Harris Corp. [HRS] on Monday increased its quarterly cash dividend, marking the 15th consecutive annual dividend increase for the defense electronics and tactical radio company.

Harris Corp.  Chairman, President and CEO William Brown. Photo: Harris
Harris Corp. Chairman, President and CEO William Brown. Photo: Harris

The new quarterly dividend is 53 cents per share, up six percent from the previous 50 cents per share, and will be payable Sept. 21 to shareholders of record Sept. 9. The corresponding annual dividend increases from $2 per share to $2.12 per share.

“Harris continues to generate strong free cash flow, supporting our commitment to provide shareholders with an attractive and growing dividend,” William Brown, chairman, president and CEO of Harris, said in a statement. “We remain confident in our long-term outlook and in our ability to maximize shareholder value.”

Harris earlier this month reported $7.5 billion in annual sales and net income of $324 million, $2.59 earnings per share. Sales were higher than a year ago due to the acquisition of former defense contractor Exelis while earnings slipped on a loss associated with a former business unit of Exelis that was divested. Free cash flow for the year was $772 million.