By Sabela Ojea
Shares of Garrett Motion climbed after the manufacturing company put in place a capital-allocation framework made up of stock repurchases and a regular quarterly cash dividend.
The stock was up 7.8%, to $9.26, in midday Thursday trading. Shares have climbed 17% over the past 12 months, through are down 4.9% year to date.
The automotive-technology provider said it has targeted returning 75% or more of its adjusted free cash flow to shareholders over time.
The company said the board declared a first quarter cash dividend of 6 cents a share, payable on Jan. 31, and intends to pay quarterly dividends in an aggregate amount of around $50 million in 2025.
Garrett Motion also approved a stock-repurchase program of up to $250 million throughout the course of the year.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 05, 2024 12:15 ET (17:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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