International Paper Increases Cash Dividend 14% to $1.20 per share
MEMPHIS, Tenn., Oct. 9, 2012 /PRNewswire/ -- International Paper's (NYSE: IP) board of directors today 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.
About International Paper
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs approximately 70,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2011 were $26 billion. Temple-Inland Inc., which was acquired in February 2012, had 2011 net sales of $4 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.
SOURCE International Paper