MORRIS PLAINS, N.J., Sept. 29, 2017 /PRNewswire/ -- Honeywell (NYSE: HON) announced today that its Board of Directors has approved a 12% increase in the company's regular annual cash dividend (from $2.66 to $2.98 per common share). The increase will be effective starting with the fourth quarter dividend of $0.745 per common share, which was declared today, and is payable on December 8, 2017 out of surplus to shareowners of record at the close of business on November 17, 2017.
"Honeywell remains committed to growing our dividend faster than earnings for shareholders," said President and CEO Darius Adamczyk. "Since 2010, and including the 12% increase announced today, we have increased the dividend rate 10% or more eight times. This is consistent with our approach to return capital to shareholders through our aggressive capital deployment strategy, which also includes growth investments through high-return capital expenditures, accretive mergers and acquisitions, and share repurchases. Building on the strength of these investments, we remain confident in our ability to generate strong organic sales growth, margin expansion, improving free cash flow conversion, and earnings per share growth."
Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate.
The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.