Deere raises dividend by 17 percent to 41 cents

AP News
|
Posted: May 24, 2011 10:09 AM
Deere raises dividend by 17 percent to 41 cents

Deere & Co. on Tuesday raised its quarterly dividend by 17 percent a week after it reported a surging second-quarter profit and boosted its revenue forecast for the year.

The world's largest maker of construction and mining equipment will pay a dividend of 41 cents a share on Aug. 1 to shareholders as of June 30. The payout is up from the company's previous dividend of 35 cents.

It's the ninth time the Moline, Ill., company has raised its quarterly dividend since 2004.

Its shares rose $1.48, or 1.8 percent, to $84.54 in morning trading.

Last week, Deere said its fiscal second-quarter profit soared 65 percent because of strong demand for its agricultural equipment, especially in the United States, Canada and Brazil.