RALEIGH, N.C.--(BUSINESS WIRE)--
Martin Marietta Materials, Inc. (NYSE:MLM), today announced that its
Board of Directors approved a five percent increase in the quarterly
cash dividend to $0.42 (forty-two cents) per share on the Corporation's
common stock. This dividend, which represents a cash dividend of $1.68
per share on an annualized basis, is payable September 30, 2016, to
shareholders of record at the close of business on September 1, 2016.
Commenting on the dividend increase, Ward Nye, Chairman and Chief
Executive Officer stated, "The Board's action is consistent with our
long stated objective to create shareholder value through capital
appreciation of our stock, a meaningful and sustainable cash dividend,
as well as through our stock repurchase program. This combination has
provided superior investment results and one of the highest total
shareholder returns in our industry over the past ten years.
"We are especially pleased that our performance and outlook for future
growth in earnings and cash generation has enabled this dividend payout
increase. Dividend payments have been an important element of our
shareholder return. In fact, from 1994 to 2009, annual dividends
increased at a compound average growth rate of near 9%, to $1.60 per
year. Since 2009, Martin Marietta steadfastly maintained its $1.60
annual dividend, despite a recession which forced many in our industry
to significantly reduce or totally eliminate dividends. With today's
announcement, we anticipate a return to consistent dividend growth. This
component of returning cash to shareholders, coupled with the $710
million of share repurchases executed since January 2015, has enhanced
returns on shareholder investments in Martin Marietta without impairing
our financial flexibility to invest in attractive internal growth
projects and seize value-added business development opportunities."
Martin Marietta, an American-based company and a member of the S&P 500
Index, is a leading supplier of aggregates and heavy building materials,
with operations spanning 26 states, Canada and the Bahamas. Dedicated
teams at Martin Marietta supply the resources for the roads, sidewalks
and foundations on which we live. Martin Marietta's Magnesia
Specialties business provides a full range of magnesium oxide,
magnesium hydroxide and dolomitic lime products. For more information,
visit www.martinmarietta.com
or www.magnesiaspecialties.com.
MLM-D
View source version on businesswire.com: http://www.businesswire.com/news/home/20160822005528/en/
Martin Marietta Materials, Inc.
Anne H. Lloyd,
919-783-4660
Executive Vice President and Chief Financial
Officer
www.martinmarietta.com
or
Investor
Contact:
Elisabeth Eisleben, 919-510-4776
Director,
Investor Relations
Elisabeth.eisleben@martinmarietta.com
Source: Martin Marietta Materials, Inc.
News Provided by Acquire Media