The Board of Directors of UPS (NYSE:UPS), citing its confidence in the company’s financial position and prospects for growth, today increased the quarterly dividend from 33-cents per share to 38-cents per share on all outstanding Class A and Class B shares.
The Board also announced it had appointed Scott Davis, UPS’s chief financial officer, to serve as a director. Davis will replace Lea Soupata, who retired last month as UPS’s senior vice president for human resources. Davis will stand for election to a regular one-year term at the annual shareowners meeting in May.
The increase is the fourth dividend boost in the past three years, pushing up the payout by 81% from 21-cents per share since February 2003. The new dividend is payable March 7, 2006, to shareholders of record on Feb. 21, 2006.
“UPS generates exceptional cash flow and has raised its dividend in nine of the last 10 years,†said Mike Eskew, UPS chairman and CEO. “Moving forward, we are confident that the company will continue to produce consistent, strong growth.â€
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The Board also announced it had appointed Scott Davis, UPS’s chief financial officer, to serve as a director. Davis will replace Lea Soupata, who retired last month as UPS’s senior vice president for human resources. Davis will stand for election to a regular one-year term at the annual shareowners meeting in May.
The increase is the fourth dividend boost in the past three years, pushing up the payout by 81% from 21-cents per share since February 2003. The new dividend is payable March 7, 2006, to shareholders of record on Feb. 21, 2006.
“UPS generates exceptional cash flow and has raised its dividend in nine of the last 10 years,†said Mike Eskew, UPS chairman and CEO. “Moving forward, we are confident that the company will continue to produce consistent, strong growth.â€
WebWire
