Updated: Wednesday, 27 Feb 2013, 12:33 PM EST
Published : Wednesday, 27 Feb 2013, 12:33 PM EST
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.
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