MEMPHIS, Tenn., Oct. 11, 2016 /PRNewswire/ -- International Paper's (NYSE: IP) board of directors today increased the company's regular quarterly dividend by 5 percent from $0.44 to $0.4625 per share for the period from October 1, 2016, to December 31, 2016, inclusive, on its common stock, par value $1.00. This increased regular dividend is payable on December 15, 2016, to shareholders of record at the close of business on November 15, 2016.
"This dividend increase is IP's fifth-consecutive annual increase and reflects our continued confidence in the sustainability of our cash flow generation," said Mark Sutton, Chairman and CEO of International Paper. "International Paper remains committed to a balanced capital allocation strategy, which includes returning a significant portion of our cash to our shareholders."
Additionally, the company also declared a regular quarterly dividend of $1.00 per share for the period from October 1, 2016, to December 31, 2016, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on December 15, 2016, to holders of record at the close of business on November 15, 2016.
Certain statements in this press release may be considered forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to: (i) the level of our indebtedness and changes in interest rates; (ii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products; (iii) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; (v) whether we experience a material disruption at one of our manufacturing facilities; (vi) risks inherent in conducting business through joint ventures; (vii) the receipt of regulatory approvals for our pending transaction to purchase the pulp business of Weyerhaeuser Company and the successful fulfillment or waiver of all other closing conditions without unexpected delays or conditions; (viii) the successful financing of the Weyerhaeuser transaction; (ix) the failure to realize the expected synergies and cost-savings from the Weyerhaeuser transaction or delay in realization thereof; and (x) our ability to achieve the benefits we expect from all strategic acquisitions, divestitures and restructurings. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia. We produce packaging products that enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products; papers that drive communication; paper bags that carry groceries; and paper cups and food containers. We are headquartered in Memphis, Tenn., and employ 53,000 colleagues located in more than 24 countries. Net sales for 2015 were $22 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/international-paper-increases-its-annual-cash-dividend-by-5-to-185-per-share-300342689.html
SOURCE International Paper