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Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announced that its Board of Directors has declared an increase in the quarterly dividend from $0.175 to $0.20 per share. This represents an increase of approximately 14% over the previous quarter's dividend. The dividend will be paid on June 18, 2014 to shareholders of record on June 4, 2014.
"We are increasing our dividend as part of our strategy to optimize the allocation of our capital between growth investments and returns to our shareholders while maintaining a strong balance sheet," commented Jim Sullivan, Executive Vice President and Chief Financial Officer.
"Our continued ability to generate significant cash from operations, especially from the continued strength of our service business, supported our decision to increase the dividend," said Ted Doheny, President and Chief Executive Officer.
"As we look forward, we will evaluate future dividend increases based on business conditions at the time," continued Sullivan.
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in mining equipment and services for surface and underground mining.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “indicate,” “intend,” “may be,” “objective,” “plan,” “potential” “predict,” “should,” “will be,” and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. In addition, certain market outlook information and other market statistical data contained herein is based on third party sources that we cannot independently verify, but that we believe to be reliable. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected results or events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, many of which are beyond our control, include, but are not limited to: (i) risks of international operations, including currency fluctuations, (ii) risks associated with acquisitions, (iii) risks associated with indebtedness, (iv) risks associated with the cyclical nature of our business, (v) risks associated with the international and U.S. coal and copper commodity markets, (vi) risks associated with access to major purchased items, such as steel, castings, forgings and bearings, and (vii) risks associated with labor markets and other risks, uncertainties and cautionary factors set forth in our public filings with the Securities and Exchange Commission.