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
Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion. Tiffany & Co. (TIF) reported fourth-quarter net earnings of $62 million, or $0.50 per diluted share, which were 61% below the prior year's $158 million, or $1.26 per diluted share. The company recorded tax-related charges in the fourth quarter of 2017 and certain impairment charges in last year's fourth... BlackBerry has extended the term of its Chief Executive Officer and Executive Chairman John Chen through 2023. He has been heading the company for the last five years. Chen joined BlackBerry when the smartphone pioneer was going through a troubled time. He was focused on overhauling with a special focus on diversification. BlackBerry, the former leader in the smartphone space, is now into auto m
comments powered by Disqus
Follow RTT