PACCAR (PCAR) will raise its quarterly dividend by 12 percent to $0.28 per share in the second quarter of 2018. The truck maker has now raised its dividend for twelve consecutive years.

The next dividend is payable on June 5, 2018, to stockholders of record at the close of business on May 15, 2018. The new dividend yield for PCAR is 1.8%.

“The increased quarterly dividend reflects PACCAR’s ongoing excellent business performance,” said Mark Pigott, PACCAR executive chairman. “Net income was $512.1 million ($1.45 per diluted share) in the first quarter of 2018 as a result of higher truck deliveries in North America and Europe, and strong growth in aftermarket parts worldwide.” PACCAR has earned a net profit for 79 consecutive years and has paid a dividend every year since 1941. PACCAR has increased its regular quarterly dividend by 40 percent in the last five years.

PACCAR Inc (PACCAR) is a manufacturer of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced diesel engines, provides financial services and information technology, and distributes truck parts related to its principal business.