Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

GE boosts dividend 20%

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- GE announced Friday it will raise the quarterly dividend by 20% and will resume its share buyback program at the end of the quarter.

The Fairfield, Conn.-based company will pay a dividend of 12 cents per share, up from 10 cents, on Oct. 25 to investors on record when the market closes Sept. 20.

The board also said it will extend the company's $15 billion share repurchase program through 2013. The plan, which was originally set to expire at the end of the year but was suspended in 2008, has $11.6 billion in remaining authorization.

"We are able to restore the GE dividend at a historical payout level for 2010, earlier than previously anticipated," said GE chief executive Jeff Immelt, "and to extend our share buyback program because of continued strong cash generation, recovery at GE Capital and solid underlying performance in our industrial businesses through the first half of 2010."

Last week, GE reported quarterly earnings that jumped 16% from a year earlier to $3.1 billion, as its finance arm GE Capital showed signs of stabilization.

Shares of GE (GE, Fortune 500) were up 3.4% in afternoon trading.  To top of page

Search for Jobs

Index Last Change % Change
Dow 19,170.42 -21.51 -0.11%
Nasdaq 5,255.65 4.55 0.09%
S&P 500 2,191.95 0.87 0.04%
Treasuries 2.39 -0.05 -2.09%
Data as of 11:51am ET
Company Price Change % Change
Bank of America Corp... 21.23 -0.27 -1.26%
Chesapeake Energy Co... 7.23 0.18 2.55%
Ford Motor Co 12.24 -0.19 -1.53%
Freeport-McMoRan Inc... 15.42 0.39 2.59%
Cisco Systems Inc 29.25 -0.20 -0.68%
Data as of Dec 2
Sponsors

Sections

Increased health coverage through Obamacare and greater use of health care services accounted for the nearly 6% rise of national health spending in 2015, which approached $10,000 per person. More

Facebook admits it messed up more ad metrics than previously thought, potentially eroding its trust and relationship with marketers and publishers. More