Appliance maker Whirlpool Corp. said Tuesday it is raising its quarterly dividend 25 percent to 62.5 cents from 50 cents.
Whirlpool said it increased the dividend payment because it expects to sustain its growth and continue to create value for shareholders.
Whirlpool sells KitchenAid and Maytag products along with its namesake brand. The company has benefited from better pricing moves, productivity and benefits from cost and factory capacity cuts, steady hiring and near record-low mortgage rates that have encouraged more Americans to buy homes.
Whirlpool's fourth-quarter results and 2013 net income forecast were better than Wall Street expected.
The company's next dividend is payable June 15 to shareholders of record on May 17.
Whirlpool's stock rose $3.19, or 2.8 percent, to $116.31 by midday Tuesday.