"The authorization of this repurchase program and the dividend increase reflect our continued confidence in International Paper's long-term profitability and sustainable free cash flow generation," said John Faraci, chairman and CEO. "International Paper continues to be committed to a balanced use of cash in a way that maximizes value to our shareowners."
The dividend is being increased 17% from $0.30 to $0.35 per share for the period from Oct.1, 2013, to Dec. 31, 2013, inclusive, on the company's common stock, par value $1.00. This dividend is payable on Dec. 16, 2013, to holders of record at the close of business on Nov. 15, 2013. The company's board of directors also declared a regular quarterly dividend of $1.00 per share for the period from Oct. 1, 2013, to Dec. 31, 2013, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on Dec. 16, 2013, to holders of record at the close of business on Nov. 15, 2013.