General Dynamics (GD) will raise its quarterly dividend by 7.8 percent to $1.10 per share in the first quarter of 2020. This follows a 9.7 percent dividend hike by the defence company last year and marks 23 consecutive years of straight annual dividend increases.

The next dividend is payable May 8, 2020, to shareholders of record on April 10, 2020. This is the 23rd consecutive annual dividend increase authorized by the General Dynamics board, according to the company. A new annual dividend rate of $4.40 per share yields 2.7% at the current stock price of $163.

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.