MSA Safety (MSA) will raise its quarterly dividend by 10.5 percent to $0.42 per share in the second quarter of 2018. This follows a $0.03 per share dividend hike to $0.38 quarterly by the safety products maker last year.

The next dividend is payable on June 10, 2019 to shareholders of record on May 20, 2019. A new annualized dividend rate of $1.68 per share yields 1.5% at a stock price of $110.19.

"Our continued focus on driving profitable growth, improving productivity, and generating higher levels of cash flow is what fuels our ability to invest in new product development and strategic acquisitions that help grow MSA's business," said Kenneth Krause, MSA Senior Vice President and Chief Financial Officer.  "Moreover, it's the reason we're able to continue our decades-long legacy of returning value to shareholders through a dividend.  Today's increase reflects that long-standing commitment, as well as the value of employing a balanced capital allocation strategy.  With a healthy balance sheet and margin profile, I believe MSA is well positioned to continue creating value for our shareholders in 2019, and for many years to come," he said.

MSA states that it has increased its dividend annually for more than 50 consecutive years. When we go back into history checking the company's annual reports we conclude that 2019 marks the 53rd consecutive year of dividend increases. However the company does not mention an exact number of hike years in its press releases.

MSA Safety Incorporated is engaged in the development, manufacture and supply of safety products that protect people and facility infrastructures against hazardous or life-threatening situations. The company's product line is used by workers in a broad range of markets, including the oil, gas and petrochemical industry, fire service, construction, industrial manufacturing applications, utilities, mining and the military. MSA's core products include breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel and fall protection devices. MSA, formerly known as Mine Safety Appliances, was established in 1914 and has been paying a dividend for over a hundred years.