MIAMI - World Kinect Corporation (NYSE: WKC), a global energy management firm, has increased its quarterly cash dividend by 21%, marking a rise from $0.14 to $0.17 per share. The company announced that the dividend is set to be distributed on April 16, 2024, to shareholders who are on record as of March 25, 2024.
The decision to increase the dividend reflects the company's solid financial position, underscored by strong operating cash flow and a robust balance sheet. Ira M. Birns, Executive Vice President and Chief Financial Officer of World Kinect, emphasized the company's dual focus on investing in core business operations while simultaneously delivering capital returns to its shareholders.
Birns stated, "Our strong operating cash flow and healthy balance sheet provide us with the flexibility to continue investing in our core business activities while also returning capital to our shareholders." He further noted that the dividend hike, alongside share repurchase activities, is part of the firm's comprehensive capital allocation strategy aimed at fostering long-term shareholder value.
World Kinect Corporation, headquartered in Miami, Florida, specializes in energy management services and caters to over 150,000 customers across various sectors, including aviation, marine, and land transportation. In addition to its core services, World Kinect supplies natural gas and power in the United States and Europe and offers an expanding array of sustainability-related products and services.
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