UPDATE: Weyerhaeuser Announces 18% Dividend Increase to $0.20 per Share
Weyerhaeuser Company (NYSE: WY) today announced that its board of directors has authorized an 18 percent increase in the company's regular quarterly cash dividend, from $0.17 per share to $0.20 per share.
The board declared a dividend of $0.20 per share on the common stock of the corporation, payable May 31, 2013, to shareholders of record at the close of business May 10, 2013.
"The board is committed to a sustainable and growing dividend," said Chuck Williamson, chairman of the board. "Since setting our initial dividend as a REIT, we have grown the dividend by more than 33 percent."
"Stronger market fundamentals combined with our improved operating results underscore our confidence in increasing the dividend at this time," said Dan Fulton, president and chief executive officer. "Although we still expect the market recovery to be uneven, Weyerhaeuser remains focused on capturing the full benefits of improving market conditions to further enhance shareholder value."
As previously announced, Weyerhaeuser will release first quarter 2013 results on Friday, April 26, before the market opens. The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) the same day to discuss results.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.