AECOM , the world’s trusted infrastructure consulting firm, announced that its Board of Directors has declared a quarterly cash dividend as part of the initiation of a recurring quarterly dividend program. The initial quarterly dividend of $0.15 per share will be paid on January 21, 2022 to stockholders of record as of January 5, 2022. The Company intends to increase its dividend per share by a double-digit percentage annually.
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Capital Allocation Policy
AECOM’s capital allocation policy is built on a commitment to return substantially all available cash flow to stockholders. The initiation of a quarterly dividend program is consistent with the Company’s capital allocation policy and complements the Company’s expected ongoing share repurchase program.
“The initiation of a quarterly dividend payment with the intent to increase it by double digits annually is a significant milestone in our history that affirms our ongoing intention to consistently return capital to our stockholders,” said Troy Rudd, AECOM’s chief executive officer. “Today’s announcement reflects the confidence we have in our operating performance and outlook for organic growth, the strength of our balance sheet, and our expectation for continued compounding of earnings at a high rate and strong free cash flow. We intend to continue to repurchase stock as part of our capital allocation program, with dividends complementing repurchases as we seek to enhance total shareholder return and attract the broadest investor base possible.”
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AECOM also reiterated its financial guidance for fiscal 2022, which includes its expectation for adjusted1 EPS of between $3.20 and $3.40 and adjusted1 EBITDA2 of between $880 and $920 million, as well as another year of strong free cash flow3 between $450 million and $650 million. In addition, the Company reiterated its long-term financial targets, including its expectation for adjusted1 EPS of at least $4.75 in fiscal 2024, which reflects the raised guidance provided on the Company’s fourth quarter earnings announcement. This guidance also includes an expectation for a 15% segment adjusted1 operating margin4 by fiscal 2024, and continued high conviction in delivering on its 17% longer-term margin goal.
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