Pinnacle Foods Hikes Quarterly Dividend

(RTTNews) - Pinnacle Foods Inc. (PF) announced Monday that its board has approved a 16.7% increase in the company's quarterly cash dividend, to $0.21 per share from $0.18 per share, effective with the upcoming fourth quarter 2013 dividend. On an annualized basis, the new dividend increases to $0.84 per share, from the previous $0.72 per share.

The fourth quarter dividend is payable on January 10, 2014 to shareholders of record at the close of business on December 2, 2013.

Pinnacle Chief Executive Officer Bob Gamgort said, "The recent completion of our acquisition of Wish-Bone, which we expect to be highly accretive, has prompted us to review our quarterly dividend payment. The increase we are announcing today reflects the expected benefit of Wish-Bone and our strong operating cash flow performance since going public earlier this year."