Houston-based waste and recycling services company WM says its board of directors has approved a 7.7 percent increase in the planned quarterly dividend distributed to its shareholders 2023, from 65 cents to 70 cents per share.
“In 2022, our exceptional cash generation allowed us to fund all of our capital allocation priorities—returning cash to our shareholders through dividends and share repurchases, investing in high-return sustainability growth projects and acquiring accretive businesses,” WM President and CEO Jim Fish says.
The increase raises the annual dividend from $2.60 to $2.80 per share, and WM calls it the 20th consecutive year with a dividend rate increase. The company also received authorization from its board of directors to repurchase up to $1.5 billion of the company’s common stock.
“Over the past three years, we have increased the amount of cash returned to shareholders every year,” Fish says. “As we look ahead to 2023, we are confident that our projected cash generation positions us to continue to allocate capital to all of our priorities, including strong shareholder returns.”
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