Delphi Automotive PLC (NYSE: DLPH) today announced that its Board of Directors has approved an increase in the annual dividend rate paid on its ordinary shares to $1 per ordinary share, and declared a quarterly cash dividend of $0.25 per ordinary share, payable on February 27, 2014, to shareholders of record at the close of business on February 18, 2014.
In addition, Delphi’s Board has authorized a new share repurchase program of up to $1 billion of its outstanding ordinary shares. This program will commence following the completion of the company’s previous share repurchase programs.
“The strength of our balance sheet and free cash flow generation allow us to take these positive shareholder actions today, while maintaining our focus on driving growth and executing our strategy,” said Rodney O’Neal, Delphi’s chief executive officer and president. “The increase in the cash dividend, along with the new share repurchase program, continue to reflect our confidence in the business and further demonstrates our continued commitment to deliver shareholder value.”
Under the new share repurchase program, Delphi is authorized to repurchase up to $1 billion of its outstanding ordinary shares. The timing and amount of any share repurchases will be determined based on market conditions, share price and other factors. Repurchases may be made in the open market or in privately negotiated transactions.
