UPS board raises dividend

UPS's board of directors raised the regular quarterly dividend by two cents on Thursday.

UPS spokesman Norman Black said the move was in response to the fact the company generated $4.1 billion in free cash flow in 2009.

"We're really very bullish on what 2010 is going to bring for the full year," Black said.

The Sandy Springs-based company raised the dividend to 47 cents on all outstanding Class A and Class B shares. The dividend is payable March 3 to shareholders of record on Feb. 16.

Last year, given the economic climate, the board did not raise the dividend, Black said. The dividend has more than doubled since the end of 2002, said Black.

Scott Davis, UPS chairman and CEO, said in a statement, “Our outlook for a gradual economic recovery and the expectation of strong performance in 2010 justifies this dividend increase.”

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