Flowserve Announces 12.5% Increase in Quarterly Cash Dividend from $0.32 Per Share to $0.36 Per Share
The quarterly cash dividend increased from $0.32 per share, or 12.5% over the previous quarterly rate.
DALLAS, February 21, 2012 -- Flowserve Corp. (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that its board of directors has authorized the payment of a quarterly cash dividend of $0.36 per share on the company's outstanding shares of common stock. The quarterly cash dividend increased from $0.32 per share, or 12.5% over the previous quarterly rate.
The dividend is payable on April 13, 2012, to shareholders of record as of the close of business on March 30, 2012.
Mark Blinn, Flowserve president and chief executive officer, said, “We are pleased that our board of directors has authorized this increase in our quarterly cash dividend. Late last year, we announced our adoption of a policy to annually return to shareholders 40% to 50% of our running two year average net earnings in the form of quarterly dividends or stock repurchases. This quarterly dividend increase demonstrates our commitment to this policy, as well as our confidence in the company’s overall performance and continued ability to deliver strong cash flows.”
While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.36 per share rate or otherwise, will be reviewed individually and declared by the board at its discretion, dependent on the board's assessment of the company's financial condition and business outlook at the applicable time.
Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company's Web site at www.flowserve.com.
Technical Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public affairs, (972) 443-6644