Verizon's Board Approves Dividend Increase Marking 18 Years
Verizon Declares Quarterly Dividend Increase
Verizon Communications Inc. (NYSE, Nasdaq: VZ) has made a significant announcement regarding its quarterly dividend. In a move that reflects its sustained commitment to shareholder value, the Board of Directors declared a quarterly dividend of 67.75 cents per share, marking an increase of 1.25 cents from the prior quarter. This milestone dividend is set to be distributed on November 1 to shareholders on record as of October 10.
Commitment to Shareholders
This announcement marks the 18th consecutive year that Verizon has approved an increase in its quarterly dividend. Such consistency demonstrates the company’s long-term strategy focused on growth and stability in the telecommunication industry. Chairman and CEO Hans Vestberg stated, "Our strong focus on three key pillars – wireless service revenue growth, adjusted EBITDA expansion, and free cash flow generation – has once again positioned the Board to raise the dividend.”
Strong Financial Results
Verizon has shown impressive financial metrics, boasting approximately 4.2 billion shares of common stock currently outstanding. Notably, the company disbursed nearly $5.6 billion in cash dividend payments during the first half of the year, which underscores the company’s profitability and robust cash flow. This remarkable performance serves as a solid foundation for the increased dividend.
Innovative Approach to Telecommunications
As a leader in the telecommunications field, Verizon Communications Inc. continues to meet the dynamic demands of its millions of customers globally. Headquartered in New York City, Verizon caters to nearly all Fortune 500 companies, providing cutting-edge solutions that enhance mobility, connectivity, and security across various platforms. In 2023, Verizon recorded impressive revenues of $134.0 billion, a testament to its effective management and innovative approach in the industry.
Looking Forward
Verizon’s continuous innovation and adaptability are key aspects of its business model, allowing it to prepare customers for tomorrow's needs. The company remains committed to serving its clientele with the best in mobility and reliable network connectivity.
Contact Information
Media contact:
Eric Wilkens
eric.wilkens@verizon.com
201-572-9317
Frequently Asked Questions
What is the newly declared dividend per share from Verizon?
The newly declared dividend is 67.75 cents per outstanding share.
How many consecutive years has Verizon increased its dividend?
This marks the 18th consecutive year that Verizon has approved a quarterly dividend increase.
When will the dividend be paid to shareholders?
The dividend will be payable on November 1, 2024, to shareholders of record as of October 10, 2024.
How much did Verizon pay in dividends in the first half of 2024?
In the first half of 2024, Verizon made nearly $5.6 billion in cash dividend payments.
What are the key pillars mentioned by Verizon's CEO for business growth?
The key pillars highlighted include wireless service revenue growth, adjusted EBITDA expansion, and free cash flow generation.
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