Ingersoll Rand Inc. (NYSE: IR), a leading global provider of mission-critical flow creation and industrial solutions, announced today several significant updates. Firstly, the Board of Directors has declared a regular quarterly cash dividend of $0.02 (two cents) per share of common stock. This dividend will be payable on June 6, 2024, to stockholders of record as of May 16, 2024.
Additionally, Ingersoll Rand’s Board of Directors has approved a substantial $1 billion increase to the company’s share repurchase authorization. This decision aligns with Ingersoll Rand’s established capital allocation strategy. It is anticipated that the remainder of the existing $750 million repurchase authorization will be fully utilized by the end of fiscal year 2024. This increased authorization underscores the company’s commitment to its holistic capital allocation philosophy and its focus on creating value for shareholders.
Under the share repurchase program, Ingersoll Rand retains the flexibility to repurchase shares of its common stock through various methods, including open market transactions at prevailing prices, privately negotiated transactions, or a combination thereof. The timing, quantity, method, and value of repurchases will depend on several factors, including market conditions, economic factors, liquidity needs, legal requirements, and strategic considerations.
This announcement may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors that could affect actual results include, but are not limited to, natural disasters, geopolitical tensions, regulatory changes, and general economic conditions. For a detailed discussion of risk factors, readers are encouraged to refer to Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Ingersoll Rand does not undertake any obligation to update forward-looking statements, except as required by law. Investors are advised to exercise caution when relying on forward-looking statements, as actual results may vary from expectations.
