Houston-based Waste Management Inc. is increasing its quarterly dividend by 2.8 per cent from $0.355 to $0.365 per share, and from $1.42 to $1.46 per share on an annual basis, the company announced.
This marks the 10th consecutive year that the company has increased its planned quarterly dividend.
Waste Management CEO David Steiner said in a December 11, 2012 announcement to media that "our dividend increase reflects the continued strength in our cash flows.”
Steiner added that in 2013, “we expect our operating free cash flow to grow by double digits. Operating free cash flow is projected to once again exceed $1 billion despite headwinds of approximately $100 million from cash taxes due to the expiration of bonus depreciation. Of course, we will give more detail for free cash flow when we give our 2013 guidance in February of 2013."
It is expected that the first increased dividend will be paid in March of 2013.