Beam Increases Dividend 10%
Company Boosts Indicated Annual Rate to $0.90 from $0.82, Declares Regular Dividend
DEERFIELD, Ill.--(BUSINESS WIRE)-- Beam Inc. (NYSE: BEAM), a leading global premium spirits company, today announced that its board of directors approved a 10% increase in the indicated annual dividend rate on the companys common stock. The dividend will increase 8 cents per share to an annual rate of $0.90 (payable 22.5 cents per quarter) from $0.82 per share (20.5 cents per quarter).
The company also declared a regular dividend for the first quarter of 22.5 cents per share, which will be payable on March 1, 2013 to shareholders of record at the close of business on February 6, 2013.
Even as Beam continues to see substantial high-return opportunities to build our brands and create long-term shareholder value, we also return immediate value to shareholders with an attractive dividend, said Matt Shattock, president and chief executive officer of Beam. Our long-term target is to sustain an earnings payout ratio of approximately 35-40%, and this double-digit increase in the dividend reflects the Boards and managements confidence in our prospects to deliver sustainable, profitable long-term growth.
As previously announced, the company will report full-year results for 2012 on Friday, February 1st.
About Beam Inc.
As one of the worlds leading premium spirits companies, Beam is Crafting the Spirits that Stir the World. Consumers from all corners of the globe call for the companys brands, including Jim Beam Bourbon, Maker's Mark Bourbon, Sauza Tequila, Pinnacle Vodka, Canadian Club Whisky, Courvoisier Cognac, Teacher's Scotch Whisky, Cruzan Rum, Hornitos Tequila, Knob Creek Bourbon, Laphroaig Scotch Whisky, Kilbeggan Irish Whiskey, EFFEN Vodka, Pucker Flavored Vodka, Larios Gin, Whisky DYC, DeKuyper Cordials, and Skinnygirl Cocktails. Beam is focused on delivering superior performance with its unique combination of scale with agility and a strategy of Creating Famous Brands, Building Winning Markets and Fueling Our Growth.
Headquartered in Deerfield, Illinois, Beam is traded on the New York Stock Exchange under the ticker symbol BEAM and is included in the S&P 500 Index and the MSCI World Index. For more information on Beam, its brands, and its commitment to social responsibility, please visit www.beamglobal.com and www.drinksmart.com.
This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these forward-looking statements speak only as of the date hereof, and the company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date of this release. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including the risks and uncertainties described from time to time in the Company's Securities and Exchange Commission filings.
Source: Beam Inc.Copyright Business Wire 2013