(Reuters) - Gap Inc
It also is working to find savings internally to reduce the outflow of cash. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.Rich has been a Fool since 1998 and writing for the site since 2004. Have a story idea? Thus, that's $117 million per quarter it can use to remain afloat.Macy's also will draw upon its entire $1.5 billion revolving credit facility to bolster its cash position. It expects an adjusted pre-tax loss of $175 million to $185 million in the quarter, down from an adjusted pre-tax profit of $62 million in Q1 2019.Most of Goodyear's global manufacturing facilities as well as its tire plants remain closed.
Boeing's dividend suspension was an absolute must.CEO Arne Sorenson has said that demand at the company's hotels has declined dramatically. "Bank of America analyst Shaun Kelly says the company will save between $700 million and $1 billion via the dividend suspension. It also had $332 million in revolving credit facilities available, providing it with about $1.1 billion in cash to ride out the coronavirus.As for the reduced dividends and new buyback authorization: A Annual dividend prior to change: 64 cents per shareThe company said its sales in the first quarter would be approximately $3 billion, 17% lower than a year earlier. His coverage reflects his passion for motorcycles, booze, and guns (though typically not all exercised at the same time), but his writing also covers the broader sectors of consumer goods, technology, and industrials. Stock Market In the past two years, Goodyear has averaged capex of $791 million. Together, with the $1.5 billion from its credit facility, the retailer will have close to $2.4 billion in cash to ride out this crisis.Macy's closed its stores on March 18 and said they would remain closed until at least March 31. Thus, even dividend cuts would've raised a significant amount of cash flow in this difficult period, but Marriott decided to go all the way.Annual dividend prior to change: 60 cents per shareAs part of the company's desire to build a financially sound business that can withstand whatever the coronavirus throws at it, Ford is also drawing down $15.4 billion from its two lines of credit.
It has not yet said whether it will suspend stock buybacks.Annual dividend prior to change: 52 cents per shareIn addition, it has suspended any future dividends until it feels the coronavirus situation has improved to a degree that it warrants resuming its dividend payment. Darden was wise to shore up its cash position.Annual distribution prior to change: 80 cents per shareThe restaurant operator reported at the time that it has more than $400 million in cash on its balance sheet after drawing down "substantially all" of its revolving credit facility. Gap Suspends Dividend, Draws Down $500 Million Credit Line, and Withdraws Guidance Due to COVID-19 The retailer says it won't pay a dividend until at … That will save the company $37 million in cash per quarter. Sabre also is drawing down its $375 million revolving credit facility. In the same update, Dick's indicated business prior to March 10 was very strong, but that it experienced a significant reduction in customer traffic and demand after that date.
In addition, it is using furloughs, salary reductions and salary deferrals from more than 9,000 of its employees to reduce its payroll costs.Goodyear had $970 million in cash on its balance sheet at the end of March. However, reopening has now been pushed back indefinitely. At the end of March, AMC had $299 million in cash on its balance sheet. That said, it only had $225 million in cash on its balance sheet as of the end of December. In 2019, Apache paid out $376 million in dividends. As the coronavirus has gained momentum here in the U.S., dividend investors have become concerned about the sustainability of their regular income payments - and rightly so.Inevitably, just like the Great Recession of 2008, companies one by one have begun suspending or cutting their dividends as part of their plan to fight the negative effects of this pandemic on their businesses.Here are 23 dividend stocks that have recently announced dividend cuts or suspensions, and what they plan to do to keep operations running until they get through to the other side.