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You are here: Home1 / News2 / Company News3 / Goodyear reintroduces shareholder dividends

Goodyear reintroduces shareholder dividends

Date: 20th September 2013 Author: Tyrepress Editors Comments: 0

At an investor meeting on 20 September, Goodyear Tire & Rubber announced the return of shareholder dividends after an absence of 11 years. The company’s new capital allocation plan calls for the reinstatement of a quarterly cash dividend on its common stock and a $100 million share repurchase programme.

“Our capital allocation plan demonstrates Goodyear’s commitment to creating value for shareholders while maintaining financial flexibility to execute our strategic plan, continuing to strengthen our balance sheet and investing for future growth,” said chairman and CEO Richard J. Kramer. He stated that Goodyear’s ongoing success and confidence in its strategies allow it to provide immediate returns through the common stock dividend and share repurchase program. Goodyear last paid a common stock dividend in December 2002.

Goodyear’s directors have declared a quarterly dividend of 5 cents per share of common stock. The dividend is payable 1 December 2013, to shareholders of record 1 November 2013. The payout represents an annual rate of 20 cents per share. Future dividends will be subject to Board approval.

The share repurchase programme authorised by the company’s directors, calls for Goodyear to acquire up to $100 million of its common stock. The repurchases are intended to offset new shares issued under equity compensation programmes. “Driven forward by the disciplined execution of our strategy and building on the growing momentum in our business, the plans we are announcing today put us on a path to achieve consistent earnings growth and value creation,” Kramer said.

Goodyear also confirmed its outlook for 2013 segment operating income of approximately US$1.5 billion and that it is targeting annual segment operating income growth of 10 per cent to 15 per cent through 2016. In addition, the company says it is targeting positive cash flow, excluding pension pre-funding, through 2016.   

Related news:

  1. Goodyear to issue dividend on 5.875% preferred stock
  2. Goodyear declares dividend on 5.875% preferred stock
  3. Mandatory conversion for Goodyear preferred stock
  4. Goodyear Concludes Convertible Note Exchange
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