Off-road vehicle maker Polaris Industries (PII) will raise its quarterly dividend by 1.7 percent to $0.61 per share in the first quarter of 2019. This follows a 3.4 percent dividend hike by Polaris last year and marks the 24th consecutive year of annual dividend increases.

The first quarter dividend will be payable on March 15, 2019 to shareholders of record at the close of business on March 1, 2019. A new annualized dividend rate of $2.44 per share yields 2.9% at a stock price of $83.88.

Scott Wine, Polaris’ Chairman and CEO, stated, “Today, we announced the 24th consecutive increase in our annual dividend. We have always had an unwavering commitment to delivering industry-leading shareholder returns. Our significant cash flow generation and strong financial position enables us to consistently return capital to shareholders, while delivering on our commitment to becoming a customer-centric, highly efficient growth company.”

Polaris Industries Inc. manufactures off-road vehicles, snowmobiles, motorcycles and global adjacent markets vehicles. Its brands include RZR, Indian Motorcycle and Slingshot. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets globally includes military and commercial off-road vehicles, quadricycles, and electric vehicles.