Raytheon [RTN] on Wednesday said its board approved an increase to the company’s annual dividend, marking the 12th straight year for increasing the shareholder payment.
The 9 percent hike puts the new dividend at $2.93 per share versus the prior $2.68. The new quarterly dividend is a tad over 73 cents per share with the first payment on May 12.
Thomas Kennedy, Raytheon’s chairman and CEO, said in a statement the dividend increase is a key part of the company’s balanced capital deployment strategy, and reflects its confidence in Raytheon’s growth, financial outlook and continued focus on creating value for shareholders.”
The new dividend hike follows an 11 percent increase a year ago in the shareholder payment.
Raytheon had operating cash flow of $2.3 billion in 2015.