Deere raises dividend to 51 cents from 46 cents

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.

Ground rules for posting comments: No profanity or personal attacks. No racially charged comments. If it's not something you would say to someone's face, it's most likely inappropriate. Please comment on the subject of the story itself. If you do not follow these rules, we will remove your post. Repeat offenders will be banned from making future comments. Keep it civil, folks! WANE is not responsible for the content posted in this comment section.

Deere raises dividend to 51 cents from 46 cents

Site Tools