Decision represents 39th consecutive annual increase
CHICAGO, April 28, 2010 /PRNewswire via COMTEX/ --W.W. Grainger, Inc. (GWW) announced today that its board of directors raised the quarterly cash dividend by 17 percent to 54 cents per share payable on June 1, 2010, to shareholders of record on May 10, 2010. This reflects the 39th consecutive year of dividend increases, a record that only 15 S&P 500 companies can claim.
"Grainger has demonstrated a history of strong, stable cash generation. Our 17 percent increase affirms our desire to continue to return cash through dividends, which rewards our long-term shareholders," said Grainger Chairman, President and Chief Executive Officer Jim Ryan. "Our company is proud of its record of growing total shareholder return by more than 9 percent per year over the past ten years, a period when the broad market lost value at a rate of about 1 percent a year. That's due not just to the rise in the stock price, but also the strategic investments we've made in growing the business, the steady increase in our dividends, which grew by 11 percent a year, and our active share repurchase."
Ryan added, "Our first focus is to use our operating cash flow for capital expenditures that help keep the company growing. For example, this year we plan to invest in increasing the capacity of our supply chain in North America. We also expect to increase shareholder value by finding ways to accelerate growth in the maintenance, repair and operating products business on a global basis."
This document contains forward-looking statements under the federal securities law. Forward-looking statements relate to the company's expected future financial results and business plans, strategies and objectives and are not historical facts. They are generally identified by qualifiers such as "continue", "expect", "plan", or similar expressions. There are risks and uncertainties, the outcome of which could cause the company's results to differ materially from what is projected. The forward-looking statements should be read in conjunction with the company's most recent annual report, as well as the company's Form 10-K, Form 10-Q and other reports filed with the Securities & Exchange Commission, containing a discussion of the company's business and various factors that may affect it.
W.W. Grainger, Inc. with 2009 sales of $6.2 billion is North America's leading broad line supplier of maintenance, repair and operating products with an expanding presence in Asia and Latin America.
SOURCE W.W. Grainger, Inc.