Lancaster Colony Continues Higher Cash Dividend
Lancaster Colony Corporation (Nasdaq: LANC) declares a quarterly cash dividend of 90 cents per share, maintaining a higher level set three months ago. The company marks its 61st consecutive year of increased regular cash dividends, showcasing financial strength. CEO David A. Ciesinski highlights the 243rd consecutive quarterly cash dividend paid since September 1963, with an annual payout for fiscal year 2024 at $3.55 per share, up from $3.35 in 2023.
The declaration of a quarterly cash dividend of 90 cents per common share by Lancaster Colony Corporation signifies a stable and potentially attractive income stream for investors, especially considering the consistency and longevity of the company's dividend history. The maintenance of this dividend amount, which was previously increased, suggests confidence in the company's financial health and operational cash flow.
From a financial perspective, the indicated annual payout increase from $3.35 to $3.55 per share represents a growth rate of approximately 6%, which is a positive signal to the market. This increment is a reflection of the company's commitment to returning value to shareholders and can be seen as a measure of its financial stability and prudent capital management strategy.
Investors often view long streaks of dividend increases, such as Lancaster Colony's 61-year record, as a hallmark of a reliable 'Dividend Aristocrat'. This term refers to companies that have consistently increased their dividend payouts for at least 25 consecutive years. Such a track record can be attractive to income-focused investors, particularly in volatile market conditions where stable dividends are highly prized.
It is essential to consider the broader market implications of Lancaster Colony's dividend announcement. The company's status as one of only 13 U.S. companies to have increased regular cash dividends for 61 consecutive years places it in a unique position within the market. This longevity can be an indicator of a competitive moat and operational excellence, factors that are critical when assessing a company's long-term investment potential.
Furthermore, the consistency in dividend payments since 1963 could be indicative of a conservative balance sheet management and a business model resilient to economic cycles. This can reassure investors during periods of economic uncertainty or market downturns. The company's ability to sustain and grow dividends over such an extended period is an attribute that may set it apart from its peers, potentially influencing investment decisions among dividend-seeking shareholders.
02/14/2024 - 03:00 PM
WESTERVILLE, Ohio --(BUSINESS WIRE)--
Lancaster Colony Corporation (Nasdaq: LANC) announced today that its Board of Directors has declared a quarterly cash dividend of 90 cents per common share, payable March 29, 2024 to shareholders of record on March 7, 2024.
The quarterly cash dividend amount of 90 cents per share maintains the higher level set three months ago, which marked the company’s 61st consecutive year of increased regular cash dividends. Lancaster Colony is one of only 13 U.S. companies with 61 straight years of regular cash dividend increases.
CEO David A. Ciesinski said, “The dividend reflects the company’s continued strong financial position and will be the 243rd consecutive quarterly cash dividend paid by the company since September 1963.” He noted that the indicated annual payout for the current fiscal year ending June 30, 2024 is $3.55 $3.35
Common shares currently outstanding are approximately 27,528,000.
Forward-Looking Statements
We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). This news release contains various “forward-looking statements” within the meaning of the PSLRA and other applicable securities laws. Such statements can be identified by the use of the forward-looking words “anticipate,” “estimate,” “project,” “believe,” “intend,” “plan,” “expect,” “hope,” “indicated” or similar words. These statements discuss future expectations; contain projections regarding future developments, operations or financial conditions; or state other forward-looking information. Such statements are based upon assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, expected future developments; and other factors we believe to be appropriate. These forward-looking statements involve various important risks, uncertainties and other factors, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in the forward-looking statements.
Some of the key factors that could cause actual results to differ materially from those expressed in the forward-looking statements include:
changes in our cash flow or use of cash in various business activities; and
risks related to other factors described under “Risk Factors” in other reports and statements filed by us with the Securities and Exchange Commission, including without limitation our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (available at www.sec.gov ).
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update such forward-looking statements, except as required by law. Management believes these forward-looking statements to be reasonable; however, you should not place undue reliance on such statements that are based on current expectations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213343015/en/
Dale N. Ganobsik
ir@lancastercolony.com
Source: Lancaster Colony Corporation
What is the ticker symbol for Lancaster Colony Corporation?
The ticker symbol for Lancaster Colony Corporation is LANC.
What is the quarterly cash dividend declared by Lancaster Colony Corporation?
Lancaster Colony Corporation declared a quarterly cash dividend of 90 cents per common share.
How many consecutive years has Lancaster Colony Corporation increased its regular cash dividends?
Lancaster Colony Corporation has increased its regular cash dividends for 61 consecutive years.
What is the indicated annual payout for Lancaster Colony Corporation for the current fiscal year ending June 30, 2024?
The indicated annual payout for Lancaster Colony Corporation for the current fiscal year ending June 30, 2024, is $3.55 per share.
How many common shares are currently outstanding for Lancaster Colony Corporation?
Approximately 27,528,000 common shares are currently outstanding for Lancaster Colony Corporation.
