Printer Friendly

MARTIN MARIETTA RAISES DIVIDEND 12 PERCENT, AUTHORIZES 5 MILLION SHARE REPURCHASE

 MARTIN MARIETTA RAISES DIVIDEND 12 PERCENT,
 AUTHORIZES 5 MILLION SHARE REPURCHASE
 BETHESDA, Md., June 26 /PRNewswire/ -- Martin Marietta Corporation's (NYSE: ML) board of directors today raised the quarterly cash dividend on Martin Marietta common stock from $0.375 to $0.42 per share, an increase of 12 percent. Payment at the new annualized rate of $1.68 will be made on Sept. 30, 1992, to holders of record at the close of business on Sept. 1, 1992.
 "This action ensures that 1992 will be the 21st consecutive year of higher annual dividend payments to Martin Marietta shareholders," said Norman R. Augustine, Martin Marietta's chairman and chief executive officer. "The 12 percent increase also is indicative of the confidence we have in the future of Martin Marietta," he added.
 In a related action, the Martin Marietta board also authorized the repurchase of up to 5 million Martin Marietta common shares for general corporate purposes. The shares will be purchased from time to time in the open market and represent about 10 percent of the currently outstanding common stock.
 "Meaningful share repurchases and steady dividend increases are key components of Martin Marietta's 'Peace Dividend Strategy,'" Augustine said. "While we continue to see opportunities to exploit defense industry consolidation trends and expand our civil government and commercial businesses, these actions by the board underscore our balanced approach to enhancing shareholder value. We believe our stock represents an attractive investment, particularly in light of its current valuation and the corporation's strong balance sheet and cash flows anticipated over the next several years."
 Separately, the board of directors also authorized a 3.2 million share repurchase program to provide stock for the Omnibus Securities Award Plan recently approved by Martin Marietta stockholders. This program permits purchases in the open market from time to time to offset dilutive effects from securities issued under that plan.
 The new authorizations are in addition to existing repurchase authorities to provide shares for the Martin Marietta Performance Sharing Plan for Salaried Employees, under which approximately 7.2 million shares remain available for repurchase.
 Since June 1987, the corporation's common stock repurchase programs have resulted in a net reduction of approximately 7.3 million shares, or 13 percent of the initially outstanding shares. Approximately 47.2 million shares are currently outstanding.
 -0- 6/26/92
 /CONTACT: Charles Manor of Martin Marietta, 301-897-6258/
 (ML) CO: Martin Marietta Corporation ST: Maryland IN: ARO SU: DIV


TW -- DC010 -- 4215 06/26/92 12:12 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 26, 1992
Words:411
Previous Article:UNION SEEKS INJUNCTION TO PREVENT NEW CENTER HOSPITAL FROM USING $300,000 REMOVED FROM EMPLOYEES' PENSION PLAN TO PAY DEBTS OF HOSPITAL
Next Article:MINNTECH ESTABLISHES NEW DIVISION FOR MICROFILTRATION PRODUCTS
Topics:


Related Articles
MARTIN MARIETTA CONTINUES 37-1/2-CENT QUARTERLY DIVIDEND
MARTIN MARIETTA REPORTS INCREASED EARNINGS PER SHARE
MARTIN MARIETTA POSTS INCREASED SALES, EARNINGS PER SHARE FOR THIRD QUARTER
MARTIN MARIETTA POSTS INCREASED SALES, EARNINGS PER SHARE FOR THIRD QUARTER
MARTIN MARIETTA 1992 EARNINGS PER SHARE UP 14 PERCENT TO RECORD $7.21
THIOKOL ANNOUNCES SHARE REPURCHASE PROGRAM AND INCREASES DIVIDEND
MARTIN MARIETTA BOARD AUTHORIZES STOCK SPLIT, INCREASES DIVIDEND RATE
MARTIN MARIETTA NET EARNINGS INCREASE 36 PERCENT IN THIRD QUARTER
MARTIN MARIETTA DECLARES 24-CENT QUARTERLY DIVIDEND
UTC Board Increases Share Repurchase Authorization and Declares Quarterly Dividend

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters