By Katherine Hamilton
Lennox increased its quarterly dividend by 13% to $1.30 a share.
The provider of heating and air-conditioning products said Thursday its board approved an increase from $1.15 to $1.30, which is set to be payable July 15 to shareholders of record on June 30.
The new payout, equal to $5.20 a year, represents an annual yield of 0.91% based on Wednesday's closing price of $569.95.
The board also approved a $1 billion increase to its existing stock repurchase authorization, adding to the $290 million remaining under prior approvals as of May 12.
"The increase in our dividend and share repurchase authorization reflects our confidence in the company's performance and ability to generate strong, consistent cash flow," Chief Financial Officer Michael Quenzer said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 22, 2025 12:57 ET (16:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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