Woodward (WWD) will raise its quarterly dividend by 72.3 percent to $0.28 per share in the first quarter of 2020. Last year Woodward hiked its dividend by 14 percent, at the marking 5 consecutive year of double digit dividend increases by the industrial company.

The $0.28 per share dividend was originally announced as part of the recently announced merger transaction with Hexcel Corporation.

The next dividend will be payable on March 3, 2020, for stockholders of record as of February 18, 2020. A new annualized dividend rate of $1.12 per share yields 1.0% at a stock price of $116.

Woodward is a designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. Its fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Woodward's customers include original equipment manufacturers and end users of their products. The company has production and assembly facilities in the United States, Europe and Asia. Woodward was established in 1870, incorporated in 1902, and is headquartered in Fort Collins, Colorado. The company has paid quarterly dividends every year since it became publicly traded in 1940.