FMC Corp. Outlines Five-year Strategic Plan; Hikes Dividend

(RTTNews) - FMC Corp. (FMC) said that it will outline five-year strategic plan at Investor Day.

For 2019-2023, the company expects revenue CAGR of 5 to 7 percent, adjusted EBITDA CAGR of 7 to 9 percent.

FMC Board of Directors has declared a regular quarterly dividend of $0.40 per share, payable on January 17, 2019, to shareholders of record at the close of business on December 28, 2018. This equates to $1.60 per share, annually, compared to $0.66 per share previously. The dividend policy going forward is to increase the dividend at least at the same rate as net income grows.

The Board also has authorized an initial $1 billion share repurchase program, which FMC expects to execute in a systematic, recurring fashion through mid-2020. This is separate from the current $200 million program, which is expected to be completed this week. Together, this dividend increase and share repurchase authorization are part of a capital allocation plan to return up to $4.5 billion to shareholders in the next five years.