Donaldson Company, Inc. announced that its Board of Directors approved an increase to its quarterly cash dividend and authorized a new share repurchase program.
Donaldson’s Board of Directors declared a regular cash dividend of 21.0 cents per share, an increase of 10.5 percent from the prior quarterly cash dividend of 19.0 cents per share. The dividend is payable June 28, 2019, to shareholders of record on June 13, 2019. The Company has paid a cash dividend every quarter for 63 years and increased the dividend annually for more than 20 years.
Additionally, Donaldson’s Board of Directors authorized the repurchase of up to 13 million shares of its common stock, or approximately 10 percent of its outstanding shares. The new repurchase authorization replaces the existing authority that was approved in May 2015. To date, the Company has repurchased 11.6 million shares under the prior authorization of 14.0 million shares.
“For decades we have maintained a consistent approach to capital deployment, which starts with investing for profitable growth and then returning excess cash to shareholders through dividends and share repurchase,” said Tod Carpenter, chairman, president and chief executive officer. “We believe the 10.5 percent dividend increase and new share repurchase authorization, which come at a time where we are making elevated levels of investment in our strategic growth priorities, demonstrate our commitment to these priorities and reflect our confidence in our ability to create long-term value for our shareholders.”
About Donaldson Company
Founded in 1915, Donaldson Company is a global leader in the filtration industry with sales, manufacturing and distribution locations around the world. Donaldson’s innovative technologies are designed to solve complex filtration challenges and enhance customers’ equipment performance. For more information, visit www.Donaldson.com.
