PotashCorp ups dividend 50%
Potash Corporation of Saskatchewan Inc. (NYSE:POT) announced on Thursday that it was increasing the the company’s quarterly cash dividend from 14 cents per share to 21 cents per share.
The company also declared a quarterly cash dividend of US21 cents per common share payable November 5, 2012 to shareholders of record on October 15, 2012.
The company received a modest bump, gaining 1.43% after the announcement and finishing the week at $42.58. The company’s 52-week range is $36.73 to $57.38.
PotashCorp is the largest producer, by capacity, of potash and third largest producer of nitrogen and phosphate. Uralkali is the the world’s largest potash producer by output.
“As we near completion of our potash expansion program, we see tremendous opportunity to continue our long track-record of enhancing shareholder returns through the strategic use of capital,” said PotashCorp President and Chief Executive Officer Bill Doyle.
“This dividend increase—the third in the past two years—not only reflects the strength of our cash flow today, but the confidence we have in the drivers of our business over the long term.”