Corning announces new $5B share repurchase authorization
Corning announced that its board of directors declared a regular quarterly dividend of 20c per share on the company's common stock payable on Sept. 30, 2019, to shareholders of record on Aug. 30, 2019. The board also approved a new $5B share-repurchase authorization effective July 17, 2019. The actions serve as initial milestones under the priorities for 2020 to 2023, introduced as Corning's new Strategy and Growth Framework at the company's Investor Day last month, the company said in a statement. As stated at that time, Corning expects to deliver $8B-$10B in shareholder distributions under the new Framework, including an annual dividend increase of at least 10% and share repurchases in the range of $5B-$7B. Under the company's 2016-2019 plan, the Strategy and Capital Allocation Framework introduced in October 2015, Corning met its goal of returning more than $12.5B to shareholders before its formal conclusion at the end of 2019. Through June 2019, the company increased dividends per share by 67% and reduced outstanding shares by more than 37%."Today's approval of a regular quarterly dividend of 20c and a new $5B share-repurchase authorization demonstrates the board's commitment to and confidence in Corning's ability to continue creating shareholder value well into the future," said CFO Tony Tripeny.