Southwest reinstates 18c per share quarterly cash dividend

Southwest announced that its board of directors, at the close of business yesterday, reinstated and declared a quarterly cash dividend of 18c per share to shareholders of record at the close of business on January 10, 2023, on all shares then issued and outstanding. With the exception of the time period from early 2020 through third quarter 2022, when the company’s dividend was suspended due to the uncertainties of the pandemic and the requirements of the company’s Coronavirus Aid, Relief, and Economic Security Act financings, the quarterly dividend declared on December 6 represents the company’s 175th quarterly dividend dating back more than 40 years. The company’s quarterly dividend of 18c per share, or 72c per share annualized, is equivalent to its dividend prior to the pandemic, and amounts to approximately $428M, and an approximate 1.8% dividend yield on an annual basis. The quarterly dividend will be paid on January 31, 2023. Consistent with prior practice, all future dividend determinations are subject to approval by the company’s board.