Discover last week's biggest dividend increases, June 19
Dividends
June 27, 2023
Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a prominent firearm manufacturing and design company based in the United States, reported its financial results for the fourth quarter and full fiscal year 2023, ending on April 30, 2023. Despite a decrease in net sales by $36.5 million, or 20.1%, compared to the previous year's quarter, Smith & Wesson Brands demonstrated resilience and adaptability. The gross margin for the quarter decreased to 29.0% from 39.8% in the same period last year. Both GAAP and non-GAAP net income experienced declines, with GAAP net income totaling $12.8 million, or $0.28 per diluted share. However, Smith & Wesson Brands's strategic initiatives, including successful consumer promotions and reduced inventory levels, positioned them for success in fiscal year 2024. Notably, Smith & Wesson's board of directors approved an increase in the quarterly dividend to $0.12 per share, reflecting their positive outlook and confidence in Smith & Wesson Brands's future prospects. This dividend will be paid to stockholders of record on July 13, 2023, with payment scheduled for July 27, 2023.
Commercial Metals Company (CMC) announced its financial results for the fiscal third quarter ended May 31, 2023. Commercial Metals Company reported net earnings of $234.0 million, or $1.98 per diluted share, on net sales of $2.3 billion, compared to the prior year period. The strong financial performance was attributed to robust North American construction activity, favorable product margins in the domestic market, and cost reduction efforts. Commercial Metals Company recorded a net after-tax charge of $5.8 million related to the commissioning of the Arizona 2 micro mill during the quarter. Excluding this item, adjusted earnings were $239.7 million, or $2.02 per diluted share. Barbara R. Smith, Chairman and CEO, expressed optimism about the progress made on the Arizona 2 project and its potential to generate significant earnings and cash flow growth. As a result of the positive outlook and Commercial Metals Company's strong financial position, the board of directors declared a 14% increase in the quarterly dividend, with a payment of $0.16 per share of CMC common stock.
Blackstone Secured Lending Fund (BXSL) has announced an increase in its regular quarterly distribution to $0.77 per share for the third quarter of 2023. This 10% increase, compared to the previous quarter's distribution of $0.70 per share, is a result of Blackstone Secured Lending Fund's strong earnings, low fee structure, and the quality of its investment portfolio. The Board of Trustees of BXSL approved this increase, reflecting their confidence in the fund's ability to generate robust risk-adjusted returns. The increased distribution will be effective from the third quarter of 2023, benefiting shareholders of record as of September 30, 2023, with payment scheduled for October 26, 2023. BXSL's portfolio predominantly consists of first lien, senior secured loans, with a remarkable 97.9% allocation as of March 31, 2023, making it the highest-yielding listed Business Development Company (BDC) in this category. The dividend increase marks the fourth time since its inception that BXSL has raised its regular dividend.
Investar Holding Corporation (ISTR), the parent company of Investar Bank, National Association, recently announced a positive development for its shareholders. Investar Holding declared a quarterly cash dividend of $0.10 per share, representing a 5% increase compared to the previous quarter. This marks the 39th consecutive quarterly dividend paid by Investar Holding, building on the Bank's impressive track record of 11 uninterrupted quarterly cash dividends.
Kroger, a leading retail company, has recently announced an increase in its dividend from $1.04 to $1.16 per year, demonstrating the Board of Directors' confidence in Kroger's strategic direction. This marks the 17th consecutive year of dividend increases, with a robust compounded annual growth rate of 13.7% since 2006. The next quarterly dividend of 29 cents per share will be paid on September 1, 2023, to shareholders of record as of August 15, 2023.
Matson, Inc., a U.S. carrier in the Pacific, has recently declared a third-quarter dividend of $0.32 per common share, representing a 3.2% increase compared to the previous quarter. Matson's Board of Directors expressed confidence in Matson's long-term free cash flow growth, which has led to the eleventh consecutive annual dividend increase.
All data was sourced from LevelFields AI
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