.
This new tranche brings Dow’s total target to $9.5 billion, with execution timed to proceeds from portfolio management actions and increases in operating cash flows.
“Today’s announcement serves as a firm indication of our Board’s confidence in Dow’s fortified balance sheet position and future earnings potential,” said Andrew Liveris, Dow’s chairman.
“The actions we are taking are evident by eight consecutive quarters of year-over-year adjusted EPS, EBITDA and EBITDA margin growth and significant increases in cash flow,” he added.
The dividend will be payable on January 30, 2015 to shareholders of record on December 31, 2014 and marks the 413th consecutive cash dividend issued by the Company.
Dow has paid its shareholders cash dividends every quarter since 1912 and since 2009; Dow’s dividend has increased by 19 percent on a compound basis.
In 2013, Dow had annual sales of more than $57 billion and employed approximately 53,000 people worldwide and its more than 6,000 products are manufactured at 201 sites in 36 countries. (AR)
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