Northrop Grumman [NOC] yesterday said it is increasing its quarterly dividend by 10 percent to 55 cents per share payable June 13.

“Today’s dividend increase demonstrates our confidence in the company and our continued commitment to a balanced cash deployment strategy that includes share repurchases and a competitive dividend,” Wes Bush, Northrop Grumman’s chairman, president and CEO, said in a statement.

The increase is the ninth consecutive year the company has boosted its quarterly dividend.