Polaris Industries (PII) will raise its quarterly dividend by 3.4 percent to $0.60 per share in the first quarter of 2018. This follows a 5.5 percent dividend hike by Polaris last year.

The first quarter dividend will be payable on March 15, 2018 to shareholders of record at the close of business on March 1, 2018. Polaris currently has a 2.1% dividend yield.

This increase represents the 23rd consecutive year of Polaris increasing its dividend effective with the 2018 first quarter dividend.

Scott Wine, Polaris’ Chairman and CEO, commented, “We have an unwavering commitment to being a customer-centric, highly efficient growth company. A disciplined approach to capital allocation is fundamental to that goal as we seek to create ongoing long-term value for our shareholders. Polaris’ 23(rd) consecutive annual dividend increase is a testament to that promise, and reflects our confidence that we will continue to strengthen our market leadership through a focus on superior innovation, productivity, safety, quality, and customer service.”

Polaris Industries Inc. manufactures off-road vehicles, snowmobiles, motorcycles and global adjacent markets vehicles. Its brands include RZR, Indian Motorcycle and Slingshot. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets globally includes military and commercial off-road vehicles, quadricycles, and electric vehicles.