Approving an increase in the quarterly cash dividend paid to shareholders, industrial parts supplier W.W. Grainger (NYSE:GWW) announced today that its board of directors approved a 16% increase in its quarterly cash dividend from $0.80 to $0.93 per share.

The new, higher payment will be made on June 1 to shareholders of record at the close of business on May 13. The payout marks the 42nd consecutive year it has increased its dividend, a record matched by only 3% of the companies in the S&P 500.

Grainger Chairman, President, and CEO Jim Ryan said: "We have a strong record of providing solid returns to shareholders. The board's commitment to increasing our dividend is reflective of their confidence in Grainger's future performance."

The new quarterly dividend annualizes to $3.72 per share and will yield 1.5% at yesterday's closing price.

W.W. Grainger had sales of $9 billion in 2012 and is North America's leading broad line supplier of maintenance, repair, and operating products.

GWW Dividend Chart

GWW Dividend data by YCharts. Chart does not show the new dividend announcement.

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