RPM International (RPM) announced the company will increase its quarterly dividend to 20 cents per share versus 19 cents per share in the same quarter of last year. The estimated payout ratio is approximately 44% based on estimated May 2009 earnings of $1.78.
The company notes in its press release:
This action marks RPM's 35th consecutive year of increased cash dividends paid to its stockholders, which places RPM in an elite category of less than half of one percent of all 19,000 publicly-traded U.S. companies. Only 67 other companies, besides RPM, have consecutively paid an increasing annual dividend for this period of time or longer, according to the 2009 edition of America's Finest Companies.
It should be noted though the company did go eight quaters, October 31, 2000 through July 31, 2002, without increasing the dividend. During this time period the dividend remained at 12.5 cents per share. Nonetheless, given these difficult market times, this is a welcomed dividend increase.
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