Lear Corp. (LEA) Raises Quarterly Dividend 66.7% to $0.50; $1B Buyback Plan

Lear Corp. (NYSE: LEA) declared a quarterly dividend of $0.50 per share, or $2 annualized. This is a 66.7% increase from the prior dividend of $0.30. The dividend will be payable on March 23, 2017, to stockholders of record on March 3, 2017, with an ex-dividend date of March 1, 2017. The annual yield on the dividend is 1.4 percent.

The company also announced that its Board of Directors has authorized an increase in the Company's share repurchase authorization to $1 billion and extended the authorization period until December 31, 2019.

"The Lear Board of Directors is committed to delivering superior returns to our shareholders," said Henry D. G. Wallace, Lear's Non-Executive Chairman. "The shareholder actions announced today demonstrate the confidence Lear's Board of Directors has in the Company's outlook. The Board believes that the Company's balanced strategy of investing in the business and consistently returning cash to shareholders, while maintaining a strong and flexible balance sheet, will allow Lear to continue to create significant value for shareholders."

"The Company's strong operating performance, record financial results and record sales backlog are allowing us to significantly increase our quarterly cash dividend and continue our proven track record of returning capital to our shareholders. The investments we have made in our business have put the Company in the strongest competitive position in our history. Lear is extremely well positioned for future profitable growth and success," said Matt Simoncini, Lear President and Chief Executive Officer.

For a dividend history and other dividend-related data on Lear Corp. (LEA) click here.

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