Martin Marietta Increases Quarterly Cash Dividend
August 22 2016 - 9:00AM
Business Wire
Martin Marietta Materials, Inc. (NYSE:MLM), today announced that
its Board of Directors approved a five percent increase in the
quarterly cash dividend to $0.42 (forty-two cents) per share on the
Corporation’s common stock. This dividend, which represents a cash
dividend of $1.68 per share on an annualized basis, is payable
September 30, 2016, to shareholders of record at the close of
business on September 1, 2016.
Commenting on the dividend increase, Ward Nye, Chairman and
Chief Executive Officer stated, “The Board’s action is consistent
with our long stated objective to create shareholder value through
capital appreciation of our stock, a meaningful and sustainable
cash dividend, as well as through our stock repurchase program.
This combination has provided superior investment results and one
of the highest total shareholder returns in our industry over the
past ten years.
“We are especially pleased that our performance and outlook for
future growth in earnings and cash generation has enabled this
dividend payout increase. Dividend payments have been an important
element of our shareholder return. In fact, from 1994 to 2009,
annual dividends increased at a compound average growth rate of
near 9%, to $1.60 per year. Since 2009, Martin Marietta steadfastly
maintained its $1.60 annual dividend, despite a recession which
forced many in our industry to significantly reduce or totally
eliminate dividends. With today’s announcement, we anticipate a
return to consistent dividend growth. This component of returning
cash to shareholders, coupled with the $710 million of share
repurchases executed since January 2015, has enhanced returns on
shareholder investments in Martin Marietta without impairing our
financial flexibility to invest in attractive internal growth
projects and seize value-added business development
opportunities.”
Martin Marietta, an American-based company and a member of the
S&P 500 Index, is a leading supplier of aggregates and heavy
building materials, with operations spanning 26 states, Canada and
the Bahamas. Dedicated teams at Martin Marietta supply the
resources for the roads, sidewalks and foundations on which we
live. Martin Marietta's Magnesia Specialties business provides a
full range of magnesium oxide, magnesium hydroxide and dolomitic
lime products. For more information, visit www.martinmarietta.com
or www.magnesiaspecialties.com.
MLM-D
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version on businesswire.com: http://www.businesswire.com/news/home/20160822005528/en/
Martin Marietta Materials, Inc.Anne H. Lloyd,
919-783-4660Executive Vice President and Chief Financial
Officerwww.martinmarietta.comorInvestor Contact:Elisabeth Eisleben,
919-510-4776Director, Investor
RelationsElisabeth.eisleben@martinmarietta.com
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