Sylvamo Announces Increases Quarterly Dividend From $0.25 To $0.30 And Includes Special $0.30 Special Dividend Per Share Which Is ~$12M

Includes 20% increased quarterly dividend, special $12 million dividend and $150 million share repurchase program Sylvamo's (NYSE:SLVM) board of directors declared a quarterly dividend of $0.30 per share for the period of Oct. 1, 2023, to Dec. 31, 2023, as well as a special dividend of $0.30 per share, which is approximately $12 million. The dividends are payable Oct. 17, 2023, to holders of record at the close of business Oct. 3, 2023. The board also authorized an additional $150 million for a share repurchase program to acquire the company's common stock. At the end of the second quarter, the company had approximately $30 million remaining in the $150 million share repurchase program announced May 19, 2022. On Sept. 1, 2023, Sylvamo deposited $60 million in escrow as required by its credit agreement, enabling it to return more than $90 million in cash to shareowners annually. "Dividends are the foundation of our commitment to return $125 million in cash to shareowners this year," said Jean-Michel Ribiéras, chairman and chief executive officer. "We remain committed to returning cash to shareowners and will continue to look for opportunities to repurchase shares at attractive prices." The repurchase program will follow applicable legal requirements, is subject to market conditions and other considerations, has no termination date and does not require the company to repurchase shares.