International Paper's (NYSE: IP) board of directors have increased the company's quarterly dividend by 14% to $0.30 per share for the period from October 1, 2012, to December 31, 2012, inclusive, on its common stock, par value $1.00. This dividend is payable on December 17, 2012, to holders of record at the close of business on November 15, 2012.
"This dividend increase underlines our commitment to return value to our shareholders while maintaining financial flexibility, and reflects management's expectations of improving free cash flow generation and earnings performance in 2013," said John Faraci, Chairman and Chief Executive Officer. "International Paper is committed to a sustainable dividend, which is reviewed periodically and will be increased as earnings and cash flow permit."
Additionally, the company also declared a regular quarterly dividend of $1.00 per share for the period from October 1, 2012, to December 31, 2012, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on December 17, 2012, to holders of record at the close of business on November 15, 2012.
SOURCE