GM Board Authorizes Reinstatement Of Quarterly Cash Dividend

(RTTNews) - General Motors Co. (GM) said its Board has authorized the reinstatement of a quarterly cash dividend on the company's outstanding common stock at a rate of $0.09 per share. The first dividend will be paid on Sept. 15, 2022, to shareholders of record as of the close of business on Aug. 31, 2022. The company suspended its quarterly dividend in April of 2020 in response to uncertainty driven by the pandemic.

"GM's consistently strong earnings, margins and cash flow, our investment-grade balance sheet, and the achievement of several significant milestones in our growth strategy enables us to invest aggressively to accelerate our all-electric future while also supporting the return of excess free cash flow to shareholders, aligned with our long-term capital allocation strategy," said Paul Jacobson, CFO.

GM said the company will resume opportunistic share repurchases. The Board has increased the capacity under the existing repurchase program to $5.0 billion of common stock, up from the $3.3 billion previously remaining under the program.