NEW YORK (AP) — Canadian cable operator Shaw Communications Inc. said Thursday its board has hiked its annual dividend.
Because of solid operational and financial results, it said it has increased the equivalent annual dividend rate to 88 Canadian cents (85 cents) on Shaw’s Class B nonvoting participating shares and 87.75 Canadian cents (85 cents) on Shaw’s Class A participating shares.
The hike represents an increase of 5 percent, or 4 Canadian cents (4 cents) per share.
Shaw’s dividends are declared and paid on a monthly basis. The increase will take effect March 30.
The company, based in Calgary, provides broadband cable, Internet, digital phone, satellite and telecommunications services primarily in Canada and the U.S.
Separately, Shaw reported its fiscal first-quarter income fell because of one-time charges related to retiring debt and losses on financial instruments. Revenue climbed, however.
Its U.S.-traded shares fell 11 cents to $20.07 in afternoon trading.