Travel + Leisure Co. Increases Cash Dividend 11%
March 13 2024 - 4:30PM
Business Wire
The board of directors of Travel + Leisure Co. (NYSE:TNL)
declared a regular cash dividend on the company’s common stock,
increasing the quarterly dividend rate by 11% to $0.50 per share
from $0.45 per share. The dividend is payable March 29, 2024 to
shareholders of record as of March 21, 2024.
“The board’s decision to increase the dividend reflects our
continued confidence in our strong prospects for growth and our
ongoing ability to generate significant amounts of cash after
funding the capital needs of the business. The dividend
demonstrates our commitment to return cash to shareholders, a
priority in our balanced and effective capital allocation strategy,
which also includes share repurchases, investing in organic growth,
enhancing our balance sheet and pursuing opportunistic M&A when
appropriate,” said Mike Hug, Chief Financial Officer of Travel +
Leisure Co.
About Travel + Leisure
Co.
As the world’s leading membership and leisure travel company,
Travel + Leisure Co. (NYSE:TNL) transformed the way families
vacation with the introduction of the most dynamic points-based
vacation ownership program at Club Wyndham, and the first vacation
exchange network, RCI. The company delivers more than six million
vacations each year at 245+ timeshare resorts worldwide, through
tailored travel and membership products, and via Travel + Leisure
GO - the signature subscription travel club inspired by the pages
of Travel + Leisure magazine. With hospitality and responsible
tourism at the heart of all we do, our 19,000+ dedicated associates
bring out the best in people and places around the globe. We put
the world on vacation. Learn more at travelandleisureco.com.
Forward-Looking
Statements
This press release includes “forward-looking statements” as that
term is defined by the Securities and Exchange Commission (“SEC”).
Forward-looking statements are any statements other than statements
of historical fact, including statements regarding our
expectations, beliefs, hopes, intentions or strategies regarding
the future. In some cases, forward-looking statements can be
identified by the use of words such as “will,” “intends,” or
“expects,” or other words of similar meaning. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results of Travel + Leisure Co. and its subsidiaries
(“Travel + Leisure Co.” or “we”) to differ materially from those
discussed in, or implied by, the forward-looking statements.
Factors that might cause such a difference include, but are not
limited to, risks associated with: the future prospects and plans
for Travel + Leisure Co., including our ability to compete in the
highly competitive timeshare and leisure travel industries; the
health of the travel industry and declines or disruptions caused by
adverse economic conditions (including inflation, higher interest
rates, and recessionary pressures), terrorism or acts of gun
violence, political strife, war (including hostilities in Ukraine
and the Middle East), pandemics, and severe weather events and
other natural disasters; adverse changes in consumer travel and
vacation patterns, consumer preferences and demand for our
products; increased or unanticipated operating costs and other
inherent business risks; our ability to comply with financial and
restrictive covenants under our indebtedness; our ability to access
capital and insurance markets on reasonable terms, at a reasonable
cost or at all; maintaining the integrity of internal or customer
data and protecting our systems from cyber-attacks; and those other
factors disclosed as risks under “Risk Factors” in documents we
have filed with the SEC, including in Part I, Item 1A of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023,
filed with the SEC on February 21, 2024. We caution readers that
any such statements are based on currently available operational,
financial and competitive information, and they should not place
undue reliance on these forward-looking statements, which reflect
management’s opinion only as of the date on which they were made.
Except as required by law, we undertake no obligation to review or
update these forward-looking statements to reflect events or
circumstances as they occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20240313027297/en/
Investor Contact: Kendrick Calilao Investor Relations
(407) 626-4487 Kendrick.Calilao@travelandleisure.com
Media Contact: Steven Goldsmith Public Relations (407)
626-5882 Steven.Goldsmith@travelandleisure.com
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