Sylvamo Announces 50% Quarterly Dividend Increase

Rhea-AI Summary

Sylvamo's board of directors has declared a quarterly dividend increase of 50%, from $0.30 to $0.45 per share, applicable for the period between July 1, 2024, and September 30, 2024. The dividend will be payable on July 29, 2024, to shareholders of record by July 8, 2024. This marks the third increase in two years, reflecting the company's commitment to returning substantial cash to shareholders. CEO Jean-Michel Ribiéras expressed confidence in the company's future and the opportunities ahead.

Positive

• A 50% increase in the quarterly dividend from $0.30 to $0.45 per share.
• The dividend increase marks the third such raise in the last two years, indicating strong financial health.
• The company is committed to returning cash to shareholders, which can boost investor confidence.

Negative

• The increased dividend payout could limit funds available for reinvestment into the business.

MEMPHIS, Tenn.--(BUSINESS WIRE)-- Sylvamo's (NYSE: SLVM) board of directors declared a quarterly dividend of $0.45 per share for the period of July 1, 2024, to Sept. 30, 2024. The dividend is payable July 29, 2024, to holders of record at the close of business July 8, 2024.

“I’m pleased our board approved increasing our quarterly dividend to 45 cents per share. This is the third increase in the last two years, highlighting our commitment to return substantial cash to shareowners," said Jean-Michel Ribiéras, chairman and chief executive officer. "We remain confident in our future and motivated by the opportunities that lie ahead.”

The quarterly dividend is increasing 50% from $0.30 per share to $0.45 per share.

About Sylvamo

Sylvamo (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales for 2023 were $3.7 billion. For more information, please visit Sylvamo.com.

Forward Looking Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any or all forward-looking statements may turn out to be incorrect, and our actual actions and results could differ materially from what they express or imply, because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control. These risks, uncertainties, and other factors include those disclosed in the heading "Risk Factors" in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and in our subsequent filings with the SEC, available on our website, Sylvamo.com. These forward-looking statements reflect our current expectations, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240517813129/en/

Investors: Hans Bjorkman, 901-519-8030, hans.bjorkman@sylvamo.com

Media: Adam Ghassemi, 901-519-8115, adam.ghassemi@sylvamo.com

Source: Sylvamo

FAQ

What is the new quarterly dividend for Sylvamo (SLVM)?

The new quarterly dividend for Sylvamo (SLVM) is $0.45 per share.

When will Sylvamo's next dividend be paid?

Sylvamo's next dividend will be paid on July 29, 2024.

By how much has Sylvamo increased its quarterly dividend?

Sylvamo has increased its quarterly dividend by 50%, from $0.30 to $0.45 per share.

When is the record date for Sylvamo's upcoming dividend?

The record date for Sylvamo's upcoming dividend is July 8, 2024.

How many times has Sylvamo increased its dividend in the past two years?

Sylvamo has increased its dividend three times in the past two years.