Norfolk Southern (NSC) will raise its quarterly dividend by exactly 18 percent to $0.72 per share in the first quarter of 2018. Last year the rail transportation company hiked its dividend by 3.4 percent.

The dividend is payable March 10, to shareholders of record on Feb 2. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 142 consecutive quarters.

"This dividend increase demonstrates the board's confidence in Norfolk Southern's ability to invest in our business and in technology to grow and provide service to our customers, while returning capital to our shareholders consistent with our Strategic Plan," said James A. Squires, Norfolk Southern chairman, president, and CEO.

Norfolk Southern Corporation is a rail transportation company. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides connections to other rail carriers. Norfolk Southern transports industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad is a principal carrier of coal, automobiles, and automotive parts. Since its inception in 1982, Norfolk Southern has paid consecutive quarterly dividends on its common stock.