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
Google rebranded Thursday its business-to-business cloud computing brand as Google Cloud and also enhanced some enterprise applications with new intelligent capabilities. Google Cloud brand includes Google's all cloud services, including the Google Cloud Platform, enterprise mobility, and Chromebooks. Google Apps for Work has been named as G Suite. Can a washing machine explode just like a bomb? A lawsuit filed in the federal court in New Jersey alleged that there was loud noise and damage to garage wall as the washing machine went off with a violent boom. Samsung is facing federal class action lawsuit from customers. There were similar reports... German lender Commerzbank AG said Thursday that it will cut almost 10,000 jobs, stop paying dividends for the time being and merge two big units as part of a restructuring to become profitable on a sustainable basis by 2020. The bank, Germany's second largest, said that to cover its restructuring costs in the region of 1.1 billion euros, it will cease dividend payments for the time being.
comments powered by Disqus
Follow RTT