PPD dividend hike

WILMINGTON — In the midst of a troubled economy, one of Wilmington’s largest companies is faring well. PPD, also known as Pharmaceutical Product Development, declared its fourth quarter dividend for stockholders on Tuesday.

The Board of Directors increased the annual dividend rate by 25 percent to fifty cents per share. This comes at a time when many other companies are losing money or reducing dividends.

Financial Planner Ross Marino said this reflects PPD’s strength in the clinical/medical field, as well as a good cash position. “I think it’s a strong statement about their confidence over the short and medium term. If they weren’t confident in their earnings and their cash flow, they probably wouldn’t raise the dividend,” Marino said.

The Wilmington-based company operates in 33 countries.