Fortune Brands Declares Quarterly Cash DividendMay 3rd, 2013 | Category: Industry News
Fortune Brands Home & Security Inc. (FBHS) announced that its Board of Directors has declared a quarterly cash dividend payment to its shareholders. This represents both the Board’s confidence in the company’s long-term cash flow potential and its support of the company’s broader strategy for utilizing free cash flow to drive incremental shareholder value beyond the recovery. It is the first dividend paid to shareholders since FBHS became a public company in October 2011, according to a statement from the company.
The initial quarterly dividend payment will be $0.10 per share of common stock, which represents an annualized rate of $0.40 per share. The initial dividend payment will be made on June 19, 2013, to all shareholders of record on May 31, 2013. The company anticipates paying ongoing quarterly cash dividends. Any future dividend payments are subject to Board approval, and may be adjusted as business and industry conditions warrant.
“We plan to use our strong balance sheet, capital structure and cash flow to drive incremental shareholder value in a number of ways, including paying a dividend,” says Chris Klein, chief executive officer, FBHS. “We intend to continue to be efficient with our cash by investing in our businesses, pursuing accretive, strategic acquisitions and returning cash to shareholders.”