Deere & Co. plans to boost its quarterly stock dividend 17% because company officials are confident in the farm equipment maker's prospects.
The Moline, Ill.-based company said Wednesday that it will pay 35 cents per share on Feb. 1 to investors who held shares on Dec. 31.
Deere CEO Samuel Allen says officials are confident about the company's future as it focuses more on its core equipment business after selling off its wind energy unit.
Solid global demand is helping farmers in most of Deere's key markets, so the company has predicted equipment sales would rise 10 to 12% in its new fiscal year.
Deere said last month that it rebounded from a loss last year to earn $457 million in its fourth quarter this year.