CMC Announces a 13% Increase In Quarterly Dividend
- CMC has increased its quarterly cash dividend by $0.02, reaching $0.18 per share, a 13% rise from the previous dividend.
- The 238th consecutive quarterly dividend will be paid on April 10, 2024, benefiting stockholders of record as of April 1, 2024.
- The decision reflects management's confidence in CMC's cash flow capabilities, financial position, and future business prospects.
- The increase in dividend follows a recent enhancement to the Company's share repurchase authorization, aiming to provide stockholders with attractive cash distributions.
- None.
"This announcement demonstrates the high degree of confidence on the part of management and our board of directors regarding the Company's cash flow capabilities, financial position, and fundamental business outlook," said Peter R. Matt, President and Chief Executive Officer. "It also reflects our commitment to providing CMC's stockholders with an attractive level of cash distributions and follows the recent increase to the Company's share repurchase authorization. We are optimistic about the future of CMC and aim to execute on a capital allocation strategy that prioritizes both value-accretive growth and competitive cash returns to stockholders."
About CMC
CMC is an innovative solutions provider helping build a stronger, safer and more sustainable world. Through an extensive manufacturing network principally located in
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to CMC's cash flow capabilities, financial position, fundamental business outlook and capital allocation strategy. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.
The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2023, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in
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SOURCE Commercial Metals Company
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