L3 Technologies [LLL] on Monday announced a nickel increase in its quarterly dividend payment to 80 cents per share, marking the 14th consecutive year of increasing its annual dividend.

The company has been increasing its quarterly shareholder dividends by a nickel annually since beginning the payments. The latest increase is a 7 percent boost, about the same percentage-wise as a year ago.

The dividend is payable on March 15.

L3 President and CEO Christopher Kubasik said in a statement that the “dividend increase underscores the board’s continued confidence in our growth strategy and our robust cash flow.”

In January, during L3’s fourth quarter earnings call, Kubasik said the company is looking to increase spending on acquisitions, saying $1 billion annually is a “reasonable” amount to spend buying other companies (Defense Daily, Jan. 25).