Chemical company FMC Corp. on Friday raised its quarterly dividend by 20 percent and authorized more stock buybacks.
FMC said it is raising its dividend to 15 cents from 12.5 cents because it expects steady profit growth through 2015, along with improved cash flow and a stronger balance sheet. The dividend is payable April 31 to shareholders of record on March 31.
The company also said it authorized a new $250 million stock repurchase plan. FMC said it has $55 million remaining on its current stock buyback plan after repurchasing $135 million in stock during the fourth quarter. Its last stock buyback was announced in April 2007.
Shares of FMC fell 69 cents to $81.08 in afternoon trading.