Superior Industries Hikes Dividend 12.5%
Auto parts supplier Superior Industries International announced yesterday its third-quarter dividend of $0.18 per share, a 12.5% increase from the payout it made to investors last quarter of $0.16 per share.
The board of directors said the quarterly dividend is payable on October 18 to holders of record at the close of business on September 27. Superior's second-quarter dividend was distributed as part of an accelerated dividend payment schedule that totaled $0.64 per share. The accelerated payment was made on December 28 to shareholders of record as of December 21 and was accelerated due to uncertainties about dividend tax rate changes. Superior expects to declare the full $0.18-per-share dividend sometime during the fourth quarter of 2013. The fourth-quarter dividend typically is paid during January of the following year.
Noting that over the past decade Superior Industries International has distributed almost $180 million to its shareholders via dividends and reflected the company's strong financial position, Chairman, CEO, and President Steven J. Borick said, "We are particularly pleased to be increasing our cash dividend during a time when we also are investing in our manufacturing facilities, including the construction of a new facility in Mexico, to further enhance operating efficiencies and expand capacity."
The regular dividend payment equates to a $0.72-per-share annual dividend, yielding 4.1% based on the closing price today of Superior Industries' stock.
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