Consumer audio components manufacturer Harman International Industries (NYSE: HAR ) announced today its fiscal 2014 first-quarter dividend of $0.30 per share, double the payout it made last quarter of $0.15 per share.
The board of directors said the first quarterly payment at the new rate will be made in September. The audio components maker has made quarterly payouts to investors since 1994.
"Our company’s performance and our strategy for continued growth and cash generation gives us the confidence to substantially increase our dividend and move our payout ratio and yield solidly in line with the S&P500,” said CEO Dinesh C. Paliwal.
The regular dividend payment equates to a $1.20-per-share annual dividend, yielding 2.5% based on the closing price of Harman International Industries' stock on June 25.