Airplane maker Boeing (BA) will raise its quarterly dividend by 20.4 percent to $1.71 per share in the first quarter of 2018. The new dividend yield for Boeing is 2.4%.

The increased dividend will be payable March 2, 2018, to shareholders of record as of February 9, 2018.

"Boeing's strong and growing cash flow allows us to deepen our commitment to provide competitive returns to our shareholders, while continuing to invest in our people, innovation and growth," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "To support our balanced cash deployment strategy, our team remains focused on improving operating performance as we deliver on our substantial order backlog and work to capture a larger share of the growing aerospace market."

With the latest increase to the dividend, Boeing has raised its quarterly dividend more than 250 percent over the past five years. The company has consistently paid dividends to shareholders each quarter for more than 75 years. 

The Boeing Company is an aerospace firm. Boeing develops, produces, and markets commercial jet aircraft and provides related support services to the commercial airline industry. The company also produces military aircraft, helicopters and space and missile systems. Boeing operates in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); Global Services (BGS) and Boeing Capital (BCC). Prior to this dividend cut Boeing had paid a dividend to shareholders every year since 1942. The first ever dividend was paid in 1937.