Beam Inc. today announced that its board of directors approved an 8% increase in the dividend on the company's common stock. The dividend will increase 6 cents per share to an annual rate of $0.82 (payable 20.5 cents per quarter) from $0.76 per share (19 cents per quarter). The company also declared the next quarterly dividend of 20.5 cents per share, which will be payable on March 1, 2012 to shareholders of record at the close of business February 8, 2012.
"Beam retained the entire Fortune Brands dividend, and we're pleased to boost our pay-out and create immediate value for shareholders so soon after becoming a pure-play spirits company," said Matt Shattock, president and chief executive officer of Beam. "This dividend increase reflects several inherent strengths in Beam, including our cash flow generation and balance sheet, our excellent prospects for profitable long-term growth, and our strong stewardship of capital focused on maximizing long-term shareholder value."
The company also declared a regular dividend of 66.75 cents per share on the $2.67 Convertible Preferred Stock, payable in cash on March 10, 2012 to shareholders of record at the close of business February 8, 2012.