Business
International Paper Announces $2 Billion Share Repurchase Program; Decreases Cash Dividend 9.8% to $1.85 per Share Annually
International Paper Announces $2 Billion Share Repurchase Program; Decreases Cash Dividen...
About this update from Imaginear Inc.
[{"type":"text","content":"\n \n \n \n International Paper Announces $2 Billion Share Repurchase Program; Decreases Cash Dividend 9.8% to $1.85 per Share Annually\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n MEMPHIS, Tenn.\n \n ,\n \n Oct. 12, 2021\n \n /PRNewswire/ -- International Paper today announced its board of directors has authorized a share repurchase program to acquire up to\n \n $2 billion\n \n of the company's common stock. The new authorization is in addition to\n \n $1.3 billion\n \n remaining as of the end of the third quarter from a previous repurchase authorization. During the third quarter the company repurchased approximately\n \n $212 million\n \n in common stock at an average price of\n \n $59.13\n \n per share. The company intends to continue repurchasing such shares in open market transactions. The company's board of directors also decreased the quarterly common stock dividend by\n \n $0.05\n \n per share or 9.8%, which brings the per share dividend to\n \n $1.85\n \n annually.\n \n \n \n \n \n \n \n \n \n \"Returning cash to shareowners through dividends and share repurchases is a meaningful part of our capital allocation framework,\" said\n \n Mark Sutton\n \n , Chairman and Chief Executive Officer. \"Today's announcement reflects our confidence in International Paper's long-term outlook and strong free cash flow generation. We are committed to a competitive and sustainable dividend of 40 to 50% of free cash flow. The dividend adjustment we are making is consistent with our dividend policy and is well below the 15 to 20% adjustment we anticipated when we announced the spin-off of our printing papers business late last year. Additionally, share repurchases will continue to complement dividends with a consistent and thoughtful cadence that's underpinned by a commitment to maximize value creation.\"\n \n \n The dividend is being decreased by 9.8% from\n \n $0.5125\n \n to\n \n $0.4625\n \n per share for the period from\n \n October 1, 2021\n \n , to\n \n December 31, 2021\n \n , inclusive, on the company's common stock, par val...