With $531-million still on the table in a previous share repurchase program at the end of last year, Whirlpool Corporation has announced plans for an additional $2-billion share repurchase program following board action today.
The Benton Harbor-based appliance giant’s Board of Directors today authorized the $2-billion buyback and also increased the quarterly dividend by 12-percent.
The new $2-billion authorization is in addition to the $531 million unused portion of the previous program as of December 31, 2020.
The Whirlpool board also approved a $0.15 increase in the quarterly dividend on the company’s common stock to $1.40 per share from $1.25 per share. That dividend is payable June 15, 2021, to stockholders of record at the close of business on May 21, 2021.
Marc Bitzer, Chairman and Chief Executive Officer of Whirlpool Corporation, says, “I am pleased to announce that we are increasing our dividend for the ninth consecutive year and have approved a significant expansion of our share repurchase program,” adding, “These actions highlight the confidence we have in our business to continue generating strong levels of cash and reflect our continued commitment to creating strong shareholder value.”
