Xylem Inc. (XYL) authorized a $250 million, three-year share repurchase program, saying the water technology company was rewarding stockholders for its “strong cash-generation.”
The White Plains, N.Y.-based company spun off in 2011 by ITT Corp. also declared a quarterly dividend of 11.64 cents a share, unchanged from the previous three-month payout.
Prudent spending and “strong cash-generation” allows Xylem to use capital in a way that benefits shareowners and “maintains our focus on growth,” Chief Executive Officer Gretchen McClain said in the statement.
Xylem shares have declined 3.3 percent over the past year compared with a 1.9 percent gain by the 19-member Bloomberg World Water Index.
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