By
Cherie Rowlands |
Carnival Corporation & plc has renewed its authorisation for the repurchase of up to US£1 billion of common stock and declared a quarterly dividend of US$0.25 per share, the company said in a written statement on 17 January.
Two million shares of Carnival Corporation common stock valued at US$78 million, have been repurchased by the company since the start of the 2013 financial year. This brings the total amount purchased, to date, under the September 2007 authorisation of US$1 billion, to US$835 million. The latest share buy-back approved by the company’s board of directors has increased the remaining US$165 million to US$ 1 billion, which is a total of US$1.835 billion.
“Our ongoing share repurchase program demonstrates our continued confidence in the earnings power of our global brands," said Carnival Corporation & plc chairman and CEO Micky Arison. “We remain committed to increasing shareholder returns through a combination of dividend distributions and opportunistic share repurchases.”
The share repurchase authorisation covers both Carnival Corporation common stock traded on the New York Stock Exchange and Carnival plc ordinary shares traded on the London Stock Exchange. Repurchases will take place in the open market or privately negotiated transactions in line with applicable laws, rules and regulations, subject to prevailing market conditions and other considerations, the company said.