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.
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