HARMAN International announced it will increase its annual cash dividend to $1.20 per share, to be paid quarterly at the rate of $0.30 per share. The higher rate represents a 100 percent increase over the prior quarterly rate of $0.15 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2013, and the first quarterly payment will be in September 2013.
“Our company’s performance and our strategy for continued growth and cash generation gives us the confidence to substantially increase our dividend and move our payout ratio and yield solidly in line with the S&P500,” said Dinesh C. Paliwal, the Company’s Chairman, President, and Chief Executive Officer. “Besides investing in R&D and growth initiatives, and buying back company stock, this dividend increase is another example of HARMAN’s commitment to returning value to our shareholders as we continue to build the longer term value of our company.”
HARMAN designs, manufactures, and markets a wide range of audio, lighting and infotainment solutions for the automotive, consumer, and professional markets. It is a recognized world leader across its customer segments with premium brands including AKG, Harman Kardon, Infinity, JBL, Lexicon, and Mark Levinson and leading-edge connectivity, safety and audio technologies.
Edited by CEoutlook