Cummins (NYSE:CMI) said Tuesday it will raise its quarterly dividend by 52%, sending its shares 2% higher in morning trade.
The Columbus, Ind.-based company lifted the dividend to 40 cents a share from 26.25 cents a share.
Continue Reading Below
The dividend is payable on September 1 to shareholders of record on August 22.
Cummins had its most profitable year in its history in 2010 and we expect that 2011 will be an even better year, said Cummins CEO Tim Solso. As a result, we are further rewarding our shareholders for their support.
The maker of diesel and natural gas engines and components, as well as electric power generations systems, last raised its dividend in July of last year.