Cubic Corp. announced Tuesday that it is increasing the semiannual dividend on its common stock by 12.5 percent from 12 cents to 13.5 cents a share.
The San Diego-based company has two major business segments, Cubic Transportation Systems and Cubic Global Defense. The defense business was recently consolidated from two divisions amid a 2 percent layoff.
“I am pleased to announce that due to Cubic’s financial strength and commitment to deliver long-term value to our shareholders, we are increasing the dividend by 12.5 percent while continuing to invest in the future growth of our businesses,” said Bradley H. Feldmann, Cubic’s president and chief executive officer.
The new 13.5-cent dividend will be paid on March 20 to stockholders of record on March 9. Cubic has paid consecutive cash dividends to its stockholders since 1971.
Cubic’s stock was down 47 cents in trading near the market close on Tuesday.