Philip Morris International (PM) will raise its quarterly dividend by 6.5 percent to $1.14 per share in the second quarter of 2018. The tobacco company has now raised its dividend for 11 consecutive years.

The new dividend yield for PM is 5.5% based on the annualized rate of $4.56 per share. The next dividend is payable on July 11, 2018, to shareholders of record as of June 22, 2018. The ex-dividend date is June 21, 2018.

“This decision reflects the Board’s confidence in the growth outlook of the company’s business, underpinned by the potential of its smoke-free products, and underscores the Board’s steadfast commitment to generously reward shareholders over time,” said Louis C. Camilleri, Chairman of the Board.

This is the eleventh consecutive year in which PMI has increased its dividend, representing a total increase of 147.8%, or a compound annual growth rate of 9.5%, since PMI became a public company in 2008.

Philip Morris International is engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. The company's brands include Marlboro, L&M, Lark, Merit, Muratti, Philip Morris, Bond Street, Chesterfield, Next and Red & White. PMI also owns various other local cigarette brands and has a strong presence in emerging markets.