The Deere & Company Board of Directors on Wednesday, May 25, declared a quarterly dividend of $1.13 per share payable Aug. 8, to stockholders of record on June 30.
The new quarterly rate represents an additional 8 cents per share over the previous level, or an increase of approximately 8% per share.
“The latest increase in our quarterly dividend is a reflection of Deere’s recent strong
performance and the success of our Smart Industrial strategy,” Deere Chairman and CEO John May said in a news release. “It also shows our confidence in the company.”
The quarterly dividend report comes in the wake of Deere’s fiscal second quarter earnings release. In that report, Deere said its net sales and revenue came in at $13.4 billion, up 11% year-over-year. Earnings, however, rose 20% year-over-year, to $6.81 per share, exceeding sales growth thanks to a net profit margin that grew by nearly a full percentage point.