Auto-parts supplier Delphi Automotive (NYSE: DLPH ) has announced that its board of directors approved the start of a quarterly dividend payment at the rate of $0.17 per share. The first dividend will be payable on March 27 to shareholders of record at the close of business on March 15.
Delphi President and CEO Rodney Neal said: "Our strong balance sheet and significant cash flow generation allow us to take this positive shareholder action today. The initiation of the cash dividend, along with our existing authorized share repurchase program, continue to reflect our confidence in the business and our continued commitment to enhance shareholder value."
Delphi exited bankruptcy protection in 2009 and went public again in November 2011. Shares opened that day at $21.25, and today the stock stands at $38.13, a near-80% gain.