Carnival Corporation has announced that it has renewed its authorisation for the repurchase of up to $1 billion of its common stock.

At the same time the cruise giant declared a quarterly dividend of $0.25 per share. 

The company has repurchased two million shares of Carnival Corporation common stock valued at $78 million since the start of fiscal 2013, bringing the total amount purchased to date under the September 2007 $1 billion authorization to $835 million.

Yesterday, the company’s board of directors increased the remaining $165 million repurchase authorisation to $1 billion. 

“Our ongoing share repurchase program demonstrates our continued confidence in the earnings power of our global brands,” said Micky Arison, Carnival Corporation chairman.

“We remain committed to increasing shareholder returns through a combination of dividend distributions and opportunistic share repurchases,” he added. 

The share repurchase authorization covers both Carnival Corporation common stock traded on the New York
Stock Exchange and Carnival plc ordinary shares traded on the London Stock Exchange.

Repurchases will take place in the open market or privately negotiated transactions in accordance with applicable laws, rules and regulations.

The stock repurchase is subject to prevailing market conditions and other considerations.

Carnival Corporation is the largest cruise company in the world, with a portfolio of cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises (Australia) and P&O Cruises (UK).