FEDERAL WAY, Wash., Aug. 27, 2015 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced that its board of directors declared a dividend on the company's common shares of $0.31 per share, reflecting a 6.9 percent increase from the prior quarterly dividend of $0.29 per share. With this increase, the company has grown its dividend by 107 percent since 2011. The dividend is payable in cash on September 25, 2015, to holders of record of such common shares at the close of business on September 11, 2015. The company's board of directors has also declared a dividend of $0.7969 per share on the company's 6.375% Mandatory Convertible Preference Shares, Series A, which will be payable in cash on October 1, 2015 to holders of record of such mandatory convertible preference shares at the close of business on September 15, 2015.
Additionally, the board has authorized a new share repurchase program of up to $500 million of the company's common shares. The new repurchase program commences upon completion of the existing $700 million share repurchase program authorized in 2014. As of June 30, 2015, the company had repurchased $610 million, or 87 percent, of its $700 million authorization. Repurchases under these programs may be made through a variety of methods, including open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions or pursuant to 10b5-1 trading plans.
"We are committed to returning cash to shareholders and remain confident in our ability to capitalize on operational and market improvements," said Doyle R. Simons, president and chief executive officer. "With today's announcements, Weyerhaeuser has raised its dividend five times in four years and authorized $1.2 billion of share repurchases over the past thirteen months."
About Weyerhaeuser Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2014, our continuing operations generated $7.4 billion in sales and employed approximately 12,800 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
Forward-Looking Statements This news release contains statements concerning future actions, plans, strategies, expectations and intentions regarding dividends and share repurchases as well as future operating and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Numerous factors may cause actual future actions to differ significantly from these forward-looking statements. There is no guarantee that any of the actions, including future share repurchases or future dividends, or performance anticipated by these forward-looking statements will occur. The company will not update these forward-looking statements after the date of this news release.
SOURCE Weyerhaeuser Company