Fortune Brands (FO) announced a 7.7% increase in the company's third quarter cash dividend. The new quarterly dividend is 42 cents per share versus 39 cents per share in the same period last year. The payout ratio on the new annual dividend of $1.68 will be approximately 33%. This is based in 2007 estimated earnings of $5.13. FO is expected to earn $5.58 in 2008.
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