Southwest Airlines Co. said Wednesday it’s reinstating dividend payments that it suspended in 2020 during the COVID-19 travel lockdown. “Today’s announcement reflects the strong return in demand for air travel and the company’s solid operating and financial results since March,” CEO Bob Jordan said. The carrier declared a quarterly cash dividend of 18 cents a share. Shareholders of record as of the close of Jan. 10 will be paid the dividend on Jan. 31. The company dividend is equivalent to Southwest’s shareholder payout prior to the pandemic. Collectively, the payment amounts to approximately $428 million, and an approximate 1.8% dividend yield on an annual basis. CEO Jordan said the company’s fourth quarter outlook “remains strong, and we have a solid plan for 2023.” Southwest stock is down 7.4% in 2022 compared to a 17.3% drop by the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0