Carnival More than Doubles Quarterly Dividend
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced an increase in its regular quarterly dividend to $0.25 per share from $0.10 per share.
"Considering the current economic climate, our ability to more than double our dividend just a year after its reinstatement is a remarkable testament to the resilience of our global cruise brands and our confidence in the future of our business," said Micky Arison, Carnival Corporation & plc chairman and CEO. "Given our projected increase in cash from operations, expected to exceed $4 billion in 2011, combined with lower capital investment commitments due to the slower pace of our newbuild program, the company will begin generating significant free cash flow in 2011 and beyond," he added.
The company's boards of directors approved a record date for the quarterly dividend of February 18, 2011, and a payment date of March 11, 2011. Holders of Carnival Corporation common stock and Carnival plc ADSs will receive the dividend payable in U.S. dollars. The dividend for Carnival plc ordinary shares will be payable in U.S. dollars or sterling. In the absence of instructions or elections to the contrary, holders of Carnival plc ordinary shares will automatically receive the dividend in sterling.
Dividends payable in sterling will be converted from U.S. dollars at the exchange rate quoted by the Bank of England in London at 12 noon on March 1, 2011. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars or participate in the Carnival plc Dividend Reinvestment Plan must elect to do so by February 18, 2011.