Tuesday, electrical products maker Cooper Industries plc (CBE) said it is increasing its dividend by $0.08 per share on an annual basis. The company said the move signals confidence in its ability to generate cash.
The Houston, Texas-based company said its board of directors approved an increase in dividends from $1.00 to $1.08 per share on an annual basis on February 15, 2010. The first quarterly dividend of $0.27 per share will be paid on April 1, 2010 to shareholders of record as of February 26, 2010, the company said.
Cooper's total shareholder returns including the dividend payment have been 7% on a five-year and 11% on a ten-year compound annual basis as of the end of 2009.
Kirk Hachigian, chief executive officer of Cooper Industries, said, "Cooper is committed to increasing shareholder value by investing in its core businesses, repurchasing shares in the open markets and paying a competitive dividend. This dividend increase signals our confidence in Cooper's cash generation ability in both expanding and declining economies. This 8% increase follows a 19% increase to the dividend in 2008, after electing to maintain the dividend in 2009 due to the uncertainty in the global economy."
For the fourth quarter, Cooper reported a 16% increase in profit, as lower costs and charges offset a 17.5% decline in revenues. Adjusted earnings and revenues declined during the quarter, yet topped the consensus estimates of Street analysts.
Cooper's net income for the fourth quarter increased to $128.8 million or $0.76 per share from $111.1 million or $0.65 per share in the same period last year. Excluding items, net income for the quarter was $0.76 per share, down from $0.84 per share in the comparable quarter last year. On average, 14 analysts polled by Thomson Reuters had expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues declined 17.5% to $1.26 billion from $1.52 billion in the comparable quarter last year, but topped analysts' consensus estimate of $1.25 billion.
CBE is gaining $0.95 or 2.17%, and is currently trading at $44.73 on a volume of 626 thousand shares on the New York Stock Exchange.
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