Farm equipment maker Deere & Co.'s board has declared a quarterly dividend of 30 cents a share, up 2 cents per share from the previous dividend, the company announced Wednesday.

The dividend is payable August 2 to shareholders of record on June 30.

Deere's second-quarter net income rose 16% as farmers bought more equipment as the global economy improved. The Moline, Ill.-based Deere made $547.5 million in net income, or $1.28 per share, for the quarter.