Superior Industries International, Inc. (NYSE:SUP)
today announced that its board of directors has approved a 12.5% increase in the company’s quarterly cash dividend rate to $0.18 per share from $0.16 per share, or on an annualized basis, to $0.72 per share from $0.64 per share.
The increase to the quarterly amount, equal to $0.02 per share, will be paid on October 18, 2013, to shareholders of record as of September 27, 2013. The previous quarterly dividend of $0.16 per share already was distributed by Superior as part of an accelerated 2013 cash dividend payment that totaled $0.64 per share. The accelerated 2013 dividend was paid on December 28, 2012 to shareholders of record as of December 21. The 2013 dividend was accelerated due to uncertainties existing at the time regarding possible dividend tax rate changes.
The company expects to declare the full $0.18 per share quarterly dividend sometime during the fourth quarter of 2013. The fourth quarter dividend typically is paid during January of the following year.
“The board’s action reflects Superior’s strong financial position and confidence in the company’s long-term future,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “Superior has a long track record of returning capital to its shareholders in the form of a common stock dividend, a record that remained unbroken even during the industry recession of 2009. For the last ten years, Superior has distributed almost $180 million to its shareholders in this manner. We are particularly pleased to be increasing our cash dividend during a time when we also are investing in our manufacturing facilities, including the construction of a new facility in Mexico, to further enhance operating efficiencies and expand capacity.”
About Superior Industries
Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its five plants in both the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen. For more information, visit