The company also announced its capital allocation plan that includes the reinstatement of a quarterly cash dividend on its common stock and a
"Our capital allocation plan demonstrates
He said the company's ongoing success and confidence in its strategies allow it to provide immediate returns through the common stock dividend and share repurchase program.
The share repurchase program authorized by the company's directors, calls for
"Driven forward by the disciplined execution of our strategy and building on the growing momentum in our business, the plans we are announcing today put us on a path to achieve consistent earnings growth and value creation," Kramer said.
The company will host a live webcast of the investor meeting today. The meeting is scheduled to begin at
Investors, members of the media and other interested persons can access the webcast on the Web site or via telephone by calling (800) 895-1085 or (785) 424-1055 before
Use of Forward-Looking Non-GAAP Financial Measures
This press release presents our total segment operating income outlook for 2013 and our targeted total segment operating income growth rate for 2014-16. Total segment operating income is an important financial measure for the company but is not a financial measure defined by U.S. GAAP. Total segment operating income is the sum of the individual strategic business units' segment operating income as determined in accordance with U.S. GAAP. Management believes that total segment operating income is useful because it represents the aggregate value of income created by the company's SBUs and excludes items not directly related to the SBUs for performance evaluation purposes. We are unable to present a quantitative reconciliation of our forward-looking total segment operating income to Income before Income Taxes, which is the most directly comparable GAAP financial measure, because management cannot reliably predict all of the necessary components of that GAAP financial measure without unreasonable effort. These components could be significant to the calculation of that GAAP financial measure in the future.
Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully strategic initiatives; pension plan funding obligations; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; deteriorating economic conditions or an inability to access
capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the
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