General Cable Reinstates Dividend

For the first time in nearly 10 years, General Cable will reward its stockholders with a quarterly dividend. The company has declared a distribution of $0.18 per share of its common stock, to be handed out on June 28 to shareholders of record as of June 10.

The company last declared a dividend in August 2002. That payout was $0.05 per share.

The new dividend annualizes to $0.72 per share. That yields 2.1% at General Cable's current stock price of $34.00.

The company also announced an extension of its $125 million stock repurchase program launched last October. It was originally slated to expire after one year but will now run until the end of 2013.

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