Corning Rewards Patient Shareholders
The Board of Directors at Corning Inc. (NYSE:GLW) announced a 20 percent increase in the company’s quarterly common stock dividend this week. The move allows Corning to repay a portion of cash flow to its investors and improve their total shareholder return, something Chief Executive and President Wendell P. Weeks called a priority.
“Corning continues to generate strong cash flow from all our businesses and we have done so for some time now,” Weeks said. “We believe our operating cash flow generation will continue, and combined with lower capital spending, give the company more financial flexibility.”
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Corning’s quarterly dividend will increase to 9 cents per share of common stock held, resulting in annual dividends rising to 36 cents per share.
Meanwhile, other competitors 3M (NYSE:MMM) and Dow Chemical (NYSE:DOW) have made different sorts of changes. Both have instituted organizational realignments in recent months, with 3M revealing plans Wednesday to cut the number of its major business groups from six down to five.
More news from the serving science industry is on the horizon as well. Thermo Fisher Scientific (NYSE:TMO) announced today that it plans to share its third-quarter financial results in a conference call scheduled for October 24, 2012.