General Dynamics (GD) will raise its quarterly dividend by 9.7 percent to $1.02 per share in the first quarter of 2019. This comes after a 10.7 dividend increase to 93 cents per share last year.

The next dividend is payable May 10, 2019, to shareholders of record on April 12, 2019. This is the 22nd consecutive annual dividend increase authorized by the General Dynamics board, according to the company.

A new annual dividend rate of $4.08 per share yields 2.4% at the current stock price of $166.98.

General Dynamics Corporation is a global aerospace and defense company. The company offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; IT services; C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions; and shipbuilding and ship repair.  The Aerospace segment consists of Gulfstream and Jet Aviation business units. General Dynamics, incorporated in Delaware in 1952, is headquartered in Falls Church, Va.