Posted: Feb 27, 2013 10:31 AM
Updated: Feb 27, 2013 10:32 AM
MOLINE, Ill. (AP) Farm and construction equipment maker Deere & Co. said Wednesday it is raising its quarterly dividend to 51 cents from 46 cents.
The company last raised its dividend a year ago, and said it is raising it again because it is confident in its long-term cash flow.
Deere said earlier this month that its first-quarter net income leaped 22 percent on growing sales of farm machinery at higher prices.
The move increases Deere's dividend 11 percent. Deere said its next dividend is payable May 1 to shareholders of record on March 28.
Deere's stock rose $1.27 to $87.77 in midday trading.