Emerson Electric (EMR) will raise its quarterly dividend by 1.0 percent to $0.49 per share in the fourth quarter of 2018. This equals last year's dividend hike and marks the company's 62nd consecutive year of annual dividend increases.

The increased dividend is payable December 10, 2018 to stockholders of record November 16, 2018.

A new annual dividend of $1.96 per share yields 2.8% at a stock price of $69.76 for Emerson.

“Increasing our dividend, as we have done every year since 1956, is a testament to our performance culture and commitment to achieving our long-term strategic and financial goals,” said Emerson Chairman and Chief Executive Officer David N. Farr. “In 2018, we returned more than $2.2 billion to shareholders through dividends and share repurchases and drove improvement in dividends paid as a share of free cash flow. Emerson is focused on delivering value for our shareholders through ongoing dividend growth and financial performance.”

Emerson Electric Co. (Emerson) provides technology and engineering solutions for customers in a wide range of industrial, commercial and consumer markets around the world. The company's segments are Automation Solutions, and Climate Technologies and Tools & Home Products which together comprise the Commercial & Residential Solutions business. Emerson was founded in 1890 in St. Louis, Missouri, as a manufacturer of electric motors and fans and has increased its dividend every year since 1956.