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.