The Board of Directors of MSA Safety Incorporated declared a second quarter dividend of 43 cents per share on common stock, payable June 10, 2020 to shareholders of record on May 22, 2020. Combined with the company’s first quarter dividend, this represents a 4 percent increase on an annual basis compared to 2019.
MSA has increased its dividend annually for more than 50 consecutive years. Over the past twelve months, the company has funded $65 million of dividends to shareholders and deployed $23 million for share repurchases under its existing share repurchase program. The Board also declared a dividend of 56-1/4 cents per share on preferred stock, payable June 1, 2020 to shareholders of record on May 22, 2020.
Diversified portfolio
"In this uncertain economic environment, managing liquidity is a key pillar of our comprehensive pandemic response plan,” said Kenneth Krause, MSA Senior Vice President and Chief Financial Officer. "While COVID-19 has created challenges in the near term within employment-based industrial PPE products, our diversified portfolio and strong balance sheet position MSA well to maintain our balanced capital allocation strategy,” he added.
Mr. Krause noted that the priorities under that strategy remain unchanged, and include continued investments in growth and productivity programs, funding a dividend and repurchasing shares to offset dilution, all while maintaining an investment-grade balance sheet. “Today's dividend increase is part of this balanced approach and reflects MSA’s long-standing commitment of returning value to shareholders," he said.