Weyerhaeuser Company announced that its board of directors has declared a dividend on the company’s common shares of $0.29 per share, reflecting a 32% increase from the prior quarterly dividend of $0.22 per share.
With this increase, the company has grown its dividend by 93% since 2011. The dividend is payable in cash on Sept. 12, 2014, to holders of record of such common shares at the close of business on Aug. 29, 2014. 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 Oct. 1, 2014, to holders of record of such mandatory convertible preference shares at the close of business on Sept.15, 2014.
Additionally, the board has authorized a new share repurchase program of up to $700 million of the company’s common shares. This new program will replace the prior share repurchase program.
“This significant increase to our quarterly dividend coupled with our share repurchase program reflects our confidence in the company’s ability to continue to improve operating and financial performance and is further evidence of Weyerhaeuser’s ongoing commitment to return cash to our shareholders,” said Doyle R. Simons, president and CEO.