Norfolk Southern (NSC) will raise its quarterly dividend by another 11.1 percent to $0.80 per share in the third quarter of 2018.

Combined with the 18 percent dividend increase in the first quarter, Norfolk Southern has increased its dividend by 31.1 percent in 2018.

The dividend is payable Sept. 10 to shareholders of record on Aug. 6. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 144 consecutive quarters. The new annual dividend of $3.20 per share yields 1.9% at a stock price of $168.24.

"In recognition of our strong results and financial position and our confidence in the future of Norfolk Southern, the board voted to increase the quarterly dividend for the second time this year," said James A. Squires, Norfolk Southern chairman, president and CEO.

Norfolk Southern Corporation is a rail transportation company. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides connections to other rail carriers. Norfolk Southern transports industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad is a principal carrier of coal, automobiles, and automotive parts. Since its inception in 1982, Norfolk Southern has paid consecutive quarterly dividends on its common stock.