The Board of Directors of Air Products (NYSE:APD) today increased the quarterly dividend on the company’s common stock to 86 cents per share from 81 cents, representing a six percent increase.
The dividend is payable on May 9, 2016 to shareholders of record at the close of business on April 1, 2016. This marks the 34th consecutive year that Air Products has increased its dividend payment.
“As Air Products has continued to drive substantial improvements in profitability, our priorities for the use of the significant cash we generate have remained the same,” said Chairman, President and CEO Seifi Ghasemi. “Those priorities include maintaining our A credit rating, investing in organic growth and accretive acquisitions, continuing to increase the dividend, and finally, if there is excess cash available and the market conditions are right, returning it to shareholders in the form of share buybacks. The Board’s decision to increase the dividend for the 34th consecutive year reflects the continued financial strength of the company, underpinned by the stability and security of our long-term contracts,” he added.