Ingersoll-Rand PLC will raise its quarterly dividend by 17.8 percent to $0.53 per share in 2018. Last year the dividend was hiked from $0.40 to $0.45 quarterly by the company.

The dividend is payable September 28, 2018, to shareholders of record on September 7, 2018. The new dividend yield for IR is 2.3%.  The company has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.

“Our leading brands, consistent strategy and solid execution continues to deliver steady cash flow growth that allows us to invest in the business and return substantial cash to shareholders,” said Michael W. Lamach, chairman and chief executive officer of Ingersoll Rand. “Today’s dividend increase reflects our ongoing commitment to paying a highly competitive and growing dividend to our shareholders as an integral part of our dynamic capital allocation strategy.”

Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The company's brand names include Ingersoll-Rand, Thermo King, Trane, American Standard, ARO and Club Car.