TechnipFMC plc (NYSE: FTI) announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on December 4, 2024 to shareholders of record as of the close of business on the New York Stock Exchange on November 19, 2024, which is also the ex-dividend date.
The Board has also authorized additional share repurchases of up to $1 billion. Together with the existing program, the Company is now authorized to repurchase shares of up to $1.2 billion, representing more than 10 percent of the Company’s outstanding shares at today’s closing price.
Since the initial share repurchase authorization in July 2022, the Company has returned more than $740 million to shareholders through stock repurchases and dividends.
Doug Pferdehirt, TechnipFMC’s Chair and CEO, stated, “We remain confident in the outlook for our Company and now expect to nearly double shareholder distributions in 2024. Today’s dividend declaration and significant increase to our share repurchase authorization further demonstrate our commitment to maximize shareholder value through the return of capital to our shareholders.”
The Company expects to repurchase shares from time to time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, and any other means in accordance with applicable securities laws. The share repurchase program does not obligate the Company to repurchase shares and may be suspended or discontinued at any time at the Company’s discretion.
