World Fuel Services (INT) Declares $0.06 Quarterly Dividend; Approves $100M Stock Buyback Plan

September 13, 2016 6:13 AM EDT

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World Fuel Services (NYSE: INT) declared a quarterly dividend of $0.06 per share, or $0.24 annualized.

The dividend will be payable on October 12, 2016, to stockholders of record on September 23, 2016, with an ex-dividend date of September 21, 2016.

The annual yield on the dividend is 0.5 percent.

World Fuel Services also announced that its Board of Directors has authorized the purchase of up to $100 million in common stock. This board action replaces the previously announced June 2015 share repurchase authorization.

Share repurchases may be made from time to time in the open market or through privately negotiated transactions. The timing and amount of shares to be repurchased under the program will depend on market conditions, share price, securities law and other legal requirements and factors. The program does not require the purchase of any minimum number of shares, has no expiration date and may be suspended or discontinued at any time without prior notice.

“Our business continues to generate strong cash flows, with $471 million of operating cash flow over the 12-month period ending June 30, 2016,” said Ira M. Birns, executive vice president and chief financial officer. “Today’s announcement demonstrates our confidence in World Fuel’s long-term prospects and continued commitment to enhancing shareholder value, through a combination of dividends and share repurchases, principally to offset the dilutive impact of employee stock awards.”

For a dividend history and other dividend-related data on World Fuel Services (INT) click here.

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