RPM International has increased its quarterly dividend by 9.5% following its fiscal first-quarter results.
The specialty coatings, sealants, building materials and related services company on Thursday said that its board of directors declared a quarterly dividend of 46 cents a share, up from 42 cents a share.
The new dividend rate equates to an annual payout to shareholders of $1.84 and an annual yield of 1.865% based on Wednesday’s closing stock price of $98.61.
“With our (…) strategically balanced business model, I am confident we will build on our strong track record of sustainable value creation,” Chief Executive Frank Sullivan said.
The company’s dividend call comes a day after posting higher sales for the three months ended Aug. 31 amid price increases and strong demand from infrastructure and reshoring projects. Sales volumes also rose in the period, RPM International added.