IRVING, Texas - Commercial Metals Company (NYSE:CMC), 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, marking a 13% rise from the previous quarter. This increase reflects the company's positive outlook and its commitment to providing shareholder value.
The upcoming dividend, which is the company's 238th consecutive quarterly payout, is scheduled for April 10, 2024, to shareholders on record as of April 1, 2024. The decision to boost the dividend is supported by the company's confidence in its financial health and cash flow capabilities, as stated by Peter R. Matt, President and CEO of Commercial Metals.
According to Matt, this move is part of a broader capital allocation strategy that aims to balance growth with competitive cash returns to shareholders. The company has also recently increased its share repurchase authorization, further demonstrating its focus on shareholder returns.
Commercial Metals, with its manufacturing network primarily in the United States and Central Europe, provides products and technologies that are critical to the construction industry. The company's solutions cater to a range of construction applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.
While the announcement is optimistic, it contains forward-looking statements regarding the company's future financial performance and strategic plans. These statements are based on current management 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 those about its cash flow, financial position, and business outlook, are not guarantees of future performance. The actual outcomes may vary significantly due to factors such as economic conditions, commodity price changes, industry capacity, and global events like the Russian invasion of Ukraine.
This news article is based on a press release statement from Commercial Metals Company and provides a factual summary of the company's dividend increase announcement.
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