Air Products (APD) will raise its quarterly dividend by 5.5 percent to $1.16 per share in the first quarter of 2019. This marks the industrial gas company’s 47th consecutive year of dividend increases.

The next dividend is payable on May 13, 2019 to shareholders of record at the close of business on April 1, 2019. A new annualized dividend rate of $4.64 per share yields 3.0% at a stock price of $155.97.

Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Air Products is in a very strong financial position, and our business generates significant cash flow. This allows us to continue to invest capital into value-creating projects to profitably grow the company while also continuing to return cash to our shareholders. We are proud that our dividend is expected to return $1 billion in cash to our shareholders over the next year."

Air Products and Chemicals, Inc. is a manufacturer of atmospheric gases, process and specialty gases, equipment, and services. The company is a supplier of hydrogen, helium and liquefied natural gas process technology and equipment. The company also develops, engineers, builds, owns and operates industrial gas projects, including gasification projects. Air Products provides industrial gases and related equipment to many industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is a Delaware corporation originally founded in 1940.