Northrop Grumman (NYSE: NOC) has increased its quarterly dividend by 8 percent to $1.87 per share.
The company said Tuesday its board of directors authorized the raise and that shareholders of record as of the close of business on May 30 will receive the dividend June 14.
Kathy Warden, chair, CEO and president of Northrop, said the activity marks the 20th consecutive annual increase for the company.
“We employ a disciplined, balanced approach to capital deployment, including providing a sustainable and growing dividend for our shareholders while also investing in our business to support our customers,” the eight-time Wash100 Award recipient added.
The Falls Church, Virginia-based aerospace and defense contractor booked $9.3 billion in revenue for the first quarter, reflecting a 6 percent year-over-year increase.
Shares at Northrop opened Thursday at $439, higher than a previous close of $435,63.