Macy’s, Inc. Beats Q1 Earnings Estimates; Boosts Dividend 25% (M)

Before Wednesday’s opening bell, Macy’s, Inc. (M) reported first quarter earnings that came in above analysts’ estimates. The company also announced a 25% dividend increase. 

Macy’s Earning in Brief

M reported earnings of $224 million, or 60 cents per share, up from $217 million, or 55 cents per share, a year ago. Sales dipped to $6.279 billion from $6.387 billion last year. On average, analysts expected M to report earnings of 59 cents per share and $6.46 billion in revenue. Looking forward, M expects FY2014 earnings to be between $4.40 and $4.50 while analysts expect to see earnings of $4.48 per share.

M Raises Dividend and Increases Buy Back Authorization

M reported that it has raised its dividend by 25% from 25 cents to 31.25 cents quarterly. The next dividend will be payable July 1 to shareholders of record on June 13.

The company also reported that its board has approved a $1.5 billion increase to its buy back authorization.

Stock Performance

Macy’s shares were mostly flat during pre-market trading Wednesday. The stock is up 8.31% YTD.

M Dividend Snapshot

As market close on May 13, 2014

Click here to see the complete history of M dividends.