Verizon Announces Quarterly Dividend Increase
Verizon Communications Inc. (NYSE, Nasdaq: VZ) has made an important announcement about its quarterly dividend. In a move that underscores its ongoing commitment to enhancing shareholder value, the Board of Directors has declared a quarterly dividend of 67.75 cents per share. This represents an increase of 1.25 cents from the previous quarter. The dividend is scheduled to be distributed on November 1 to shareholders who are on record as of October 10.
Commitment to Shareholders
This declaration marks the 18th consecutive year that Verizon has raised its quarterly dividend. Such consistency highlights the company’s long-term strategy aimed at growth and stability within the telecommunications sector. Chairman and CEO Hans Vestberg remarked, "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 Performance
Verizon has demonstrated impressive financial results, currently having around 4.2 billion shares of common stock outstanding. Notably, the company distributed nearly $5.6 billion in cash dividend payments during the first half of the year, showcasing its profitability and strong cash flow. This outstanding performance provides a solid foundation for the increased dividend.
Innovative Telecommunications Solutions
As a frontrunner in the telecommunications industry, Verizon Communications Inc. continues to meet the evolving needs of its millions of customers around the world. Based in New York City, Verizon serves nearly all Fortune 500 companies, offering innovative solutions that improve mobility, connectivity, and security across multiple platforms. In 2023, Verizon achieved impressive revenues of $134.0 billion, reflecting its effective management and forward-thinking approach in the industry.
Looking Ahead
Verizon’s ongoing innovation and adaptability are crucial elements of its business model, enabling it to prepare customers for future demands. The company remains dedicated to providing its clients with the best in mobility and dependable 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.
