Dividend Aristocrat Air Products raises dividend 15.5 percent in 2020
The Dividend Aristocrat will hike its quarterly payment by 15.5 percent to $1.34 per share quarterly.
The next dividend is payable on May 11, 2020 to shareholders of record at the close of business on April 1, 2020. A new annual dividend amount of $5.36 per share delivers shareholders a new 2.3 percent dividend yield at a stock price of almost $244 at Friday's close.
Commenting on the results, Seifi Ghasemi, chairman, president and chief executive officer, said, "I want to thank our talented Air Products team for delivering another set of strong results for the quarter. Our excellent financial position allows us to invest capital strategically, and this quarter we announced our largest-ever U.S. investment to supply Gulf Coast Ammonia in Texas. Meanwhile, we continue to return cash to our shareholders, announcing an 18-cent, or more than 15 percent, dividend increase that marks our 38th consecutive year of dividend increases."
Air Products is the third Aristocrat in 2020 to hike its quarterly dividend. Earlier Consolidated Edison and Kimberly-Clark announced dividend increases.
Air Products (NYSE:APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.