Cummins Boosting Dividend by 40%
Diesel engine maker Cummins Inc. said Tuesday it will boost its quarterly cash dividend by 40%, to 17.5 cents per share, from 12.5 cents per share.
The dividend will be payable Sept. 2, to shareholders of record on Aug. 22, Cummins said in a statement.
Cummins “continues to perform well, despite significant economic challenges, and we wanted to reward our shareholders’ continued confidence,” Chairman and Chief Executive Officer Tim Solso said in a statement.
The dividend increase is the company’s third since July 2006. Since that time, Cummins said it has boosted its dividend rate by 133% on a split-adjusted basis.
