IRVING, Texas – Commercial Metals (NYSE:), a key player in the global construction sector, announced an increase in its quarterly cash dividend. The Board of Directors declared a dividend of $0.18 per share, up from $0.16 per share, an increase of 13% from the prior quarter. The increase reflects the company’s positive outlook and commitment to delivering shareholder value.
The upcoming dividend payment, which is the company’s 238th consecutive quarterly payment, is scheduled to occur on April 10, 2024 to shareholders of record on April 1, 2024. The decision to increase dividends is supported by the company’s confidence in its financial health and cash flow. flow capabilities, said Peter R. Matt, president and chief executive officer of Commercial Metals.
The move is part of a broader capital allocation strategy that aims to balance growth with competitive shareholder returns, Matt said. The company also recently increased its share repurchase authorization, further demonstrating its focus on shareholder returns.
With a manufacturing network primarily in the United States and Central Europe, Commercial Metals supplies products and technologies critical to the construction industry. The company’s solutions are designed for a wide range of construction applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.
Although the announcement is optimistic, it contains forward-looking statements regarding the company’s future financial performance and strategic plans. These statements are based on management’s current expectations and are subject to change due to various risk factors and uncertainties, which the company acknowledges could materially affect actual results.
Investors should note that the company’s forward-looking statements, including regarding its cash flows, financial condition and business prospects, are not guarantees of future performance. Actual results may vary materially due to factors such as economic conditions, changes in commodity prices, industry capacity and global events such as Russia’s invasion of Ukraine.
This news article is based on a press statement from Commercial Metals Company and provides a factual summary of the company’s dividend increase announcement.
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