logo
Share SHARE
FONT-SIZE Plus   Neg

UPS Boosts Dividend; Announces New $10 Bln Stock Buyback Authorization

United Parcel Service, Inc. (UPS) said Thursday that its Board of Directors has declared a regular quarterly dividend of $0.62 per share on all outstanding Class A and Class B shares, an increase of 8.8%.

The dividend is payable on Mar. 12 to shareholders of record on February 25.

"This dividend increase reflects the power of the UPS business model to deliver consistent returns to shareowners," said Scott Davis, UPS Chairman and CEO. "During 2012 we generated almost $5.4 billion in free cash flow, enabling reinvestment for growth and greater shareowner distributions, which are a top priority at UPS."

The company also said its board has reauthorized the company's share repurchase program for $10 billion.

The new share repurchase authorization has no expiration date and replaces the one approved in 2012. On January 31, UPS announced an increase in its 2013 share repurchase plans from $1.5 billion to $4.0 billion.

UPS also said its board has been advised by John Thompson, CEO of Virtual Instruments Corporation and the former Chairman and CEO of Symantec, that he will not stand for re-election when his term expires in May. Thompson has served on the UPS board since 2000, making him the second longest serving board member.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of social network company Twitter Inc. (TWTR), jumped over 5 percent on Wednesday, after one of its cofounders Ev Williams dropped a hint during a television interview about the company's sale. Ev Williams, a Twitter cofounder and board member, was asked by Bloomberg TV about the company's... Mazda Motor Corp. (MZDAF.PK) is recalling over 190,000 CX-7 sport utility vehicles to fix a issue that could lead to loss of steering control. The recall involves CX-7 models from 2007 through 2012 manufactured between February 14, 2006 to May 9, 2012. The company said there have been no reports of... Over 68 million email address and passwords of Dropbox users were stolen by hackers, according to a report from Motherboard. Although, the account details were stolen during a previously disclosed breach that took place in 2012, the magnitude of the attack has come to light only now. Following...
comments powered by Disqus
Follow RTT