Posted: Wednesday, February 06, 2013 2:29 PM
DECATUR, Ill. (AP) -- Archer Daniels Midland Co. said Wednesday that its board approved an increase of more than 8 percent in its quarterly dividend.
The agribusiness conglomerate will pay a dividend of 19 cents on March 13 to shareholders of record as of Feb. 20. The new rate represents an increase of 1.5 cents, or 8.6 percent, from its prior payout.
ADM said it has paid dividends without interruption for 81 years.
Tuesday, the Decatur, Ill., company reported its fiscal second-quarter net income soared on the lack of restructuring costs, and it more than doubled its operating profit for oilseeds on strong global demand.
Its shares added 99 cents, or 3.4 percent, to close at $30.37. ADM shares have rallied nearly 11 percent in the year to date.
Copyright 2013 The AP.