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World Kinect Corporation (NYSE:WKC) has revealed a substantial commitment to returning value to its shareholders with the declaration of a quarterly cash dividend and a significant increase in its share repurchase authorization.
The Board of Directors has declared a cash dividend of $0.17 per share, set to be paid on October 16, 2024, to shareholders who are on record as of September 30, 2024. This dividend reflects the company's ongoing efforts to reward its investors while maintaining robust financial health.
In addition to the dividend, World Kinect has approved a new share repurchase authorization of $200 million. This new authorization builds upon the existing program, which had approximately $108 million remaining as of June 30, 2024. The increase in the share repurchase program underscores World Kinect’s confidence in its financial stability and its capacity to generate strong free cash flow.
Ira Birns, Executive Vice President and Chief Financial Officer, commented on the announcement, stating, “Increasing our share repurchase authorization highlights our strong financial position and continued ability to deliver solid free cash flow. We remain committed to our capital allocation framework, which includes investing in strategic operational opportunities, synergistic acquisitions to accelerate growth, and returning capital to shareholders through buybacks and dividends to drive long-term shareholder value.”
The share repurchase program will be executed in the open market or through privately negotiated transactions, depending on various factors including market conditions, share price, and legal requirements. There is no minimum number of shares required to be repurchased, and the program does not have an expiration date. The timing and volume of repurchases may be adjusted based on prevailing market conditions and other relevant considerations, and the program can be initiated, suspended, or discontinued at any time without prior notice.
World Kinect Corporation, headquartered in Miami, Florida, is a leading global energy management company. It provides fulfillment and related services to over 150,000 customers across aviation, marine, and land-based transportation sectors. Additionally, the company supplies natural gas and power in the United States and Europe and offers a growing range of sustainability-related products and services.
These moves reflect World Kinect’s commitment to enhancing shareholder value and leveraging its financial strength to support its strategic goals and operational initiatives.
