Lear Corp. (LEA) Raises Quarterly Dividend 40% to $0.70, 1.5% Yield; Boosts Share Repurchase Program to $1.5B (from $546M Remaining)

Lear Corp. (NYSE: LEA) declared a quarterly dividend of $0.70 per share, or $2.8 annualized. This is a 40% increase from the prior dividend of $0.50.

The dividend will be payable on March 26, 2018, to stockholders of record on March 7, 2018, with an ex-dividend date of March 6, 2018.

The annual yield on the dividend is 1.5 percent.

"The Company's record financial performance, balance sheet strength and very favorable outlook are allowing us to significantly increase our dividend and continue our proven track record of returning capital to our shareholders," said Matt Simoncini, Lear President and Chief Executive Officer. "For some time now, we have made significant investments in our business which have given Lear unique product capabilities and an industry-leading cost structure. Today we are in the strongest competitive position in our 100-year history. Over the last five years, we have returned record levels of cash to our shareholders in the form of dividends and share repurchases. Lear's total return to shareholders during this period was 300%, better than any of our peers and three times the return for the S&P 500."

Share Repurchase

At the end of 2017, Lear had $546 million remaining on its share repurchase authorization. Including today's action, Lear's total available share repurchase authorization is now $1.5 billion. Since the Company began its share repurchase and dividend programs in 2011, Lear has returned approximately $4 billion to shareholders, including the repurchase of 42% of the Company's shares outstanding at the commencement of our share repurchase program.

"Lear's Board of Directors fully supports the Company's balanced strategy of investing in the business and consistently returning cash to shareholders, while maintaining a strong and flexible balance sheet. The shareholder actions announced today are consistent with this strategy and demonstrate the confidence Lear's Board has in the Company's outlook," said Henry D. G. Wallace, Lear's Non-Executive Chairman.

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

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