Spirit AeroSystems (SPR) Lowers Quarterly Dividend 91.7% to $0.01; 0.1% Yield

Spirit AeroSystems (NYSE: SPR) declared a quarterly dividend of $0.01 per share, or $0.04 annualized. This is a 91.7% decrease from the prior dividend of $0.12.

The dividend will be payable on April 9, 2020, to stockholders of record on March 20, 2020, with an ex-dividend date of March 19, 2020.

The annual yield on the dividend is 0.1 percent.

"In an abundance of caution, the Board concluded that it is in the best interests of Spirit and its stockholders to reduce Spirit's quarterly dividend," said Spirit AeroSystems President and CEO Tom Gentile. "Spirit has a strong history of capital returns through dividends and share repurchases and remains committed to returning capital to stockholders. However, given the significance of the 737 MAX program to Spirit, the Board believes it is prudent to preserve liquidity until production rates are at higher levels."

"The Company's Board will consider further action with respect to the dividend in the future, upon the MAX's return to service and further production stabilization, as appropriate and in line with Spirit's disciplined capital allocation strategy," Gentile added. "While we are going through this challenging period of lower rate production, the outlook for the MAX remains strong with a backlog of 4,400 aircraft.

For a dividend history and other dividend-related data on Spirit AeroSystems (SPR) click here.

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