MOLINE, Ill., Feb. 27, 2013 /PRNewswire/ -- The Deere & Company (NYSE: DE) Board of Directors has approved an increase of the company's dividend to $.51 a share on common stock. The dividend is payable on May 1, 2013 to stockholders of record on March 28, 2013.
The new quarterly rate represents an increase of 5 cents per share over the previous level – an increase of approximately 11 percent. This is the eleventh increase to the Deere & Company quarterly dividend since early 2004. Deere last raised its dividend in February 2012.
"Our dividend increase reflects our confidence in our long term cash flows. Deere is well-positioned to benefit from major trends that we continue to believe hold great promise for the company and its customers and investors," said Samuel R. Allen, chairman and chief executive officer. "We remain committed to our plans for profitably growing the company and returning cash to shareholders."
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties found in the Company's press releases and other SEC filings, including the risk factors identified under the headings "Risk Factors" and "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Company's most recent Annual Report on Form 10-K, as well as the Company's Quarterly Reports on Form 10-Q.
SOURCE Deere & Company