Martin Marietta Materials Inc. has announced that its board of directors has approved a 15% increase in its quarterly cash dividend, raising it from US$0.48/shrare to US$0.55/share on the company’s outstanding common stock. This dividend, which represents a cash dividend of US$2.20/share on an annualised basis, is payable on 30 September 2019, to shareholders of record at the close of business on 3 September 2019.
“During our 25 years as a public company, Martin Marietta has responsibly grown and managed our business to create long term shareholder value,” said Ward Nye, President and CEO of Martin Marietta. “Today’s announced dividend increase, which represents one of the largest in our company’s history, builds on our track record of delivering meaningful and sustainable dividends as part of our balanced capital allocation strategy. We are proud to be the only public company in our industry to have never reduced or suspended our dividend payments – a testament to Martin Marietta’s steadfast focus on cash generation, balance sheet strength, and operational excellence.”