WD-40 Company (WDFC) will raise its quarterly dividend by 7.5 percent to 72 cents per share in 2021. Last year the maintenance products maker did not announce a dividend hike with the previous increase dating back to 2020 when a 9.8 percent hike to $0.67 per share was announced.

This 2021 increase represents the 12th consecutive year the company has raised its annual dividend based on calendar years.

The next quarterly dividend is payable April 30, 2021 to stockholders of record at the close of business on April 16, 2021. A new annualized dividend rate of $2.88 per share yields 1.0% at a stock price of $280. WD-40 currently pays shareholders an estimated total dividend amount of $39 million annually.

WD-40 Company develops and sells maintenance products, and homecare and cleaning products which solve problems in workshops, factories and homes. The company sells its products worldwide primarily through warehouse club stores, automotive parts outlets, hardware stores, industrial distributors and suppliers, mass retail and  home center stores, grocery stores, value retailers, farm supply, sport retailers, independent bike dealers and online retailers. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom and Australia. The company’s brands include WD-40, 3-IN-ONE, GT85, X-14, 2000 Flushes, Carpet Fresh, no vac, Spot Shot, 1001, Lava and Solvol. WD-40, headquartered in San Diego, has been listed on the stock market since 1973 and was founded in 1953 when Rocket Chemical Company and its staff of three set out to create a line of rust-prevention solvents and degreasers for use in the aerospace industry. It took them 40 attempts to get their water displacing formula to work, but on the 40th attempt, they got it right in a big way. WD-40 was born. WD-40 stands for Water Displacement, 40th formula.