MORRIS PLAINS, N.J., Oct. 28, 2016 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that its Board of Directors has approved a 12% increase in the company's regular annual cash dividend rate (from $2.38 to $2.66 per common share). The increase will be effective starting with the fourth quarter dividend of $0.665 per common share, which was declared today and is payable on December 9, 2016, to shareowners of record at the close of business on November 18, 2016.
"Honeywell remains committed to growing our dividend faster than earnings for shareholders as part of our balanced cash deployment program," said Honeywell Chairman and CEO Dave Cote. "In addition to the double-digit increase in our dividend that the Board declared today, through the third quarter of 2016, we strategically deployed cash to complete $2.5 billion in acquisitions and $1.9 billion in share repurchases. By the end of the year, our total investment in high-ROI capital expenditures is expected to be more than $1 billion. We remain confident in our ability to generate strong free cash flow and drive outperformance over the long term."
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
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