FMC Corporation Authorizes $250 Million of Share Repurchases and Increases Quarterly Dividend by 20 Percent
FMC Corporation (NYSE: FMC) announced today that its Board of Directors authorized the repurchase of up to an additional $250 million of the company's common shares. The company's Board also declared a regular quarterly dividend of 18 cents per share, payable on April 19, 2012, to shareholders of record at the close of business on March 30, 2012. This represents an increase of 3 cents per share, or 20 percent, over the dividend declared on December 16, 2011.
"Today's announcement reflects our confidence in FMC's ability to continue healthy earnings and cash flow growth," said Pierre Brondeau, FMC president, chief executive officer and chairman. "We are on track with our Vision 2015 plan to grow our existing businesses, pursue external growth opportunities and reward shareholders with additional liquidity through share repurchases and a growing dividend stream."
The new $250 million share repurchase program supplements the existing program, announced on February 18, 2011, which the company expects to complete in the current quarter. FMC repurchased approximately $55 million of its common shares in the fourth quarter of 2011 and has announced its intent to repurchase $145 million of its common shares in the current quarter. Although the share repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time, the company expects the program will be accomplished over the next two to three years.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.