George Weston Limited (TSX: WN) is a Toronto, Canada-based company engaged in food processing and distribution business. The company operates through two segments: Weston Foods and Loblaw. The company also holds cash, short-term investments and a direct investment in Choice Properties Real Estate Investment Trust.
WN shares have edged higher in trading today after the company increased its quarterly dividend. At last check, WN shares were trading 1.24% higher at $111.65. WN raised its dividend by 3.5% to $0.44 per share. Prior to the dividend hike, WN had been offering a yield of 1.52%.
WN also announced its financial results for the first quarter of 2016. For the quarter, WN reported adjusted net earnings of $168 million, or $1.31 per share, up $16 million or $0.12 per share from the same period in the previous year. The improvement in the bottom-line was driven mainly by an increase in Loblaw Companies Ltd. earnings.
Pavi Binning, President and CEO at George Weston, said that the company’s first-quarter results came in as expected. Binning noted that Loblaw continued to execute against its financial plan and remains confident in its ability to fund growth initiatives despite a highly competitive retail environment and the continued pressure of healthcare reform.
