CARBO Ceramics Inc. (CRR: Quote) said Tuesday that its Board of Directors has approved an increase in the company's quarterly dividend to $0.27 per common share, or $1.08 per common share on an annualized basis.
This represents an increase of 13% over the company's previous quarterly dividend and marks the twelfth consecutive year the company has increased its dividend to shareholders.
The dividend is payable on August 15 to shareholders of record as of August 1.
Gary Kolstad, Chief Executive Officer of CARBO Ceramics, said, "I am pleased that CARBO's strong balance sheet provides us the opportunity to pay dividends to shareholders while executing on our long term growth plans. The decision to increase our dividend for the twelfth consecutive year demonstrates a continued confidence in our long term cash flow outlook."
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by RTT Staff Writer
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