Snap-on (SNA) will raise its quarterly dividend by 15.9 percent to $0.95 per share in the fourth quarter of 2018. This follows a comparable 15.5 percent dividend hike last year by the tools and equipment manufacturer.

The increased dividend is payable December 10, 2018 to shareholders of record on November 20, 2018. The ex-date for this dividend of 95 cents is usually the day prior to the record date.

The new annualized dividend of $3.80 per share yields 2.4% for SNA at a stock price of $161.49.

“This ninth consecutive annual dividend increase reflects our strong financial position and cash generation which enables us to both return capital to our shareholders and continue to strategically invest along our defined runways for growth and improvement,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Snap-on’s dividend is a core component of our capital allocation strategy, as demonstrated by our payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939.”

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Snap-on’s largest geographic markets include the United States, Europe, Canada and Asia/Pacific and its products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Snap-on was founded in 1920 and is headquartered in Kenosha, Wisconsin. The company has paid quarterly cash dividends without interruption or reduction since 1939.