US: Fortune Brands confirms dividend payment details
Fortune Brands has declared its regular cash dividend.
The company, which controls Beam Global Spirits & Wine, said today (30 April) that a cash dividend of US$0.42 per share on its common stock will be made payable on 2 June to stockholders of record on 14 May.
The company also declared a regular dividend of $0.6675 per share on the $2.67 convertible preferred stock, payable in cash on 10 June to stockholders of record on 14 May.
Last week, Fortune said that total sales in the three months to the end of March were down by 5.4% on the corresponding quarter a year earlier at US$1.81bn. Group operating income dropped more markedly, by 11.4% to $227.2m.
Net income, however, was up, albeit marginally, by 0.2% at $120.5m.
Over at Beam Global, net sales in the quarter were down by 0.8% to $515.3m, with operating profit falling by 1.8% to $128.6m. The company highlighted "larger-than-usual seasonal reductions in (US) distributor inventories that don't reflect the health of our brands in the (US) marketplace."
The president and CEO of Beam Global Spirits & Wine is leaving the company....
Fortune Brands has seen sales at its Beam Global Spirits & Wine division flatten in the first nine months of this year, as operating profit fell by over a half at the group....
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