Lennox International (LII) will raise its quarterly dividend by 25.5 percent to $0.64 per share in the second quarter of 2018. Last year the dividend was raised by 8 cents to $0.51 quarterly.

The next dividend is payable on July 13, 2018, to stockholders of record as of June 29, 2018. The new dividend yields 1.3% based at a current stock price of $199.13 for LII and 2018 marks the 9th consecutive year of dividend increases by the company.

Lennox International Inc. is a provider of climate control solutions. The company designs, manufactures and markets products for the heating, ventilation, air conditioning and refrigeration (“HVACR”) markets. The company's business segments are Residential Heating & Cooling, Commercial Heating & Cooling and Refrigeration. Lennox International was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. He designed and patented a riveted steel coal-fired furnace, which led to numerous advancements in heating, cooling and climate control solutions.