Armstrong World Industries, Inc. (AWI) will increase its quarterly dividend by 5 percent to 21 cents per share in 2020. This comes after a 14.3 percent hike to 20 cents per share. Last year the ceiling solutions company started paying a quarterly dividend of $0.175 per share two years ago.

The increased dividend is payable on November 19, 2020, to shareholders of record as of the close of business on November 5, 2020. A new annual rate of 84 cents per share yields 1.3% at a stock price of $66.50.

“Despite market challenges, our strong cash flow performance continues, and we are on track to deliver over $200 million in adjusted free cash flow in 2020,” said Vic Grizzle, President and CEO of Armstrong. "With our strong balance sheet and cash flow performance, we remain committed to a capital allocation strategy that enables both investing for growth and returning cash to shareholders."

Armstrong World Industries, Inc. (AWI) is a global leader in the design, innovation and manufacture of commercial and residential ceiling, wall and suspension system solutions.  The company manufactures and sells its ceiling systems (primarily mineral fiber, fiberglass wool and metal) throughout the Americas. Its operating segments are: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Armstrong World Industries, Inc. is a Pennsylvania corporation incorporated in 1891. The company has paid a regular quarterly dividend every year since 2018.