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Deere raises quarterly dividend to 60 cents

Deere raises dividend to 60 cents from 51 cents, pointing to global business trends

Associated Press

NEW YORK (AP) -- Farming equipment maker Deere said Wednesday it is raising its quarterly dividend to 60 cents from 51 cents.

Deere & Co. said global trends will help its business, and it expects strong cash flow. The company's next dividend is payable Aug. 1 to shareholders of record as of June 30.

The Moline, Illinois, company reported lower net income and revenue in the fiscal second quarter, but its results were better than Wall Street expected. Deere expects revenue from construction and forestry equipment to grow 10 percent this year, which should help counteract lower sales of agricultural equipment.