GM declares first dividend since bankruptcy

Jan. 14, 2014 at 7:56 PM
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DETROIT, Jan. 14 (UPI) -- General Motors Co.'s directors announced a quarterly dividend of 30 cents per common share Tuesday, its first premium since coming out of bankruptcy in 2009.

"Our fortress balance sheet, substantial liquidity, consistent earnings and strong cash flow provide the foundation for an ongoing payout," Dan Ammann, executive vice president and chief financial officer who will become GM's president Wednesday, said in a release posted on the Detroit automaker's website.

"This return to shareholders is consistent with our capital priorities and is an important signal of confidence in our plans for a continuing profitable future."

GM said it has posted 15 straight profitable quarters through the third quarter of 2013, generating $16.3 billion in adjusted automotive free cash flow.

The dividend will be payable March 28 to all common stockholders of record as of March 18.

GM Chairman and Chief Executive Officer Dan Akerson, who is retiring Wednesday, said the company "is designing high-quality, world-class vehicles for our customers and delivering consistently solid financial results."

He said GM's board "understands that our investors should share in this success."

MLive.com reported GM's stock was trading at $40.02 per share, up 44 cents, at the closing bell Tuesday and was up to $41.20 in after-hours trading.

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