Dividend Aristocrat Air Products and Chemicals, Inc. (APD) will raise its quarterly dividend by 11.9 percent to $1.50 per share in 2021. This follows a dividend hike of 15.5 percent to $1.34 per share announced in the first quarter of 2020. This also marks the industrial gas company’s 49th consecutive year of dividend increases.

The next dividend is payable on May 10, 2021 to shareholders of record at the close of business on April 1, 2021. A new annualized dividend rate of $6.00 per share yields 2.3% at a stock price of $268.95.

Commenting on the results and dividend declaration in the company's press release today, Seifi Ghasemi, chairman, president and chief executive officer, said, "We continue to operate from a position of significant financial strength and are excited about our tremendous opportunities to invest in strategic industrial gas projects around the world. At the same time, we remain committed to creating shareholder value through increasing dividends, underpinned by our strong cash flows. In fiscal 2020, we were proud to return about $1.1 billion to our shareholders through our dividend while having significant distributable cash flow for high-return industrial gas investments."

Air Products will now pay its shareholders an estimated annual dividend of $1.32 billion. The company has announced a double digit dividend hike four times in the last five years with an average dividend growth rate of 11.8 percent annually over that period.

Air Products and Chemicals, Inc. is a manufacturer of atmospheric gases, process and specialty gases, equipment, and services. The company is a supplier of hydrogen, helium and liquefied natural gas process technology and equipment. The company also develops, engineers, builds, owns and operates industrial gas projects, including gasification projects. Air Products provides industrial gases and related equipment to many industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is a Delaware corporation originally founded in 1940.