Snap-on (SNA) will raise its quarterly dividend by 13.7 percent to $1.08 per share in 2019. This follows a comparable 15.9 percent dividend hike last year by the tools and equipment manufacturer.

The next dividend is payable December 10, 2019 to shareholders of record on November 20, 2019. A new annual rate of $4.32 per share yields 2.6% at a stock price of $167.

“This tenth consecutive annual dividend increase confirms our ongoing commitment to create long-term value for our shareholders and our firm belief that Snap-on is well-positioned for the future. Our inherent strategic and tactical strength, our solid financial structure, and our cash generation enables us to both return capital to our shareholders and to invest strategically along our defined runways for growth and improvement,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Snap-on’s dividend is an essential component of our approach to capital allocation, 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.